Albany, NY -- (SBWIRE) -- 01/04/2018 -- The global smart locks market is highly fragmented in structure, finds a report by Transparency Market Research (TMR). Innovation and product development is primary strategy adopted by key players, namely, Panasonic, AugustHome, Honeywell, and Kwikset to remain competitive in the market. However, their focus is likely to shift towards mergers, acquisitions, and partnerships in the near future for business expansion.
As per TMR, the worldwide market for smart locks was worth US$226.7 mn in 2015. Researchers expect the opportunity in this market to increase at a CAGR of 18.30% during the period from 2016 to 2024 and reach US$1.01 bn by the end of the forecast period. The commercial sector emerged as the key application area of smart locks in 2015. On the grounds of the advancements in the technology ant the rising crime rate across the world, the adoption of these locks is likely to swell in this sector over the forthcoming years, states the report.
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North America to Retain Lead
A geographical assessment of the worldwide market for smart locks has also been presented in this research study. According to it, North America, Europe, the Middle East and Africa (MEA), Asia Pacific (APAC), and South America are the primary regional markets for smart locks across the world. North America led the global market in 2015 with a share of 33.6%, and is expected to remain doing so over the forecast period, thanks to the increasing concerns of people over the rising crime and various security issues. The U.S. and Canada have surfaced as the main domestic markets for market locks in North America due to the recent upswing in the trend of smart homes, increasing penetration of internet-based services, and the presence of a large pool of smart lock vendors.
Among others, Asia Pacific is likely to witness strong growth in its smart lock market in the near future, thanks to its fast-growing economies and the improving standard of living of people in this region. Predominantly, China and India have been driving the Asia Pacific market for smart locks and the scenario is anticipated to remain more or less the same over the forecast period. The ongoing infrastructure projects are expected to boost the uptake of smart locks in the commercial and the industrial sectors in Asia Pacific, propelling this regional market in the years to come, states the report.
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Increasing Uptake of Smart City Infrastructure to Boost Demand
"The advancement in the telephony hardware and the communication technology from 2G to 4G, and now 5G devices, is having the most prominent influence on the global smart locks market," says an analyst at TMR. The increasing uptake of the smart city infrastructure across the world, rapid urbanization, rising disposable income of consumers, frequent amendments government norms for energy conservation, and the expanding penetration of Internet and IoT in the remote areas are the key factors behind the substantial growth of this market.
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Going forward, the rising trend of smart homes is likely to propel this market significantly over the forecast period. The growing uptake of smart locks in the residential and the commercial segments and the increasing demand for these locks in other sectors as well is also projected to drive this market in the next few years. However, the security threat from hacking and system compromise may hamper the market from growing steadily in the near future, notes the study.