The global smart lock market is expected to grow at a CAGR of nearly 81% during the forecast period, 2017-2021.
Technavio has announced its latest market research report on the global smart lock market, under its computing devices portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like August Home, Candy House, Kwikset, Goji, Lockitron, OKIDOKEYS, HAVEN, Poly-Control, KISI, Schlage, Unikey Technologies, and Yale.
According to Sunil Kumar Singh, a lead analyst for computing devices research at Technavio, “The significant growth of digitalization across the globe, along with the high penetration of devices such as smartphones, is driving the global smart lock market. The increasing inclination toward digitalization has resulted in the declining cost of cloud infrastructure and mobile broadband. This enables users to control and monitor smart locks using computing devices remotely.”
Business enterprises and individual customers are going digital, reducing the use of keys. Digitalization enables customers to transfer key codes from any location to a person at another location to unlock a door or system using mobile computing devices such as smartphones.
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Growth of IoT market
IoT technology enables users to monitor their premises in case of any forced entry or break-ins by alerting them through a text message. It also provides pictures of the broken lock and the intruder. Smart locks are an integrated part of IoT, where users are able to secure their premises using technology. The growing market for IoT across the globe due to the rise in digitization will drive the market for technologically compatible smart locks.
Change in consumer behavior
Smart homes are entering the mainstream where their target customer segment is the young population working in the services sector. Consumers are also getting educated about technology and have started using smart technology to increase the security of their premises. Vendors in the market space are opting for mobile apps or web portals to check the status of the premises and lock/unlock doors.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Smart Lock Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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