Global Smart Locks Market
The
global smart locks market has expanded rapidly in the last few years, in line
with the development of telephony hardware from 2G to the 4G and even 5G
devices available today, and the rising demand for smart city infrastructure.
The increased security provided by smart locks, since the virtual ‘keys’ for
smart locks cannot be duplicated as easily as conventional keys, has also been a
major factor driving the demand for smart locks in the last few years.
An
advancement in lock technology, smart locks are locks that can be operated
remotely or through other unconventional means. While there have been several
attempts to redesign the way locks work, smart locks, which can be operated
from the user’s phone or with keyless fobs, have emerged as the most promising
alternative to conventional locks.
The
report presents a comprehensive analysis of the global smart locks market. The
major product types in the smart locks market and the sales figures for them
over the historical review period have been analyzed in the report. The major
regional segments of the global smart locks market have also been profiled in
detail in order to provide an overview of how each regional market performed
and is expected to perform in the next few years. The operations of major
players in the global smart locks market have been examined in the report to
provide readers a helpful snapshot of the competitive landscape.
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Global Smart Locks Market: Drivers and Restraints
The
global smart locks market is driven primarily by the increasing demand for
secure locks. Since the limitations of conventional locks have now become
obvious, efforts to revolutionize the locks industry have been underway for a
while and have led to the development of electronically operated smart locks.
Apart from residential users, industrial and commercial establishments have
also started adopting the advanced lock technology to boost their security.
This is the fundamentally important factor expected to drive the global smart
locks market in the next few years.
The
global smart locks market is gaining significant impetus from the advancement
in the telecommunications technology, which has now progressed to the point
that remote operation of smart devices is not just possible but commercially
available. The convenience of smart locks, which can be unlocked with the
user’s smartphone instead of a separate key that the user can misplace quite
easily, has thus been of great help to the market for the same.
The
global smart locks market has also been boosted significantly by the steady
support lent by governments across the world to broaden the scope of smart city
infrastructure. Locks in new residential as well as commercial constructions
already tend to be electronic, and smart locks are the natural successors of
the same. Initiatives such as the smart city drive in India have become common
around the world and will be a major driver for the smart locks market in the
near future.
On the
other hand, the risk of the phone and its backup being hacked is the major
restraint of the global smart locks market. The rising threat of
cyber-terrorism has made this factor a significant one for potential customers
of smart locks, and the smart locks industry will need to be on the cutting
edge of innovation to stay ahead of the security threats hampering the smart
locks market.
Global Smart Locks Market: Geographical Overview
The
smart locks market is currently dominated by developed regions such as North
America and Europe, with the former outshining the latter in 2015. The
technology and infrastructure required for large-scale use of smart locks will
eventually trickle down to developing economies such as China, South Korea,
Japan, and India, thereby driving the market for smart locks in Asia Pacific.
Major
companies operating in the global smart locks market include AT&T
Intellectual Property, Comcast, HAVEN, Yale Real Living, Lowe’s Companies,
Inc., and UniKey Technologies, Inc.
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