Please breakdown the US market of "smart lock", "smart card reader" and digital key by B2B (enterprise) (i.e., the number of smart door lock selling, the number of users who use smart key, market growth, etc. as available). Looking for info for pa...

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Please breakdown the US market of "smart lock", "smart card reader" and digital key by B2B (enterprise) (i.e., the number of smart door lock selling, the number of users who use smart key, market growth, etc. as available). Looking for info for past year and forecast for this and next year.

Hello! Thank you for your question about the U.S. market for smart locks, smart card readers, and digital keys. The most useful sources I found to answer your question are Grandview, Technavio, and the Persistence Market Research Report. The short answer is that the smart lock, smart reader, and digital key markets are multi-billion dollar markets that are experiencing rapid growth. Below you will find a deeper dive of my findings.

METHODOLOGY
To provide you with a comprehensive overview of the market, I have broken down my research findings into the following categories: Smart Locks, Smart Readers, and Digital Keys. Each category contains relevant details on the market size, market values, and projections. Specific sales information was not available for each category, which my research suggests is due to the high fragmentation of these markets as a result of the presence of a large variety of suppliers. However my findings include relevant market information specific to each category.

SMART LOCKS
While the global market for smart locks is still emerging, it is predicted that it will grow at a rapid rate due to a rise in end-user segment applications, and the convenience and security benefits of smart locks themselves. In 2015, the smart lock market size was an estimated 404.1 million dollars, and is expected to grow to 24.2 billion dollars by 2024.

When considering the global smart lock market by geographical segmentation, the Americas account for more than 53% of the market. It is estimated that the Americas will remain the largest market for smart locks through 2020 due in large part to the increased non-residential demand for smart locks from industries such as the hospitality industry.

There are two smart lock product types available on the market - Bluetooth-based and Wi-Fi-based. It is projected that by the end of 2020, Bluetooth-based smart locks will account for over 65% of the market due to the minimal energy consumption associated with this technology.

While it is projected that the residential application segment will remain the largest smart lock market segment over the next eight-year period, considerable growth in demand in the enterprise segment is expected over the same period.

Driven by demand for increased in-room security, the hospitality segment is expected to experience significant growth in the smart lock market over the coming years. It is predicted that this segment will grow by an estimated CAGR of more than 80% from 2016 to 2024. The enterprise segment is also expected to experience significant growth in the smart lock market over the coming years due to an increase in the deployment of key-less access in offices and commercial buildings. There were no estimates available on specific growth of this segment.

In comparison to traditional mechanical locks, smart locks have significantly higher associated R&D costs. Electro-mechanical door locks are also experiencing a surge in adoption. These two factors could potentially challenge the growth of the smart lock market.

SMART READERS
My research findings in this area are focuses primarily on the smart card market which includes smart readers, as there was little to no data available that isolated the smart reader market.

The global smart card market is experiencing tremendous growth due to the increased demand for smart cards in the telecommunications, government, and transportation sectors. There is also an increased demand for smart cards for payment applications. In 2015, the global smart card market was estimated at 7.89 billion dollars, and is expected to grow to 15.05 billion dollars by 2024.

While Asia Pacific currently dominates the overall smart card market, it is estimated that the Americas will be responsible for 51% of the global smart reader market by 2020.

There are two card type segments in the smart card market - contact-based and micro-controller. The contact-based card segment is the largest market revenue contributor as of 2015, with a market value of 5.04 billion dollars. This segment is expected to grow to 8.12 billion dollars by 2024.

End-user segmentation specific to the card reader market is broken down into retail, transportation, logistics, and manufacturing. Of these segments, retail holds the highest market share, which is expected to grow to almost 58% by 2020.

The enhanced security features of smart cards in comparison to traditional cards is expected to fuel the continued growth of the smart card market. Growth in the smart card market is predicted to remain steady through 2022.

High costs associated with the migration to smart cards from traditional cards and the development of alternate payment technologies are the major constraints to growth in this market.

DIGITAL KEYS
My research on digital keys revealed the the automotive industry is the main player in this market as there are no other major applications for digital keys as of this point. Therefore, my findings focus on the digital key market specific to the automotive industry.

The digital key market is a rapidly growing market worldwide, and is expected to reach 7.5 billion dollars by 2020. The convenience offered by digital keys is the main driver of the overall market.

While digital keys are currently predominantly found in high-end luxury vehicles, lower-end vehicles are expected to drive further growth in the market as a result of increased safety concerns.

The digital key market is segmented by application, technology, installation, and geography. Specific data on each market segment was not available.

Continental is the major player in the digital key market, with many other suppliers yet to take advantage of this market. Continental reports that the U.S. accounts for 67% of its market share.

While growth in the digital key market has been centered around the U.S. and European markets to date, Chinese market penetration is expected to double by 2017.

CONCLUSION
While specific sales data is not available for these markets, my research has found that the smart lock, smart reader, and digital key markets are multi-billion dollar markets that are experiencing rapid growth. From a global perspective, the U.S. is a major payer in all markets. Improvements to the fragmentation of these markets would allow for more granular data relative to sales and users.

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Sources
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