Dublin, Feb. 28, 2020 (GLOBE NEWSWIRE) -- The "Smart Lock Market Size, Share & Trends Analysis Report by Type (Deadbolt, Lever Handle, Padlock), by Application (Residential, Hospitality), by Region, and Segment Forecasts, 2020 - 2027" report has been added to ResearchAndMarkets.com's offering.

The global smart lock market demand is expected to reach 34.9 million units by 2027, registering a CAGR of 21.6% from 2020 to 2027.

Increasing consumer awareness regarding advanced and secure home solutions, along with steady rise in the adoption of connected devices, is positively influencing the market. Additionally, substantial growth in the hospitality sector is driving the need for enhanced security, which is expected to impel demand for smart locks over the forecast period.

Growing number of residential and commercial projects, along with renovation of existing infrastructure, is expected to provide lucrative growth prospects for the industry. Smart locks can be integrated with several home automation devices, thereby providing security as well as convenience for users as they leave or arrive at home. With the growing prominence of smart locks across the residential sector, they are presumed to witness substantial demand, making mechanical locks a thing of the past.

Increased usage of smartphones globally has further paved opportunistic ways for industry participants, since they are continually launching apps to control locking/unlocking procedures. Regular innovations across the market for smart locks are increasingly driving investor interests with remarkable funding contracts from key players.

The industry has witnessed a considerable transformation over the past few years, with an influx of new startups, causing prominent vendors to form in-house hardware connectivity, software, and app development teams. This shift has resulted in market consolidation to a certain level due to numerous acquisitions across the marketplace.

Further key findings from the report suggest:

• Companies across the marketplace are undergoing various strategic initiatives, such as partnerships, acquisitions, and R&D investments, to stay competent and enhance their security and control systems portfolio
• Companies such as Airbnb Inc., Couchsurfing International, Inc., and other stay aggregators require homeowners to provide temporary access to guests, which has resulted in increased adoption of smart locks owing to provision of convenience to both customers and owners
• The residential segment is expected to account for the largest revenue share of more than 65.0% by the end of 2027. Rising smart home penetration is resulting in a higher number of connected devices across the sector
• Smart lock market in Asia Pacific region is expected to grow at the fastest rate over the next few years owing to increasing number of modernization activities across the residential and hospitality sectors as well as construction of new infrastructure in emerging economies such as India.

Key Topics Covered

Chapter 1 Methodology and Scope

Chapter 2 Executive Summary
2.1 Market Outlook
2.2 Segmental Outlook
2.3 Competitive Insights

Chapter 3 Market Variables, Trends & Scope
3.1 Market Introduction
3.2 Industry Value Chain Analysis
3.3 Market Dynamics
3.4 Penetration & Growth Prospect Mapping
3.5 Business Environmental Analysis Tools
3.6 Key Company Market Share Analysis, 2019

Chapter 4 Type Estimates and Trend Analysis
4.1 Market Estimates & Forecasts and Trend Analysis, 2016 - 2027 (Thousand Units)
4.2 Smart Lock Type Movement Analysis & Market Share, 2019 & 2027 (USD Million)
4.3 Deadbolt
4.4 Lever Handles
4.5 Padlock
4.6 Others

Chapter 5 Application Estimates and Trend Analysis
5.1 Market Estimates & Forecasts and Trend Analysis, 2016 - 2027 (Thousand Units)
5.2 Application Movement Analysis & Market Share, 2019 & 2027 (USD Million)
5.3 Residential
5.4 Hospitality
5.5 Enterprise
5.6 Critical Infrastructure
5.7 Others

Chapter 6 Regional Estimates and Trend Analysis
6.1 Regional Demand Estimates & Forecasts, 2016 - 2027 (Thousand Units)
6.2 Regional Movement Analysis & Market Share, 2019 & 2027 (USD Million)
6.3 North America
6.4 Europe
6.5 Asia-Pacific
6.6 Latin America
6.7 Middle East & Africa

Chapter 7 Competitive Landscape
7.1 Company Profiles
7.1.1 August Home
7.1.2 Avent Security
7.1.3 Cansec Systems Ltd.
7.1.4 Haven Lock, Inc.
7.1.5 Kwikset (Spectrum Brands Holdings, Inc.)
7.1.6 Mul-T-Lock Technologies Ltd. (ASSA ABLOY)
7.1.7 Schlage (Allegion plc)
7.1.8 Samsung SDS
7.1.9 SentriLock, LLC
7.1.10 Smart Locking Logic
7.1.11 UniKey
7.1.12 Yale Locks (ASSA ABLOY)
7.1.13 Goji

For more information about this report visit https://www.researchandmarkets.com/r/zcbvrd

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

CONTACT: ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900