The increasing awareness regarding secure home solutions, steady rise in smart devices, increasing disposable income of consumers, and proliferating Internet and IoT are some of the major factors driving the market growth.
Smart locks are simple to operate and can connect to Wi-Fi, Bluetooth, or both. Smartphones are becoming an indispensible aspect of modern life in emerging economies. As the use of smartphones increases and more people acquire these electronic devices for daily use, the market for mobile applications will expand at a rapid pace.
The global smart locks market was valued for US$ 434.4Mn in 2019 is expected to exhibit a CAGR of 18.8% during the forecast period.
The worldwide smart lock industry is in its early stages of development and is predicted to grow significantly in the near future as a result of market participants' strong investment in R&D activities and society's increased attention on the Internet of Things (IoT). Other factors driving the market include strong demand for portable security devices, the development of smart cities, and an increase in security threats. However, the expensive cost of gadgets, the worry of privacy invasion, and the loss of cellphones all impede market expansion. Furthermore, the growing popularity of smart technology and the increasing number of smartphones are expected to create new opportunities for the market during the forecast period
Smart lock market is segmented on the basis of product type, technology, end user, and geography. Based on product type, the smart lock market is segmented into deadbolts, lever handles, padlocks and others. The others segment include footplate locks, rim latch, and wall mounted locks. The technology segment is further categorized into Wi-Fi and Bluetooth. In 2016, the Bluetooth technology accounted for about 58% share in the global smart lock market. The end users in the smart lock market include commercial and residential sectors. Enterprises, government institutions, research labs, and others are considered under the commercial sector.
The significant factors impacting the industry are diversified areas of applications in the commercial & government sectors, concern for safety & security, unique technology & usage, standards of living, and emerging markets. However, high initial cost and fear of privacy intrusion restrain market growth. The growing popularity of smart homes and smart technology is anticipated to present new opportunities for market growth during the forecast period.
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