Global Smart Locks Category - Procurement Market Intelligence Report

Introduction

According to this procurement report, the spend momentum for the global smart locks supply market is expected to accelerate during 2017-2019 due to its high demand from end-user industries such as hospitality, automobile, retail, banking, and construction to enhance safety. However, the spend momentum is expected decelerate during 2020-2022, owing to factors such as high product life cycle of smart locks, which adversely impacts the sales of the category. This procurement report also offers detailed insights into the major growth drivers and the procurement pain points affecting the supply market for smart locks.

Understand the global category spend        

The smart locks category is anticipated to witness an increase in the global category spend until 2019. This procurement report, which is a part of SpendEdge’s facility management category, considers the increasing preference for smart locks from the hospitality sector, such as hotels to provide easy and secured access to end-consumers. The smart locks procurement report also offers a coverage of:

• Global spend on smart locks for the period of 2017-2022
• Global and regional impact of trends
• Major regulatory frameworks
• Cost-saving opportunities

Optimize category spend

According to this procurement report, engaging with suppliers who provide trade-up programs for old smart locks is one of the procurement best practices for reducing the spend. This enables them to achieve significant cost savings by exchanging outdated smart locks with advanced ones. To optimize the spend, the smart locks category procurement report also offers an analysis of:

• Supplier and the buyer KPIs
• Key sustainability practices
• Major category enablers

Understand the supply landscape

In the smart locks supply market, buyers should evaluate suppliers based on the life cycle of smart locks. In general, high product lifecycle leads to low replacement costs for buyers. The procurement report on the smart locks category also offers detailed information on:

• Incumbent supplier evaluation
• Supplier selection strategy
• Supplier positioning

Build effective category management strategies

A major category requirement for the buyers is to attain cost savings by partnering with suppliers who provide connectivity setups over the layer of existing retrofit locks. This helps buyers to realize significant cost savings by avoiding the replacement of existing traditional locks. Strategic insights offered in this procurement report include an analysis of:

• Global and regional spend segmentation
• Global and regional category risks
• Category growth drivers

An analysis of the top suppliers of smart locks and their negotiation strategies are offered in this procurement report.