Global Smart Lock Market - Drivers and Forecasts by Technavio
LONDON--(BUSINESS WIRE)--Technavioanalysts forecast theglobal smart lock marketto grow at a CAGR of more than 80% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of theglobal smart lock marketfor 2017-2021. The market is segmented based onend-user (commercial and residential) and geography (APAC, EMEA, and the Americas).
Smart locks are controlled using a phone, wireless key fob, or even remotely over the Internet. They form a key component of the larger concept of smart homes, which has been witnessing a rising demand over the last couple of years. The key characteristic of smart locks is the use of digital keys to unlock doors and systems. Digital keys are stored on cloud servers along with the name of the owner, security code, and address. The new category of smart locks is integrated with technologies like Bluetooth low energy, Wi-Fi, and NFC, which enable consumers to avail low-cost connections and access control.
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Technaviohardware and semiconductorresearch analysts highlight the following three factors that are contributing to the growth of the global smart lock market:
Benefits of smart locks over traditional locks
Smart locks are more convenient than traditional locks. The users do not have to carry the keys as smart locks are paired with smartphones or smartwatches. The automatic locking and opening system are activated through smartphones or smartwatches. The major advantage of smart locks is the implementation of security standards. These locks can provide exclusive access only to authorized people. The tampering of these locks is also difficult, which is possible with keys or latches. Doors equipped with smart locks are not vulnerable to break-ins.
Sunil Kumar Singh, a leadcomputing devicesresearch analyst at Technavio, says, “Smart lock allows the user to record the in and out time along with the dates. The smart lock memory is helpful, especially for work environments, as the user has total access control to a specific area.”
High penetration of smartphones
The growing penetration of smartphones will have a major impact on the adoption of smart locks as they play an important part in smart lock systems and they work as a key. The global smartphone market will experience a significant growth during the forecast period due to an increase in the Internet use, with most consumers being online throughout the day.
“Internet-enabled smartphones can be used for multiple purposes like accessing social networking apps, reading the news, surfing the web, and checking mail. Smartphones and tablets play a crucial role in the growth of IoT devices,” adds Sunil.
Growth in digitalization
The growing digitalization is driving the demand for smart locks. Business enterprises and individual customers are going digital, reducing the use of keys. Digitalization enables customers to transfer key codes from any location to a person at another location to unlock a door or system using mobile computing devices such as smartphones.
The significant growth of digitalization across the globe, along with the high penetration of devices such as smartphones, is driving the global smart lock market. The increasing inclination toward digitalization has resulted in the declining cost of cloud infrastructure and mobile broadband. This enables users to control and monitor smart locks using computing devices remotely.
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