ALBANY, New York, May 8, 2019 /PRNewswire/ -- The global smart locks market is likely to witness high growth, as key market players are engaged in extensive research and development activities. Their aim is to provide advanced products to attract large number of customers. Moreover, leading players in the market are investing in collaborations, mergers and acquisition, partnerships, and expansions to create dominance against their competitors and expand their presence in different regions.
Developing regions where the building and construction industry is booming offers huge growth potential of players operating in this market. Therefore, they are also making huge investments in these regions. In the global smart locks market report, profiling of the leading players have been done including Honeywell International Inc., Panasonic Corp., Schlage, Apigy Inc., Assa Abloy Group, Vivint Inc., Haven Lock Inc., and Samsung SDS Co. Ltd.
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According to Transparency Market Research report, the global smart locks market is expected to reach a US$1.01 bn by the end of 2024, progressing from US$0.22 bn earned in 2015. Over the period of eight years between 2016 and 2024, the market is rise at staggering CAGR of 18.3%.
The demand for deadbolt smart locks is comparatively high than lever/knobs smart locks. Deadbolt smart lock is leading the global smart locks market due to its low cost of installation and high durability. It also provides high security against attacks and intrusions. In terms of regional growth, North America holds dominant share in the global smart locks market. Increasing use of advanced technologies has led the dominance of this market. Moreover, significant rise in residential and commercial construction in emerging economies in Asia Pacific has increase demand for smart locks. In the coming years, Asia Pacific is expected to hold substantial share in the global smart locks market.
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Growth of Connected Homes Surging Demand in Smart Locks Market
Technological advancements have played a huge role in developing the smart locks market. Growing acceptance for advanced technologies, rising use of smartphones, connected devices, and rising standard of living resulting in growth of connected homes has fueled demand in the global smart locks market. Reducing cost of mobile broadband and cloud infrastructure have made convenient for the users to control and monitor different electronic devices. With all these factors, the global smart locks market is expected to grow at a considerable rate in the coming years.
Additionally, growing emphasis on cloud-based services and IoT-based security systems are contributing in expanding demand for smart locks. Enhanced features of smart locks as compared to traditional locks have increased growth opportunities in this market. Moreover, residential service providers' especially smart home specialists are presenting wireless protocol-enabled door locks while developing new products that has further augmented demand in the global smart locks market.
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Lack of Acceptance for Newer Technologies to Restrict Market Growth
Contradictory to the above-mentioned growth factors, high cost, and lack of awareness about the benefits of smart locks are estimated to deter demand in the global smart locks market. Limited acceptance for new and advanced technologies among people in developing regions might also challenge growth in this market. Moreover, rising hacking incidences and power failure also limits users' belief in switching to smart locks.
However, increasing adoption of smartphones and other connecting devices along with growing safety and security concerns would change acceptance for smart locks. Additionally, growing urban infrastructure especially in developing nations is creating high demand for smart locks, thus driving growth in this market.
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The study presented here is based on a report by Transparency Market Research (TMR) titled "Smart Locks Market (Product Type - Deadbolt and Lever/Knob; Unlocking Mechanism - Keypad, Touch Screen, App Based, and Hybrid/Integrated; Application - Government, Commercial, Industrial, and Residential) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024".
Global Smart Locks Market is segmented based on:
- Touch Screen
- Touch to Open
- App Based
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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