With growing number of smartphone users, and numerous possibilities with smart devices, the concept of smart home is taking shape. And, in a smart home, security holds a paramount position. Consequently, the demand for smart locks is on the rise, creating a demand influx in the smart locks market. Several companies are doing research and development to ace this expanding market game. In September 2018, Smado launched its smart lock, opener, and bell device that requires no tools or screws to get it installed and can be fit into any existing door locks. This device delivers a sophisticated hassle-free way to take control of the door with Bluetooth and wifi. On the other hand, August Smart Lock helps in creating virtual keys for guests and family and also keeps a track on everyone who enters and leaves just with the help of one's smartphone. In a joint venture with Amazon Alexa and IFTTT, Internet-connected deadbolts have announced upgraded Google Assistant integration for the August Smart Lock, which features the opening of the front door hands-free. Several companies are coming up with sleek, simple, and key-free smart locks that can be accessed through fingerprints, passwords, and even smartphones. These innovations will attract customers for a secured hassle-free life, thereby increasing the smart lock market demand across the world.
The global smart lock market size reached $1.59 billion in 2018, which is expected to witness an upsurge at a profitable CAGR of 14.74% during the forecast period 2019-2025.
Installation of a smart lock is considered
as a part of smart homes to prevent burglaries. According to the latest
information ??by F?BI Uniform Crime Reporting Statistics, burglary crimes were
reduced by 3.4% by 2016, with larger cities reporting a decrease at 5.9% than
their non-metropolitan counterparts at 4%. According to FBI 2017
report, the count of the estimated burglaries was 1,401,840, which showed a
decrease of 7.6% when compared with 2016 data. This decrease in number of
burglary cases are attributable to application of several emerging technologies
such as smart locks. Moreover, the implementation of the smart lock is not
bounded to a residence as Haven named company has been extending service to a
school named Arkansas in Melbourne. The rising number of school shootings have
become a major concern, and thus this measure was inevitable. This technology
will prevent unwanted intruders from entering the classroom giving relevant
safety solution. This incorporation of technologies, such as smart lock will
observe an upsurge in the upcoming years in order to instill more security in
every sphere, expanding the smart lock market.
The smart locks market research is titled, “Smart Locks Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2019 – 2025” It comprises of a detailed assessment of market players that are supporting in the smart lock market growth and paving further growth prospects for the vendors. Additionally, it offers insights about different types of smart locks which include deadbolt, lever handle, and padlock. This detailed analysis will help one to identify the most profitable division and work accordingly. It will also provide an overview about the ease of business in all the regions across the globe.
Smart Locks Market: Geographical Analysis & Leading Segments -
North America held 37.23% of the global smart locks market in 2018. The region is the third largest continent by area and fourth largest by population. With the adoption of various technologies across different sectors, the residential sector is also inclining towards smart homes. And smart locks are being extensively used in smart homes to enhance security purposes. A FBI data showed that property crime rate in the U.S. has declined by 50% between 1993 and 2017. Also, Bureau of Justice Statistics (BJS) states a decline of 69% during this span. A substantial part of this reduction in crime rate can be attributed to the implementation of smart locks technology, which is set to benefit the smart lock market players.
Smart Lock Market Analysis: Key Application
The key application segment of the smart lock market is residential, and the application of smart locks in residential will grow at a healthy CAGR of 14.74% through to 2025. According to National Council for Home Safety and Security, smart house market will reach a height of $40 billion in the U.S. alone by 2020. The market is set to experience growth because of the ability of one to monitor the house through a smart phone.
Smart Lock Market: Trends and Growth Drivers
Application of IoT Security in Resident Segment of the Smart Locks Market–
IoT is gaining grounds in home automation, which includes not only control of lighting, climate, appliances and entertainment systems but also the security of the houses. IoT smart locks enhances the security of one's assets with its enterprise-grade deadbolts and padlocks. Impregnated with long battery life-span, it enables the users to keep a track on it with IoT cellular network. The United Nations have envisioned that, by 2030 it will reduce and combat all forms of organized crimes.A Taiwan startup named NextDrive in collaboration with OHGA SmartThings and Rohm Semiconductor has launched a cube device, which is a smart IoT gateway serving as a remote-control smart locking system, generating new business prospects for Taiwan's upsurging smart homes. So implementation of smart lock technologies will become indispensable, which will be paving further opportunities to the smart lock market vendors.
Implementation of Security Locks in Commercial Sector –
With a radio-frequency identification (RFID) card reader or biometric punching or just an Android-based smart door locking system, any organization can stop an attacker or a trespasser from violating the area as well as stealing confidential documents. Hence, organizations are also indulging in the implementation of smart locks in the commercial sector, which is catapulting the smart lock market revenues.
Smart Lock Market: Competitive Landscape
Major companies present in the smart lock market are Allegion Plc, Dorma+Kaba Holding AG, Spectrum Brands Holdings, Inc., Salto Systems S.L, Cansec Systems Ltd, Gantner Electronic GmbH, MIWA Lock Co, Master Lock Company LLC, Spectrum Brands, Inc. and others.
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