A smart lock is an electro mechanical lock designed to perform locking operations when it receives such instructions from an authorized device using a wireless protocol and a cryptographic key to execute the authorization process. Thus, the benefit offered by these devices along with increasing technology awareness is the major factor that is expected to drive the market over the forecast period.
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Market Dynamics
The proliferation of wireless communication technologies coupled with growing awareness regarding connected devices is expected to propel the market over the forecast period. Also, smart locks provide ease of use and works on either Wi-Fi, Bluetooth, or both.Furthermore, an increase in the number of smartphones and the growing popularity of smart technology is anticipated to drive the market. Smartphones usage has been driving the market at a significant pace since more users acquire these electronic devices for everyday use. By 2020, smartphone users is forecasted to reach 2.87 billion.
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Segment Analysis
Based on the type, the global smart lock market is broadly segmented as deadbolt, leaver handler, padlocks, and others.Amongst all these, deadbolts accounted for major market share and is predicted to grow at a high pace over the forecast period.It is owing to the increased use of deadbolts in the residential and commercial verticals, due to benefits provided by deadbolts such as low installation cost, high durability, and adequate security against the attacks in the residential, commercial, and other applications contribute to a high growth of the market for this segment.Based on protocol, the global smart lock market is segmented into Bluetooth, Wi-Fi and others.Amongst all these, Wi-Fi accounted for significant market share and is projected to grow at a high CAGR during the forecast period.
Competitive Landscape
Significant players of smart lock market are UniKey Technologies Inc., Yale, Haven; August Home, Goji, SentriLock, Weiser, Schlage, SDS Smart Locks, Mul-T-Lock, Cansec System and others. The product launches, collaboration, and product agreements, and other key developments are the dominating strategies adopted by the market players to enhance their product portfolio in the smart lock market.
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