According to a new market research report published by Credence Research “Smart Locks Market(Product Type – Lever Handles, Deadbolts, Padlocks and Others; Application – Residential, Commercial, Hospitality, Industrial and Others) – Growth, Future Prospects and Competitive Analysis, 2017 – 2025”, the global smart locks market is estimated to hit US$ 3.50 Bn by 2025.
Market Insights
Security is one of the most crucial concerns faced by the consumers willing to invest in home automation systems. This makes smart locks one of the most prominent aspects of home automation, thereby creating multiple market growth opportunities. Superior benefits offered by smart locks over conventional locks has contributed greatly to the potential of their adoption across residential as well as commercial applications. Smart locks can be programmed to offer several features including integration with video surveillance, smartphones and security alarms. This ensures optimum convenience to the users along with enhanced security. These advantages are estimated to ensure promising opportunities for smart lock vendors in the following years.
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The overall smart locks market is primarily driven by the growing safety and security concerns coupled with the enhanced features it offers compared to traditional locks. Moreover, the concept of smart home has also contributed substantially for the market growth. Today, people are more inclined towards the idea of home automation due to factors such as growing technological advancement in the IoT sector as well as increasing discretionary income. This in turn positively impacts the demand for smart locks. Smart locks can be easily accessed using a smartphone without any need for keys. Thus, it becomes possible for the users to operate the lock irrespective of their location. Consistently rising penetration of smartphones and low-energy communication transfer protocols have created an environment favorable for the smart locks market growth over the forecast period.
Despite the aforementioned benefits of smart locks, the major factor limiting the market growth is the reluctance of people towards adoption of new technology. In addition, high cost of these locks along with discrepancies in communication standards with respect to different regions too play as prominent inhibitors to the market growth. Smart locks typically have limitations such as vulnerability to hacking and power failure. This is another significant factor restraining the market growth.
The overall smart locks market is categorized on the basis of product type and application. Based on the product type, the market is classified into lever handles, deadbolts, padlocks and others. In terms of application, the market has been categorized into residential, commercial, hospitality, industrial and others. As of 2016, the market is led by the residential segment, accounting for more than one fourth of the total market revenue generated worldwide.
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Key Trends
- Partnerships between manufacturers and technology providers is one of the common trends
- Increasingly being adopted in the hospitality sector
By Application
- Residential
- Commercial
- Hospitality
- Industrial
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
- Latin America
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