Smart Locks Market Research: Global Market Size, Industry Growth, Future Prospec

Posted by OMR Global on January 7th, 2020

The global smart lock market is significantly growing at a CAGR of 10.2 during the forecast period. Most of the governments globally have realised the need of smart locking system for promoting the concept of smart cities in their countries. Many developed economies such as the US, UK, and Canada have launched various initiatives for implementing the smart cities services such as smart home and smart transportation in their countries. For instance, the US Department of Transportation leveraged around 0 million in public and private funds for smart city and advanced transportation technologies as a part their smart city challenge.  

Browse the full report Smart Locks Market Research and Forecast 2018-2023 at https://www.omrglobal.com/industry-reports/smart-lock-market 

Further, the UK government has also granted funding for testing smart projects and promotion of smart related initiatives. They awarded Glasgow .59 million for TSB’s Future Cities Demonstrator project to develop a city management system and .2 million each to Bristol, London and Peterborough for forwarding smart projects. Additionally, developing countries including India, China, and Brazil have also been implementing these measures to promote digitalization. All these factors reflect the government initiatives taken towards development of smart cities and promoting the growth of the global smart lock market. 

The major factor that is promoting the development of the smart cities across the globe is estimated to be the growing urbanization. World is witnessing rapid urbanization, as the major cities are becoming the magnet for talent and driving the growth of the economy. According to United Nations, in the year 2014, approximately 52% of the world population resides in the urban areas, up from 30% in 1950. Population residing in the urban areas are further estimated to reach 66% by the year 2050. The worlds urban population in the year 2015 was estimated to be about 3.7 billion people and the number is further estimated to be doubled by the year 2050.  

There is a significant growth in the demand for intelligent home security systems such as smart doorbell cameras; and smart locks which drives the global smart lock industry. According to the alarms.org (official site of the National Council for Home Safety and Security), the global market for smart home is estimated to reach billion by 2020. There is a huge adoption of smart homes as it saves time, energy and money. Security is the top concern for the smart home users.

Global Smart Lock Market Segmentation 

By Communication 

• Bluetooth
• Wi-Fi
• Others 

By Application 

• Residential
• Government
• Commercial

By Type 

• Padlocks
• Lever Handles
• Deadbolts
• Others 

Global Smart Lock Market – Segment by Region  

North America  

• US
• Canada 

Europe 

• Germany
• UK
• France
• Spain
• Italy
• Rest of Europe 

Asia-Pacific    

• China
• Japan
• India
• Rest of Asia-Pacific 

Rest of the World 

• Middle East & Africa 
• Latin America 

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