Smart Locks Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024

Albany, NY -- (SBWire) -- 08/08/2018 --Smart locks is one of the more promising application areas of the Internet of Things (IoT). With the emergence of 4G and 5G networks and investments in smart city projects, the global smart locks market is predicted to rise impressively over the next couple of years.

At present, the smart locks market is being driven by cutthroat competition. This is because the landscape is teeming with players – both new and existing – who are pulling out all stops to surge ahead. The cash rich established companies are seen spending big on product development and the smaller ones are targeting niche areas to gain a solid foothold. Savvy players are also seen gunning for strategic mergers and acquisitions in order to progress.

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A report by Transparency Market Research projects the global smart locks market to register an impressive 18.3% CAGR between 2016 and 2024. Rising at this pace, the market's valuation is expected to be US$1.01 bn by 2024-end from US$226.7 mn in the year 2015.

Below is a quick glance at the factors driving swift uptake of smart locks:

1. Ability to Control Access Remotely: Smart locks can be operated remotely and can inform users in case if someone left or entered the premise stealthily. It can also store crucial data which it can examine later on for actionable insights. Besides, they provide robust protection, since, unlike physical keys they cannot be easily duplicated. Such USPs are majorly boosting the smart locks market.

2. Host of New Features: The smart locks market has proved to be highly dynamic owing to continued thrust on product development leading to the frequent unveiling of more evolved versions. Those include smart locks with finger print identification, ultra-thin smart locks, and specially designed ones for the cupboards, shops, or industries to prevent pilferage. Many are integrated to a centralized monitoring screen to detect suspicious behavior.

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3. Emergence of Batteries with Longer Lives and Other Technological Advances: One hiccup for the smart locks market – poor battery lives of most low cost phones available these days. In such a situation, a physical key comes in handy and useful. In addition, telephones and back end clouds are vulnerable to hacking that can lead to the misuse of sensitive data. This is a crucial challenge which the smart locks market needs to overcome. Emergence of more cutting-edge smartphones embedded with high performing batteries and new technologies such as geo-locating an individual, however, will help the smart locks market overcome the issue.

Commercial, industrial, and residential users are driving up sales in the global smart locks market, reason being the rising crime rates across the world. Developed regions such as North America and Europe are at the forefront of catalyzing demand, but savvy players are also eyeing the upcoming Asia Pacific market which is being bolstered mainly by Japan, South Korea, India, and China. Because of rising trade and commerce in the region, swift pace of industrialization and urbanization, and growing number of smart city projects, the smart locks market spells promise.