The Global Smart Lock Market is valued at US$ YY Mn in 2019 and is expected to grow at a CAGR of 12.17% over the forecast period to reach US$ XXMn by 2027.
The Global Smart Lock Market is expected to generate a collective revenue of USD 34,0003.76 Mn in the forecast period 2020-2027. Increasing adoption of home automation solutions and growing urbanization rates across the world are the major factors responsible for the growth of the global smart lock market. However, the market is restrained by factors such as privacy and security concerns of smart lock devices and high cost of smart lock devices.
Major companies of the world are focusing on competitive strategies such as mergers and acquisitions, new product launches and cooperative agreements to improve their market share and contribute to the growth of the entities. For instance, in January, 2019, Schlage launched the first ever Wi-Fi enabled Deadbolt to work with Amazon and Ring devices. Moreover, In June 2018, dormakaba launched its advanced Saffire LX electronic lock at HITEC, Saffire LX is a sleek BLE-enabled RFID access control lever handle solution for guest rooms, common areas, and back of the house. Furthermore, In October 2018, Igloohome launched Smart Padlock, a versatile, remotely-managed security solution that provides owners with convenient access control to their properties and assets. Owing to these factors, the global smart lock market is expected to witness robust growth rate in the future.
Market Dynamics
Drivers
- Increasing Adoption Of Home Automation Solutions
- Increasing Urbanisation Rates
Restraints
- High Cost Of Smart Lock Devices
- Security And Privacy Concerns
Increasing Adoption of Home Automation Solutions
Increase in adoption of home automation by customers in the both developing and developed nation due to advantages/ benefits associated with the devices and increased usage of smart lock as the security are driving the global smart lock market during the forecast period. According to the survey conducted by International home housewares show 2018, more than 60% of buyers states that they wanted smart home products to help them monitor their homes via smart phones, cameras and video doorbells. 63% of them wanted smart locks and alarms and 56% want carbon monoxide detectors. So, Safety is most primary concern for the smart home buyers. According to the Canadian Consumer connected Mobility and Connected home devices Install base in 2017, the total percentage of volume of home security and monitoring increased from 15% in 2016 to 16% in 2017. Owing to these factors, the global smart lock market is anticipated to witness healthy growth rates in the future.
Geographical Analysis
The Asia Pacific Smart Lock market is valued at USD 696.38 Mn in 2019 and is estimated to grow at a CAGR of 12.93% over the forecast period to reach USD 1581.01 Mn by 2027. The Asia Pacific region holds 26.42% of market share in 2018, and is expected to reach 29.59% by 2027. The Asia Pacific region is expected to generate a collective revenue of USD 8576.51 Mn in the forecast period 2020-2027. Asia-pacific global smart market is expected to grow at a steady pace during the forecast period due to increased adoption of security systems as the countries in this region are the emerging economies with growing manufacturing bases and growing demand for connected security devices.
The growth can be attributed to the rising number of new residential and commercial construction projects. Additionally, a huge population base, a large number of research and development (R&D) activities, and increasing urbanization in APAC drive the adoption of smart locks in this region. The key developments in this region is associated with the fund raising by the entrepreneur for the developments of novel technologies to meet the consumer demand. For instance in 11th February 2019, Smart lock-making startup OpenApp has raised $1.3 million in pre-Series A funding round from Unicorn India Ventures and KARSEMVEN Fund,backed by the Karnataka government.
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