01 November 2019
Smart Lock Market Report: Forecasts by Type (Deadbolt, Lever Handle, Padlock), By Application (Residential, Hospitality, Enterprise, Critical Infrastructure, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) and profiling of leading international and domestic companies.
The market size of the global smart lock was estimated at USD 700 million in 2019. A tremendous CAGR of just over 60.0 % over the forecast period is anticipated to be observed. It is estimated that the demand for smart locks will exceed 300 million units by 2030. The that proliferation of connected home technologies and the rising need to develop communication across all electronic devices in consumer homes as a consequence of the increasing penetration of smart homes are among the main factors that accelerate market growth.
The industry is expected to see significant growth opportunities, particularly in cloud-based locking / unlocking management solutions, due to the advent of creative locking mechanisms by key fobs, smartphones, laptops, and other portable devices as well as advanced communication roll-out. The development and implementation of numerous innovative technologies such as Z-wave / ZigBee, Near Field Communication (NFC) and Bluetooth Low Energy (BLE) would probably fuel market growth over the forecast period.
Relative with emerging economies, use of advanced keyless entry technologies is comparatively more popular in mature markets such as the U.S. and Europe. Lack of end-user awareness and price sensitivity are the two key roadblocks that prevent these devices from being widely used in developing markets. Smart locks, however, are slowly gaining popularity in Asia Pacific, especially in Japan and China, due to growing awareness rates coupled to increasing mainstream acceptance of niche technology products.
Smart lock manufacturers also launch add-on keys and capacitive touchscreens to improve consumer experience. We are evolving contemporary technology, such as Wi-Fi and Bluetooth-based locking / unlocking connectivity, to tap into IoT proliferation and the BYOD trend's increasing popularity. Residential service providers often implement wireless protocol-enabled door locks in their new ventures, especially smart home specialists. All of these considerations bode well for the market.
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