The global smart locks market is anticipated to grow significantly within the duration of 2016 to 2024, owing to increasing progress in 2G, 4G, and 5G, technologies along with the soaring demand for smart city infrastructure. The worldwide market is immensely fragmented owing to the presence of several players in most of the regions around the world. The leading players are investing hugely in research and development activities to bring about product development in order to progress in the market. AugustHome, Panasonic, Kwikset, and Honeywell, are the leading firms in the global smart locks market. These firms are focusing on partnerships, and mergers and acquisitions for better future opportunities.
According to Transparency Market Research (TMR) the global smart locks market was evaluated to be around worth US$226.7 mn in year 2015. The market is foreseen to grow with a robust CAGR of 18.30% within the forecast duration from 2016 to 2024. By the end of 2024, the market is anticipated to become worth of US$1.01 bn. Based on the application, the commercial division led the market in 2015. Geographically, North America region emerged dominant in 2015, accounting to around 33.6% of total market shares.
Both technological advancements and increasing crime rates around the world is contributing to the growth of smart locks market. Apart from that, the prevalence of smart home facilities combined with the proliferation of smartphone in the past few years have also served to drive the market. In addition, declining cost of universal mobile broadband and cloud infrastructure, which have likewise supported in remotely controlling and monitoring any gadget effectively, be it a smart thermostat or a smart lock has also had a positive impact on the market for smart locks.
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Consumers can easily access their locks to monitor or control it, mainly from their smartphones. Moreover, the comfort of being able to reach your door and unlock it automatically without reaching for one’s keys and numerous other factors are also propelling the overall market growth.
Issues with Battery-lives in Smartphones to Hamper Market Growth
However, there are some factors that are expected to pull down the market growth in coming years. One such major obstruction for global smart locks market is the issue of the poor battery life of the phones. In such a situation, a physical key comes in handy and useful. Moreover, telephones and back end clouds are more prone to hacking and the data to be misused, due to which there remains a serious issue with security risk related with smart locks.
However, the popularity of smartphones and low power communication norms, with enhanced technology, coupled with geo-locating an individual have built up new scopes to enhance consumer experience that can support the demand for smart locks market, globally.
