Albany, NY -- (SBWIRE) -- 01/24/2018 -- Innovation and product development is primary strategy adopted by key players, namely, Panasonic, AugustHome, Honeywell, and Kwikset to remain competitive in the market. However, their focus is likely to shift towards mergers, acquisitions, and partnerships in the near future for business expansion.

Thanks to the growing demand for smart city infrastructure and the progress of the telephony hardware from 2G to 4G, as well as 5G devices, the global smart locks market has developed phenomenally over the last few years. Swift urbanization, increasing disposable income of consumers, modifying government norms for energy conservation, and the proliferating Internet and IoT across the world have also reflected impressively on this market.

The advancements in the wireless communication technologies and a booming smart homes market have the most prominent influence on the worldwide market for smart locks. With the growing usage of smart locks in the residential and the commercial segments and the rising demand for these locks in other sectors, such as the industrial and the government, the growth of this market is likely to be remarkably high over the next few years. Analysts anticipate this market to expand at an exponential CAGR of 18.30% between 2016 and 2024 and increase from US$226.7 mn in 2015 to US$1.01 bn by the end of 2024.

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Global Smart Locks Market: Overview

This report on the global Smart Locks market provides analysis for the period 20142024, wherein 2015 is the base year and the period from 2016 to 2024 is the forecast period. Data for 2014 has been included as historical information. The report covers market dynamics including drivers, restraints opportunities, and trends expected to influence the global Smart Locks market growth during the said period. Technologies that are playing a major role in the driving the global Smart Locks market have also been covered in the study.

The study provides a comprehensive analysis on market growth throughout the above forecast period in terms of revenue estimates (in US$ Mn), across different geographies. The advancements in wireless communication technologies and a booming smart homes, smart home as a service, and home automation market can be considered as a major factor for the growth of smart locks market. Growing use of smart locks in residential and commercial segments and growing demand for smart locks from other industries including industrial and government are another factors driving the growth of the smart locks market, globally.

Global Smart Locks Market: Segmentation

The Smart Locks market has been segmented on the basis of product type, unlocking mechanism and application. Based on product type, the market has been further classified into deadbolt type and lever/Knob type. On the basis of unlocking mechanism, the market has been divided into keypad, touch screen, touch to open, app based and hybrid/integrated. By application, the market is further classified into government, commercial, industrial and residential.

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Geographically, the report classifies the global Smart Locks market into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America; the regions are analyzed in terms of revenue generation. Furthermore, region wise prominent countries covered in the report include the following - the U.S, Canada, Germany, France, the U.K., China, India, Japan, Australia, UAE, Saudi Arabia, Brazil and Argentina.

The report includes key developments in the Smart Locks market form 2013 onwards. Porter Five Force analysis is also included in the report. Ecosystem analysis which identifies key stake holders in the Smart Locks market is also covered in the report. It covers segment wise comparison matrix, market attractiveness analysis and market share analysis for all regions covered in the scope of study. Comparison matrix includes segment growth matrix, 2016 - 2024 (%), segment revenue contribution, 2016 - 2024 (%), and segment compounded growth matrix (CAGR %). Market attractiveness identifies and compares segments market attractiveness on the basis of CAGR and market share index.

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Global Smart Locks Market: Competitive Analysis

The study also includes competition landscape with competition matrix, market share analysis of major players in the global Smart Locks market based on their 2015 revenues, profiling of major players. Competition matrix benchmarks leading players on the basis of their capabilities and potential to grow. Factors including market position, offerings and R&D focus are attributed to companys capabilities. Factors including top line growth, market share, segment growth, infrastructure facilities and future outlook are attributed to companys potential to grow. This section also identifies and includes various recent developments carried out by the leading players.

Company profiling includes company overview, major business strategies adopted, SWOT analysis and market revenues for year 2014 to 2016. The key players profiled in the global smart locks market include Honeywell International Inc., August Home, Inc., Vivint, Inc., Panasonic Corporation, Samsung SDS, Havenlock Inc., Kwikset, Assa Abloy Group, Schlage, and Apigy Inc (Lockitron).

The global smart locks market is segmented as below:

By Product Type

Deadbolt
Lever/Knob

By Unlocking Mechanism

Keypad
Touch Screen
Touch to Open
App Based
Hybrid/Integrated

By Application

Government
Commercial
Industrial
Residential

By Geography

North America
The U.S.
Canada
Rest of North America
Europe
The U.K
France
Germany
Rest of Europe
Asia Pacific (APAC)
India
Japan
China
Australia
Rest of APAC
Middle East and Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America