Portland, OR -- (SBWIRE) -- 11/17/2017 -- With an increase in the working population, safety concerns with respect to aged parents and children is the biggest challenge. Smart locks address these issues with highly-sophisticated remote monitoring technologies.

Smart locks are electronic locks installed on the doors, which can be operated through various apps on users smartphones. These are keyless locks that operate on either Wi-Fi, Bluetooth, or both. The smart locks industry is anticipated to grow at a significant pace, owing to increase in security & privacy concerns, advancements in wireless communication technologies, rise in disposable income of consumers, surge in urbanization, and the growth in need to establish connectivity across all the electronic equipment of the house.

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Furthermore, reduction in expenses of cloud infrastructure & broadband services and increase in user convenience to remotely control the house further supplemented the electronic locks market growth. Emergence of Internet of Things (IoT) and integrated connectivity & access to smart locks through smartphones, growth in implementation of advanced technology, such as near-field communication (NFC), low-power Bluetooth, and Z-wave/ZigBee, and increase in penetration of smartphones among consumers, are expected to offer potential growth opportunities to the market.

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Applications in Commercial and Government Sectors-

Smart locks technology plays a vital role in the government, residential, and commercial sectors. The safety and security of personal assets & information and law enforcements are the major concerns behind the adoption of smart lock technology in the government sector. Various governments and forensics departments use smart locks in access control of sensitive centers of information, employee authentication, and others. Commercial sectors, especially banking & finance sectors & enterprises, have adopted smart locks technology for various applications including PC/network access and physical access in an effort to provide strong authentication and security mechanisms.

Unique Technology and Usage-

Smart lock technology is unique and easy-to-use as compared to conventional methods. The technologies before smart locks were use of ID codes, passwords, mechanical locks, code words, and paper slips, which are tedious to maintain and have a high possibility of data theft or loss. Smart locks work on IoT connectivity, which synchronize with the users smartphone for access control. This characteristic of smart locks makes it unique, reliable, and user-friendly and strengthens its market presence.

Standards of Living-

The standard of living of people in the world has increased due to increased awareness of technology, higher disposable incomes, and developments in various industry verticals such as healthcare, government, and infrastructure. People can afford security and safety devices as they feel a need to protect their personal information and belongings from external entities. This factor is projected to impose a crucial impact over the market growth during the forecast period.

Initial Investments-

Core technology development is a crucial part in the smart locks market, for which a strong R&D department is necessary, which incurs additional expense for maintenance. Manufacturing of physical components and development of technology requires high initial investments in smart locks. This restricts the entry of new market players to some extent.

In such scenario, smart locks prevent thefts, lock bumping, and picking at residential properties. Smart lock manufacturers are now targeting the developing nations, such as India and China, as the potential markets, owing to increase in penetration of smart locks in the global market. The commercial segment is expected to dominate the market, owing to rise in penetration in hospitality industry, government offices, and office buildings. The highest rate in the near future, owing to increase in urbanization & disposable income, rise in awareness about automated solutions, surge in penetration of internet-based services, advancements in communication technology & broadband services, and growth in trend of smart homes market in Indian and Chinese market.

The global market size was valued at $416 million in 2016, and is estimated to reach at $1,175 million by 2023, growing at a CAGR of 16.4% from 2017 to 2023. North America accounted for around 34.6% share of the overall market revenue in 2016, owing to rise in security concerns among consumers, technological advancements, and increase in trend of smart homes. Asia-Pacific is anticipated to grow at the highest CAGR of 18.2% from 2017 to 2023.

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Key Findings of the Smart Locks Market:

The lever handle smart locks segment is expected to grow at the highest CAGR of 18.1% from 2017 to 2023.

U.S. accounted for the highest customer base in the North American smart locks market in 2016, and is anticipated to dominate the market throughout the forecast period.

The commercial segment is expected to dominate the market, owing to rise in penetration in hospitality industry, government offices, and office buildings.

Rise in construction activities in Asia-Pacific are expected to fuel the demand for smart locks in the market.

The major players active in the smart locks market are August Home, ASSA ABLOY AB, Haven Lock, Inc., Honeywell International Inc., Panasonic Corporation, Samsung SDS Co. Ltd., Schlage, Spectrum Brands, Inc., UniKey Technologies Inc., and Vivint, Inc. These market leaders have maintained their market position with proposed quality maintenance and use of innovative technology.