Global Smart Lock Market to reach USD 3.4 billion by 2025 | CAGR:13.34%
Global Smart Lock Market is valued at USD 1.1 billion in 2016 is anticipated to grow USD 3.4 billion with the compounded annual growth of 13.34% over the forecast period 2017-2025.
New York 1 June 2018, As per the new research study conducted by Bizwit Research & Consulting, Global Smart Lock industry is poised to raise USD 3.4 billion by 2025. The driving factor for Smart Lock market is the rising adoption of connected home solutions and soaring need to establish connectivity across all electronic devices and users’ houses as a consequence of growing penetration of smart homes as these are the key trends uplifting the market growth and Increasing penetration of smartphones which is also fuelling the demand for smart locks over the forecast period. Moreover, technological advancements are estimated to play a key role in the development of this market. To view the summary or to request a sample copy of this report, please click the link mentioned below:
Global Smart Lock Market Size Estimates and by Lock Type (Deadbolts, Lever Handles, Padlocks, Other Locks), by Vertical (Commercial, Residential, Institution & Government, Industrial) by Communication Protocol (Bluetooth, Wi-Fi, Other Protocols (Zigbee, Z-Wave, Thread, and NFC, among others)) and by Region (North America, Europe, Asia Pacific, and Rest of the World) 2017-2025
The industry is seeming to be fairly competitive. Some of the leading market players include ASSA ABLOY (Sweden), Allegion (Ireland), dorma+kaba (Switzerland), Spectrum Brands (US), Salto Systems (Spain), Onity (US), Cansec Systems (Canada), Master Lock (US). New product launches, acquisitions, and mergers are some of the strategies adopted by the key manufacturers. Additionally, the fierce competitiveness has made these players spend in product developments to improve the customer’s requirements.
Key findings of the study:
- The North America region estimated for dominating the Smart Lock market during the forecast period.
- The North America region will be the highest growing segment with respect to geographical segmentation by around XX%
- Asia Pacific Smart Lock market is estimated to grow at the highest CAGR during the forecast period.
Bizwit Research & Consulting LLP has considered the following segments for the study:
- by Lock Type
- Lever Handles
- Other Locks
- by Communication Protocol
- Other Protocols (Zigbee, Z-Wave, Thread, and NFC, among others)
- by Vertical
- Institution & Government
- North America
- Asia Pacific
- Latin America
- Rest of the World