The global Smart Lock Market is likely to reach USD 24.20 billion by 2024, with a CAGR of 60.1% by the completion of the prediction period. Over the past few years, smartphones have gained importance and have been designed as pocket-sized computers. Electronic access control has found a niche in commercial buildings, hotels, and apartment blocks. In addition to security, Smart Locks deliver convenient access control with voice commands and a positive user experience.
The smart lock market is driven by the growing popularity of smart technology and surged use of smartphones. The key factors impeding smart lock adoption in developing countries are its high purchasing costs and its high susceptibility to malware attacks.
Near Field Communication (NFC) and Power over Ethernet (PoE) are gaining immense focus and are now considered as a driving force in the next-generation Internet. Today’s advanced technologies provide keyless control via a mobile app, biometric, pin code reader, or remote control. The smart home is a major catalyst for the emergence of digital locks and associated products to seamlessly integrate convenient standalone access control. The marketers are striving to convince their customers that the power supply to their new digital device is dependable and convenient to replenish. Parks Associates in their recent survey stated that by the end of next year, one in four households in the U.S will purchase a smart lock. Moderate incomes and smaller houses are reaching the potential of adapting the cost sensitivity.
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Emerging entrants have already demonstrated huge growth traction in terms of their investments and research activities. The latch is a startup founded in 2013 and it recently funded $70 million in their smart lock project that eases the locking mechanism with the help of a magnetic key code or smartphone. Similarly, French startup HAVR has launched Life locks, a revolutionary system that can open doors by phone flashlight. Improving user experience and integrating smart locks into residential sectors will drive growth for smart locks. Amazon and UPS entered into a partnership to develop the Key app, which allows a delivery person to enter buildings and condos using the smart door lock system.
Some of the major participants operating in the smart lock market consist of, Samsung SDS Co. Ltd., Onity, Salto Systems, Master Lock, Cansec Systems, UniKey Technologies, ASSA ABLOY AB, Allegion, Honeywell, Haven Lock, Yale, Spectrum Brands, and among others. Due to the rising demand for enhanced security systems, North America holds the largest revenue share and its strong IT infrastructure is providing lucrative opportunities for market expansion. Europe ranks second in terms of growing urbanization and a high concentration of tech-savvy population.
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