HNY Research projects that the Smart Lock market size will grow from USD 1.24 Billion in 2017 to USD 2.61 Billion by 2023, at an estimated CAGR of 13.26%. The base year considered for the study is 2017, and the market size is projected from 2018 to 2023.
Rising adoption of smartphones and other connected devices acts as a driver for the growth of the smart lock market. Moreover, growing security and safety concerns and enhanced features compared with traditional lock systems also drive the growth of this market.The smart lock market for Wi-Fi is expected to grow at the highest CAGR during the forecast period. Wi-Fi can be accessed through various devices, such as smartphones, personal computers, and tablets. The growth of the market for Wi-Fi can be attributed to the factors such as high speed and wireless connectivity offered to smart lock system. Also, the increasing adoption of IoT, globally, is driving the growth of this market.
By Market Players:
ASSA ABLOY ABÂ , Allegion PlcÂ Â , Dorma+Kaba Holding AGÂ , Spectrum Brands Holdings, Inc.Â , Salto Systems S.L.Â , Onity, Inc.Â , Cansec Systems Ltd.Â , Gantner Electronic GmbHÂ , Master Lock Company LLCÂ , MIWA Lock Co.Â , ,
By Lock Type
DeadboltÂ , Lever HandlesÂ , PadlocksÂ , Other Locks,
By Communication Protocol
Wi-FiÂ , BluetoothÂ , OthersÂ , ,
CommercialÂ , ResidentialÂ , Institution and GovernmentÂ , IndustrialÂ ,
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