Portland, OR -- (SBWIRE) -- 02/22/2018 -- The global Smart Locks Market size was valued at $416 million in 2016, and is estimated to reach at $1,175 million by 2023, growing at a CAGR of 16.4% from 2017 to 2023. North America accounted for around 34.6% share of the overall market revenue in 2016, owing to rise in security concerns among consumers, technological advancements, and increase in trend of smart homes. Asia-Pacific is anticipated to grow at the highest CAGR of 18.2% from 2017 to 2023.

Smart locks are electronic locks installed on the doors, which can be operated through various apps on users smartphones. These are keyless locks that operate on either Wi-Fi, Bluetooth, or both. The smart locks industry is anticipated to grow at a significant pace, owing to increase in security & privacy concerns, advancements in wireless communication technologies, rise in disposable income of consumers, surge in urbanization, and the growth in need to establish connectivity across all the electronic equipment of the house. Furthermore, reduction in expenses of cloud infrastructure & broadband services and increase in user convenience to remotely control the house further supplemented the electronic locks market growth. Emergence of Internet of Things (IoT) and integrated connectivity & access to smart locks through smartphones, growth in implementation of advanced technology, such as near-field communication (NFC), low-power Bluetooth, and Z-wave/ZigBee, and increase in penetration of smartphones among consumers, are expected to offer potential growth opportunities to the market.

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The global smart locks market is categorized based on the type of product into deadbolts, lever handles, padlocks, and others. Deadbolts segment generated a higher revenue in 2016, and is expected to dominate the market throughout the forecast period, owing to its strong and enhanced protection against forceful physical attacks.

The commercial end-user segment led the smart locks market in 2016; however, the residential segment is expected to grow at the highest CAGR due to rise in crime rates globally and ease of usage as smart locks are enabled with features, such as motion detectors, remote door locking & unlocking, and remote door opening sensors with the phone app of the lock. The residential segment is expected to grow at a CAGR of 17.8% during the forecast period. Increase in need for automated keyless unlocking mechanism and surge in demand for smart security solutions are expected to foster the market growth.

According to the data released by the FBI regarding the crime statistics in 2015, in the U.S., the property crime rate was 2,487.0 offenses per 100,000 inhabitants and the violent crime rate increased by 3.1% compared to previous year. In such scenario, smart locks prevent thefts, lock bumping, and picking at residential properties. Smart lock manufacturers are now targeting the developing nations, such as India and China, as the potential markets, owing to increase in penetration of smart locks in the global market. However, high cost of smart lock devices and lack of awareness hamper the market growth.

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The North American smart locks market is anticipated to offer beneficial growth opportunities during the forecast period, owing to well-established technological infrastructure, high consumer awareness, rise in security concerns, increase in government supports, and high investment from major IoT players. In North America, the U.S. dominates with highest share in smart locks market. Asia-Pacific is anticipated to grow at the highest rate in the near future, owing to increase in urbanization & disposable income, rise in awareness about automated solutions, surge in penetration of internet-based services, advancements in communication technology & broadband services, and growth in trend of smart homes market in Indian and Chinese market.