This market study report includes a detailed segmentation of the global smart lock market by product type (Bluetooth-based smart lock and Wi-Fi-based smart lock). It also outlines the market shares for key regions like the Americas, EMEA, and APAC. The leading vendors analyzed in this market research are August, Goji, Haven, UniKey, and Yale.
Technavio’s market research analysts estimate the global smart lock market, to generate revenues of $6.2 billion between 2016 and 2020. The increasing application of smart locks in various end-user segments like education, banking, and hospitality will bolster the prospects of this market during the forecast period. The Americas account for 53% of the global smart locks market, owing to the augmented demand for smart locks from non-residential customers like the hospitality industry. This industry will witness a huge demand for smart locks as they have to cater to the security needs of international customers to maintain a good brand name.
The new market research report from Technavio provides a breakdown and analysis of the smart locks segments by technology.
“Increase in in-room security measures in hotels is one of the latest trends that this market is witnessing. Several hotel businesses are increasingly catering to the safety needs of international customers by implementing smart locks in their hotel rooms. These locks have a wide variety of features, such as digital displays, mechanical locking systems, master password facility, mechanical keys for emergency usage, external power supplies in case of battery failures, and a timer operated system, which help to increase customer loyalty by promoting the brand value of the hotel,” says Sharan Raj, Lead Analyst, Transportation & Logistics, Technavio Research.
The Bluetooth-based smart lock segment is the largest market segment, and is expected to occupy an impressive market share of more than 65% by the end of 2020. Bluetooth-enabled locks are connected to the user’s laptop, phone, or tablet, and unlock the door automatically once the sensors detect the presence of the user. Since this technology consumes minimum energy, it will be one of the most preferred smart lock technology during the predicted period.
The leading vendors in the global smart lock market are August, Goji, Haven, UniKey, and Yale. This market is highly fragmented because of the presence of numerous small and large suppliers. Since the large players in this market are continually increasing their footprint by expanding their operations to developing countries, the regional vendors are finding it increasingly difficult to compete with them in terms of product features and pricing. Factors such as modified product range, innovative designs and technologies, and increased M&A will further enhance the level of competition in this market.
A more detailed analysis is available in the Technavio report, Global Smart lock Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
