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Smart Lock Market Worth 2.67 Billion USD by 2023PUNE, India, October 17, 2017 /PRNewswire/ -- The report "Smart Lock Market by Lock Type (Deadbolts, Lever Handles, Padlocks), Communication Protocol (Bluetooth, Wi-Fi), Vertical (Residential, Commercial, Institution and Government, Industrial) and Geography - Global Forecast to 2023", published by MarketsandMarkets™ , the market is expected to reach USD 2.67 Billion by 2023 from USD 1.28 Billion in 2017, at a CAGR of 13.11% between 2017 and 2023. (Logo: http://photos.prnewswire.com/prnh/20160303/792302 ) http://www.marketsandmarkets.com/Market-Reports/smart-lock-market-82787906.html Early buyers will receive 10% customization on this report. The major factors driving the growth of this market include growing security and safety concerns, enhanced features compared with traditional lock systems, and rising adoption of smartphones and other connected devices. Smart lock market for deadbolts to grow at highest CAGR during forecast period Smart lock market for deadbolts is expected to grow at the highest CAGR during the forecast period. Deadbolts are among the most commonly used exterior residential locks. Further, the factors such as low installation cost, high durability, and security from the intense intrusion or attack in residential, commercial, and other applications contribute to the growth of the market for deadbolts. Bluetooth to hold largest size of smart lock market based on communication protocol by 2023 The Bluetooth segment held the largest share of the smart lock market based on communication protocol in 2016. A large size of the market for Bluetooth can be attributed to the ability of this protocol to maintain a balance between range, low power consumption, reliability, bandwidth, and cost. Further, Bluetooth ensures interoperability and increases consumer confidence in smart data transfer, leading to more nodes per network and creating value for both the end users and the service aggregators. Download PDF Brochure : http://www.marketsandmarkets.com/pdfdownload.asp?id=8278706 Smart lock market for residential vertical to grow at highest CAGR during forecast period The smart lock market for the manufacturing vertical is expected to grow at the highest CAGR between 2017 and 2023. In the residential segment, smart locks have applications in both condominiums and individual houses. Checking access to an unauthorized person is considered as the critical component of security to protect assets. This growth of the smart lock market for this vertical could be attributed to the increasing demand for smart home, increasing urbanization, and security solutions. North America expected to hold largest share of smart lock market during forecast period North America is expected to hold the largest share of the smart lock market during 2017-2023. North America is home to the major smart lock players such as Spectrum Brands Holdings, Inc. (US), Onity, Inc. (US), Master Lock Company LLC (US), and August Home (US). The growth of the market in North America is attributed to the increasing demand for enhanced home security levels and growing popularity of integration of smart devices, such as tablets and smartphones, with smart locks in this region. Inquiry Before Buy @ http://www.marketsandmarkets.com/Enquiry_Before_Buying.asp?id=82787906 The report also profiles the most promising players in the smart lock market. The competitive landscape of this market presents an interesting picture where a large number of big and small players have become a considerable force. The key players in this market are ASSA ABLOY (Sweden), Allegion (Ireland), dorma+kaba (Switzerland), Spectrum Brands (US), Salto Systems (Spain), Onity (US), Cansec Systems (Canada), and Master Lock (US) among others. Browse Related Reports Access Control Market by Component (Hardware (Card-Based Readers, Biometric Readers, Electronic Locks, Controllers, and Others) and Software), Service (Installation, Maintenance, and ACaaS), Vertical, and Geography - Global Forecast to 2023 Industrial Access Control Market by Component (Hardware (Card-Based Readers, Biometrics Readers, Electronic Locks, and Controller/Server), and Software), Service (Installation, Maintenance, and ACaaS), Application, and Geography - Global Forecast to 2023 About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets' flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Contact: Connect us on LinkedIn @http://www.linkedin.com/company/marketsandmarkets 
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