Smart locks are predicted to be one of the promising smart devices in the coming years. The smart lock industry is at a nascent stage, solution providers have increased investment in product development and paved the way for developments, which in turn lead to increasing social attention towards smart locks.
What are the major drivers and restraints impacting the growth of the smart lock industry?
Haseeb
The global smart lock market was around US$ 1 billion in 2018 and is predicted to reach US$ 3 billion by the end of 2025.
Smart locks are an electro-mechanical locking device which performs the locking and releases function when an approved source receives the commands. Smartphones, connected devices or tablets typically transmit these commands through Wi-Fi, Bluetooth and Zigbee networks.
Smart locks can be a track from anywhere and can be configured to limit universal access. These locks can be integrated with new or existing traditional locks. The users may be informed of actionable security risks or other key events.
Additionally, due to increasing urbanisation together with a strong increase in IoT technology, people are much more likely to be benefiting from smart locks technology.
The main growth driver for the global smart locks is the increasing adoption of smart home security solution paired with smartphone proliferation. The market is expected to see renewed growth over the next few years. Smart locks have high reliability and low installation costs, providing the user with a greater sense of safety.
Moreover, technological advancements are expected to play a key role in smart lock market’s growth. Some other drivers behind the growth of the global smart lock include its multiple benefits such as allowing users to access their locks directly from their phones, the ease of being able to walk up to a door and instant unlocking without any physical keys.
Telesignal
Companies are integrating human machines interface technologies (HMI) into their product offerings, including facial recognition, verbal commands, biometrics and virtual assistants. Such technologies allow end-users to monitor the locking, unlocking and change settings of smart locks through personal commands. These features also contribute to improving security and user experience, which in turn drive the growth of smart locks.
However, some of the factors related to privacy and security issues such as the hacking of phones raise questions about security risks. Secondly, the lack of awareness among end-users is expected to be limiting the market growth.