Smart Locks Market to Witness Exponential Growth by 2024

Global Smart Locks Market: Snapshot

Smart locks – the lock technology consisting of locks that can be operated with the help of unconventional means such as remote control and provide the user with alerts and tracking data about who entered or left the locked premise, are increasing emerging as promising alternatives to conventional locks. The market has expanded at a promising pace in the past few years, in tandem with the development of mobile computing devices and telecommunication networks. The rising focus and investments into smart city infrastructure have also increased massively aided overall development of the global smart locks market.

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Moreover, the fact that smart locks provide increased security, as the virtual keys for smart locks cannot be easily duplicated as conventional keys, has also acted as a key factor driving the demand for smart locks in the last few years. In the years to come, the increased proliferation of smart, inexpensive, and technologically advanced mobile computing devices, mobile technologies, and IoT solutions across the globe will encourage an increased uptake of smart locks.

The report states that the global smart locks market will register a promising 18.3% CAGR from 2016 to 2024, rising to a valuation of US$1.01 bn by the end of 2024 from US$226.7 mn in 2015.

Deadbolts to Remain Ahead in Terms of Overall Demand

Smart locks have started finding increased usage and adoption in residential, commercial, government, and industrial establishments. While all these are considered to be lucrative end-use areas for the global smart locks market, the segment of commercial establishments is expected to remain the most lucrative in the next few years. The vast rise in crime rate across the globe in the past years has remained imperative for the increased adoption of smart locks in the commercial sector and is likely to remain the key factor pushing ahead the adoption of smart locks in commercial settings in the next few years as well.

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Of the key varieties of products available in the global smart locks market, the segments of deadbolts and lever/knobs are currently witnessing the most demand. Of these again, the segment of deadbolts accounts for the dominant share in the overall market, thanks to factors such as the low cost of installation and high durability of these products.

Developed Economies to Continue to Spell Growth for Market

Geographically, the report presents an overview of the growth prospects of the market across regions such as North America, Europe, Asia Pacific, Middle East and Africa, and South America. The report states that the smart locks market is currently dominated by developed regions such as North America and Europe, with the latter trailing the former in 2015. The North America market accounted for a significant 33.6% of the overall market.

It is however estimated that the technology and infrastructure required for large-scale use of smart locks will eventually become more accessible and economical for developing economies such as China, South Korea, Japan, and India, driving the Asia Pacific market for smart locks. As a result, the demand and uptake of smart locks in these regions will also rise at a promising pace over the report’s forecast period.

Some of the leading companies operating in the global smart locks market are Panasonic Corp., Honeywell International Inc., Schlage, Apigy Inc., Vivint Inc., Assa Abloy Group, Samsung SDS Co. Ltd., Havenlock Inc., Home Inc., and Kwikset.

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Advantages of added security boosts Smart Locks Market

Increasing use of smart locks across residential, commercial, and industrial establishments is expanding the horizon of smart locks market. Unlike conventional locks, smart locks are technology driven and have sensors to raise alerts. Smart locks can be operated using a remote control, and for such reasons are emerging as a promising alternative to conventional locks.

Smart locks feature greater security. This is because virtual keys for smart locks cannot be duplicated easily, hence, this factor is serving to fuel the smart locks market. With the increasing proliferation of advanced yet inexpensive computing devices, smart locks are expected to witness surge in demand.

Rising demand for mobile computing devices and expansion of telecommunication networks is another significant factor

Deadbolts and lever/knobs witness the leading demand among other key products in the smart locks market. Deadbolts enjoy larger share in the smart locks market, thanks to the low cost of installation and durability of these products.

North America is currently at the forefront among key regions in the smart locks market. However, Asia Pacific smart locks market is rising at a promising pace to emerge prominent among other key regions. Rapid infrastructural advancements in emerging economies of the region that will support the technology for smart locks, therefore, will attract adoption of smart locks. Countries such as South Korea, Japan, India, and China in Asia Pacific that are witnessing monumental economic growth are likely to provide immense opportunities to the smart locks market in the region.

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