Rise in concerns related to safety, adoption of smart homes, and rise in demand for IoT enabled devices to facilitate the growth in the market. However, issues related to connectivity in developing economies and expensive smart locks hinder market growth. On the contrary, an increase in penetration of smartphones to offer features related to remote control and enhanced standards of living across the world would create new opportunities for the market players in the future. According to the report published by Allied Market Research, the global Smart Lock Market contributed $473.1 million in 2017 and is projected to reach $1.17 billion by 2023, growing at a CAGR of 16.4% during the forecast period, 2017–2023. The report provides an extensive analysis of top investment pockets, market size & projections, changing market dynamics, key segments, and competitive scenarios.

The deadbolt segment contributed the largest share in the market, accounting for nearly half of the total market share in 2017, as it provides better protection against attacks in commercial and residential spaces. However, the lever handle segment would register the highest growth rate, with a CAGR of 18.1% during the forecast period, owing to its efficacy in unlocking doors with keyless solutions along with a variety of applications in the commercial utility segment such as offices, workshops, garages, and hotels.

Purchase Now: https://www.alliedmarketresearch.com/purchase-enquiry/2261

The Wi-Fi segment would register the fastest growth, with a CAGR of 17.4% during the forecast period, owing to surge in adoption of smart homes and connection to different devices through a single internet connection. However, the Bluetooth segment held the largest market share in 2017, accounting for more than half of the total share, owing to a rise in penetration of smartphones for unlocking doors.

North America accounted for largest market share in terms of revenue in 2017, contributing more than one-third of the total share, owing to rise in investment by government and defense sectors for security purposes. However, Asia-Pacific is expected to grow at the fastest CAGR of 18.2% from 2017 to 2023, owing to increase in concerns regarding security in government offices & research centers along with rise in construction activities in the developing nations.

Want to Explore More? Download Sample Reporthttps://www.alliedmarketresearch.com/request-sample/2261

The report offers insights on the major market players including Schlage, ASSA ABLOY AB, Panasonic Corporation, Spectrum Brands, Inc., Haven Lock, Inc., Vivint, Inc., Honeywell International Inc., August Home, UniKey Technologies Inc., and Samsung SDS Co. Ltd.

Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at:

https://www.alliedmarketresearch.com/library-access

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world’s largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.

Avenue Library Subscription | Request for 14 days free trial of before buying:

https://www.alliedmarketresearch.com/avenue/trial/starter

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Tags: Smart Lock Market

See Campaign: https://www.alliedmarketresearch.com
Contact Information:
David Correa 5933 NE Win Sivers Drive #205, Portland, OR 97220 United States Toll Free: 1-800-792-5285 UK: +44-845-528-1300 Hong Kong: +852-301-84916 India (Pune): +91-20-66346060 Fax: +1-855-550-5975 [email protected]

Tags:
Menafn, Reportedtimes, PR-Wirein, iCN Internal Distribution, Research Newswire, English

Contact Information:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
[email protected]