TMCnet News

Technavio Expects the Global Smart Lock Market to Reach USD 6,217 Million by 2020
[January 21, 2016]

Technavio Expects the Global Smart Lock Market to Reach USD 6,217 Million by 2020


The global smart lock market is set to reach USD 6,217 million by 2020, growing at a tremendous CAGR of over 75%, according to Technavio's latest report.

In this report Technavio covers the market outlook and growth prospects of the global smart lock market for 2016-2020. Based on product platforms, the market is further divided into two segments being Bluetooth-based smart locks and Wi-Fi-based smart locks.

Technavio's research study segments the global smart lock market into the following regions:

  • Americas
  • EMEA
  • APAC

Americas: Largest smart lock market

Technavio's report states that the Americas is the largest market for smart locks, with a market share of close to 54% and will continue to dominate the market over the next four years.

The smart lock market in the Americas is booming primarily due to the high demand emerging from countries such as the US and Canada. North America is likely to experience demand from the non-residential customers such as the hospitality industry.

"For countries in Latin America, the demand for smart locks is expected to increase with economic liberalization, greater operation of foreign corporations, growth in the real-estate sector, and increased spending on security equipment given a relatively high crime rate," says Technavio lead warehouse and storage research analyst Sharan Raj.

Also, with advances in technology, commercial buildings are expected to prefer cost-efficient access control systems (including smart locks) to enhance physical security, ensuring easy accessibility for employees.

August, Goji, Schage, UniKey, and Yale are the top five vendors of the global smart lock market and these companies are all headquartered in the US.



Ask for a sample of this report: http://goo.gl/7zuO1s

EMEA: Demand for smart locks coming from highly developed industrialized nations in Western Europe


The Eurozone economic crisis strongly affected the growth of the smart lock market in recent years, forcing financial institutions to limit their operations and invest less in cash handling processes. However, the demand for smart locks is gradually emerging from the real-estate sector in Europe, thus smart lock vendors are increasingly focusing on catering to these demands. The majority of the demand is rising from highly developed industrialized nations in Western Europe.

The smart lock market in Eastern Europe is expected to grow due to major changes in the economic system. Declining prices of devices are also responsible for driving the market growth. Many vendors are developing innovative and highly secure connected home devices that provide enhanced security for customer data and are also offering customized access and control systems to meet the specific needs of end-users.

APAC to post a CAGR of over 82% by 2020

The APAC region is still unexplored, thus offering a substantial growth opportunity for the smart lock market. Many vendors are venturing in this region to expand their operations. Demand for smart locks is mostly seen from China, Australia, and South-East Asia, with China being the major contributor to the market in APAC, along with India, South Korea, Indonesia, Malaysia, and Singapore.

Following the increased entry of tourists as well as the rise in start-ups that function as aggregators for rentals in APAC, the need for security has increased considerably. As the security provided by these monitoring solutions is strong and can prevent accidents at residences, the adoption rate of these smart locks in residences is high, especially in China and Japan. However, the market is still expected to pick up pace in India in due course.

Browse Related Reports:

Purchase these three reports for the price of one by becoming a Technavio subscriber. Subscribing to Technavio's reports allows you to download any three reports per month for the price of one. Contact [email protected] with your requirements and a link to our subscription platform.

About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

If you are interested in more information, please contact our media team at [email protected].


[ Back To TMCnet.com's Homepage ]