Smart Lock Market Is Projected To Grow Exponentially Due To Growing Popularity Of Smart Technology And Increasing Usage of Smartphones Till 2024 | Million Insights

August 26 06:40 2019
Smart Lock Market Is Projected To Grow Exponentially Due To Growing Popularity Of Smart Technology And Increasing Usage of Smartphones Till 2024 | Million Insights

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According to new report available with Million Insights, the smart locks industry is anticipated to grow at a significant CAGR of 60.1% over the forecast period as the scope and its applications are rising enormously across the globe.

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 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 the developing countries are its high purchasing costs and its high susceptibility to malware attacks.

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Near Field Communication (NFC) and Power over Ethernet (PoE) are gaining immense focus and is 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. 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 a potential of adapting the cost sensitivity.

Emerging entrants have already demonstrated a huge growth traction in terms of its investments and research activities. 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 Lifi locks, a revolutionary system that has the ability to open doors by phone’s 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 high concentration of tech-savvy population.

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Market Segment:

Smart Lock Type Outlook (Revenue, USD Million, 2013 – 2024)
    • Deadbolt
    • Lever Handle
    • Padlock
    • Others

Smart Lock Application Outlook (Revenue, USD Million, 2013 – 2024)
    • Residential
    • Hospitality
    • Enterprise
    • Critical Infrastructure
    • Others

Smart Lock Regional Outlook (Revenue, USD Million, 2013 – 2024)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
    • Asia Pacific
        • China
        • India
        • Japan
        • Korea
    • Latin America
    • Middle East & Africa

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