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(Wireless-NewsWire.Com, January 16, 2018 ) According to Publisher, the Smart Lock Market is estimated at $0.97 billion in 2016 and is expected to reach $2.40 billion by 2023 growing at a CAGR of 13.7% from 2016 to 2023 Rising demand for dynamic unlocking mechanism is a primary factor fostering the market. Some of the key factors that drive the market growth include growing awareness regarding safe home solutions, stable growth in portable connected smart devices and rising demand for secure locks. However, threat from phones as its assistance being hacked and issues associated with high R&D costs are creating hurdles in the market growth. Moreover, home access and cloud based lock management solutions are likely to present considerable growth opportunities in this market.
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A smart lock is an electromechanical lock which is designed to perform locking and unlocking operations on a door when it receives such instructions from an authorized device using a wireless protocol and a cryptographic key to execute the authorization process. It also monitors access and sends alerts for the different events it monitors and some other critical events related to the status of the device. Most of the smart locks are simple and are at-home installable devices that can fit over the thumb turn of a deadbolt contained on the inside portion of the door.
By application, hospitality segment commanded the largest market share due to growing security related threats among consumers during their stay at foreign locations. Due to the advancements in security tools such as remote door locking, window and door opening sensors the demand for smart locks is increasing from residential segment. Asia Pacific witnessed a substantial growth in the market attributed to rising commercial as well as residential infrastructure projects across countries such as China, India and Korea. North America is anticipated to emerge as a leading region during the forecast period.
Some of the key players in global Smart Lock market include Cansec System, Weiser Lock, Avent Security, Yale Real Living, Sheorey Digital Systems Pvt. Ltd, AT&T Intellectual Property, Kwikset Company, Lowe's Companies, Inc, Comcast Corp, Mul-T-Lock Company, Smart Locking Logic, Okidokeys, SentriLock, UniKey Technologies, Inc and Schlage.
Lock Types Covered:
-Padlocks
-Deadbolt
-Lever Handles
-Other Lock Types
Sub Products Covered:
-Touch Screen
-Motion Sensor
-Keypads
End Users Covered:
-Industrial
-Residential
-Commercial
-Institution & Government
-Critical Infrastructure
-Enterprise
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Communication Protocols Covered:
-Bluetooth
-Wi-Fi
-Other Communication Protocols
Sub-Markets Covered:
-Energy Security
-Port Security
-Casino Management
-Physical Security
-Data Center Security
Regions Covered:
-North America
-US
-Canada
-Mexico
-Europe
-Germany
-UK
-Italy
-France
-Spain
-Rest of Europe
-Asia Pacific
-Japan
-China
-India
-Australia
-New Zealand
-South Korea
-Rest of Asia Pacific
-South America
-Argentina
-Brazil
-Chile
-Rest of South America
-Middle East & Africa
-Saudi Arabia
-UAE
-Qatar
-South Africa
-Rest of Middle East & Africa
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Rajat Sahni
+1-646-491-9876
sales@reportsweb.com
Source: EmailWire.Com 
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