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Smart Lock Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2020-2024

  • Published: Aug 2020
  • Pages: 120
  • SKU: IRTNTR44843
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The smart lock market size has the potential to grow by USD 770.77 million during 2020-2024, and the market's growth momentum will accelerate during the forecast period steady increase in the year-over-year growth.

This report provides a detailed analysis of the market by end user (residential and others) and geography (APAC, North America, Europe, MEA, and South America). Also, the report analyzes the market's competitive landscape and offers information on several market vendors, including Allegion Plc, ASSA ABLOY AB, dormakaba Holding AG, Honeywell International Inc., Napco Security Technologies Inc., Salto Systems SL, Samsung Electronics Co. Ltd., Spectrum Brands Holdings Inc., Vivint Inc., and Yunding Network Technology (Beijing) Co. Ltd.

Market Overview

Smart Lock Market Size

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Market Competitive Analysis

The market is fragmented and the degree of fragmentation will decrease over the forecast period. Vendors are focusing on inorganic growth strategies such as mergers and acquisitions and partnerships with technology providers, home automation platform providers, and other market participants to improve their market foothold across geographies. Allegion Plc, ASSA ABLOY AB, and dormakaba Holding AG are some of the major market participants. Although the developments in connectivity technologies will offer immense growth opportunities, the high cost of smart locks will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this smart lock market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market's competitive landscape and offers information on the products offered by various companies. Moreover, this smart lock market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

  • Allegion Plc
  • ASSA ABLOY AB
  • dormakaba Holding AG
  • Honeywell International Inc.
  • Napco Security Technologies Inc.
  • Salto Systems SL
  • Samsung Electronics Co. Ltd.
  • Spectrum Brands Holdings Inc.
  • Vivint Inc.
  • Yunding Network Technology (Beijing) Co. Ltd.

Smart Lock Market: Segmentation by Geography

Smart Lock Market Market segmentation by region

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APAC was the largest smart lock market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The significant improvement of the communication network infrastructure and the rising smart home penetration increase the sales of smart locks in the region. Moreover, the region is witnessing the entry of many smart lock providers that are offering products at affordable prices for price-sensitive customers. These factors will significantly drive smart lock market growth in this region over the forecast period.

55% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for smart lock in APAC. Market growth in this region will be faster than the growth of the market in other regions.

Smart Lock Market: Segmentation by End-user

Smart Lock Market Segmentation

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The US, China, the UK, Germany, and France are extensively implementing smart home automation technologies, including smart locks that have features such as facial recognition, voice activation, geofencing, and others. Furthermore, vendors have been integrating smart locks with wireless technologies, which enable access from anywhere. As a result, the demand for these smart locks has increased from the residential sector. Therefore, during the forecast period, the market growth in this segment is expected to remain significant. This report provides an accurate prediction of the contribution of all the segments to the growth of the smart lock market size.

Smart Lock Market: Key Drivers and Trends

The rising need to improve security, especially in the residential sector, has prompted vendors to integrate human-machine interface (HMI) technologies such as facial recognition, biometrics, and virtual assistants in their products. The integration and use of these technologies have been aided by developments in connectivity technologies such as Bluetooth, LTE, ZigBee, and Wi-Fi. Vendors such as August Homes offer products, including Smart Lock Pro + Connect, which come integrated with Wi-Fi, Bluetooth, and Z-Wave. These connectivity technologies make products easy to control with virtual assistants such as Siri and Amazon Alexa. As such technologies in smart locks have proven to improve security and reliability significantly in the residential sector, vendors have been recording increased sales. Additionally, the growing penetration of smart homes is  contributing to the smart lock market growth.

  • The integration of advanced technologies in smart locks is one of the significant smart lock market trends.
  • Many smart lock manufacturers are incorporating built-in alarms and cameras to offer additional features.
  • The addition of advanced technologies is also helping vendors in expanding their portfolios and resolving interoperability issues, which are increasing their consumer base.
  • The market is also recording the entry of smart lock start-ups, which are raising funds through crowdfunding campaigns to develop new products integrated with technologies such as facial recognition.
  • The above-mentioned pointers factors will contribute to the growth of the global smart lock market, which will register a CAGR of almost 9% during 2020-2024.

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Smart Lock Market: Key Highlights of the Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive smart lock market growth during the next five years
  • Precise estimation of the smart lock market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the smart lock industry across APAC, North America, Europe, MEA, and South America
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of smart lock market vendors

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Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five forces summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by End-user

  • Market segments
  • Comparison by end-user
  • Residential - Market size and forecast 2019-2024
  • Others - Market size and forecast 2019-2024
  • Market opportunity by end-user

Customer landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2019-2024
  • North America - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Allegion Plc
  • ASSA ABLOY AB
  • dormakaba Holding AG
  • Honeywell International Inc.
  • Napco Security Technologies Inc.
  • Salto Systems SL
  • Samsung Electronics Co. Ltd.
  • Spectrum Brands Holdings Inc.
  • Vivint Inc.
  • Yunding Network Technology (Beijing) Co. Ltd.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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Smart Lock market growth will increase by $770.77 million during 2019-2024.
The smart lock market is expected to grow at a CAGR of 8.78% during 2019-2024.
Technavio has segmented the smart lock market by end user (Residential and Others) and geographic (APAC, North America, Europe, MEA, and South America).
Allegion Plc, ASSA ABLOY AB, dormakaba Holding AG, Honeywell International Inc., Napco Security Technologies Inc., Salto Systems SL, Samsung Electronics Co. Ltd., Spectrum Brands Holdings Inc., Vivint Inc., Yunding Network Technology (Beijing) Co. Ltd. are a few of the key vendors in the smart lock market.
APAC will register the highest growth rate of 54.94% among the other regions. Therefore, the smart lock market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
  • China
  • US
  • South Korea (Republic of Korea)
  • Japan
  • Germany
The key factors driving the smart lock market growth are:
  • Developments in connectivity technologies
The smart lock market vendors should focus on grabbing business opportunities from the residential segment as it accounted for the largest market share in the base year.
  • What are the key global market and the regional market share?
  • What are the revenue-generating key market segments?
  • What are the key factors driving and challenging this market’s growth?
  • Who are the key market vendors and their growth strategies?
  • What are the latest trends influencing the growth of this market?
  • What are the variables influencing the market growth in the primary regions?
  • What are the factors influencing the growth of the parent market?
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