Smart Locks May Command $2.67 Billion Market Share

MarketsandMarkets claims, via its research report titles "Smart Lock Market by Lock Type, Communication Protocol, Vertical and Geography - Global Forecast to 2023", the market for smart locks could possibly reach $2.67 Billion by 2023. That’s up from $1.28 Billion in 2017 at a CAGR of 13.11% between 2017 and 2023. Major factors driving this market include growing security and safety concerns, enhanced features compared with traditional lock systems, and rising adoption of smartphones and other connected devices.

 

Report Highlights

  • Smart lock market for deadbolts to grow at highest CAGR during forecast period
  • Bluetooth to hold largest size of smart lock market based on communication protocol by 2023
  • Smart lock market for residential vertical to grow at highest CAGR during forecast period
  • North America expected to hold largest share of smart lock market during forecast period
  • 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.

If interested, browse the report’s 62 Market Data Tables and 39 Figures spread through 122 Pages and the TOC. For further details, contact MarketsandMarkets, Northbrook, IL. 888-600-6441 and/or [email protected]