Global smart locks market is expected to accrue USD 6.1 Bn by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
According to the study, the surging adoption of smart homes in developed as well as developing nations and burgeoning need for highly secured locking mechanism is adding substantial momentum to the smart locks market growth in the global arena. Also, there has been massive growth in the adoption of a range of handheld devices and smartphones which serve as an interface for controlling these locks. Users can connect to smart locks through smartphones, by using advanced connectivity technology like ZigBee/Z-Wave, Bluetooth, or Near Field Communication. There has also been a massive increase in the acceptance of compact IoT devices or connected devices. The above-mentioned factors are anticipated to augment the smart locks market share during the projected timeline, cites the report.
As per market analysts, deadbolts are projected to capture a huge share of the market followed by padlocks & lever handles. The high market share of these products can be credited to a wide range of advanced features such as biometrics usage, touch screens, and remote access to the locks via smartphones. These products are anticipated to continue developing and amass significant market share in the foreseeable future. Leading firms are consistently investing in research and development efforts for smart locks, which has resulted in momentous technological advancements and integration of new features in these devices. Such initiatives by key players are helping them in boosting the adoption of smart locks in a range of diverse applications, states the report.
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Smart locks are being increasingly adopted by home & residential segment owing to the rising number of smart homes worldwide. The report also cites that the growing awareness about the technology and augmented expenditure capacity of individuals is a leading factor driving industry growth from the home segment. The hospitality sector is yet another significant consumer of smart lock product. The large number of rooms in resorts and hotels require restricted and limited access to authorized individuals and guests. Apparently, smart locks can be configured accordingly to cater to these requirements, thus ensuring complete security during customers’ stay in the hotel. Moreover, this technology allows access to be controlled remotely by hotel employees and the passwords of the locks can be reset every time a new guest arrives, thereby bolstering security and safety. As per the report, government organizations and business enterprises will garner significant returns based on their huge market share after home and hospitality segments.
Based on the key findings of the report it can be assumed that products available in the market are highly competitive and makers are progressively focusing on enhancements to gain an aggressive edge over the competition. Companies are eyeing the development of new products to offer ease of installation and connection with the present-day mechanical lock systems.
The hospitality market segment is estimated to ascend at a high growth rate during the predicted timeframe owing to the rising utilization of smart locks amid burgeoning security concerns in the business space. Based on regional bifurcation, the North America market segment is poised to dominate the worldwide smart locks market over the estimated duration, whereas Asia Pacific market segment will witness high growth on account of prospering economies of key nations such as China and India.