The smart locks market, currently worth US$ 2.3 billion, is anticipated to increase at a CAGR of 18% from 2020 to 2030 when it is anticipated to be worth US$ 14.9 billion.
Sales of smart locks are anticipated to increase as a result of residential owners’ attraction to not having to carry around mechanical keys.
The benefits of smart home architecture, such as seamless connectivity, voice control, and remote access, are driving up demand for smart locks on a global scale.
Wi-Fi, Z-Wave, ZigBee, Thread, and Propriety are a few examples of communication technologies fueling the demand for smart locks. Sometimes, all of these technologies are combined into a single gadget.
The ability to monitor the security of the premises and the safe and easy control of various entry points through remote access have both contributed to the overall sales of smart locks in these regions.
The same potential is motivating several stakeholders to invest substantial sums of money, which in turn is growing the market share for smart locks.
As more hotels opt to increase building security by switching from RFID locks that can be unlocked with IC cards to Bluetooth or Wi-Fi locks, the demand for smart locks is on the rise.
Sales of smart locks are anticipated to climb since the new smart lock, which is aimed at businesses and office buildings, has a lot of growth potential and as many customers as possible.
Management has been pushed to simplify the procedure for authorized personnel to access doors as a result of the need for improved safety, which has boosted sales of smart locks.
The projected release of a new biometric smart lock from U-tec, for instance, that is only meant for use on office doors, is expected to boost demand for smart locks.
The Internet of Things (IoT), which is the networking of smart electronic devices or things to exchange data signals without requiring human intervention, is another key element that is said to be boosting the sales of smart locks.
What Causes Fluctuations in the Smart Locks Market?
North America is currently predicted to have the largest smart lock market.
As a result of the region’s strong consumer purchasing power and rising security concerns, particularly about critical infrastructure and residential applications, a favorable legislative framework has been established for the sales of smart locks.
The expansion of the major players into new markets, particularly in European countries, and the strategies they have adopted to enhance their market shares are also expected to increase sales of smart locks.
The smart locks market is anticipated to expand fastest in the Asia-Pacific region, especially in countries like China, Japan, and India.
The massive surge in demand for smart locks in the Asia-Pacific region is due to an increase in residential and commercial construction projects as well as ongoing smart city initiatives in developing countries like India.
Additionally, the use of smart homes in the region has increased significantly, which is enhancing knowledge of cutting-edge products and technologies in the Asia-Pacific smart locks market.
It is anticipated that the market for smart locks would continue to expand steadily in other parts of the world due to a slowing global economy in these regions.
Who are the Major Players in the Smart Locks Market?
Several businesses compete in the international market for smart locks, including AT&T Intellectual Property, Comcast, Lowe’s Companies, Inc., Staples, Inc., UniKey Technologies, Inc., Yale Real Living, MIWA Lock Co., and HAVEN.
Since smart locks are still in their infancy and there have been few adoptions on a global scale, the market has become highly competitive.
Due to the growing need for home and building security, the smart lock industry offers several growth opportunities for smart lock providers.
To gain the highest potential market share for smart locks, industry companies in this sector are constantly developing new products to offer.