Global Smart Lock Market to Be Valued at $1.4B in 2024
Among factors driving growth in the smart lock market are increasing demand for smartphones, adoption of sophisticated keyless access devices and growing demand for connected smart home solutions.
Smart locks can enhance connectivity and provide better control among all the devices as part of a smart home security solution.
BUFFALO, N.Y. — The global smart lock market is currently growing at a compound annual growth rate (CAGR) of 17.3% and is expected to be worth $1.4 billion in 2024, according to a new research report.
The global smart lock market was valued at $423 million in 2017, according to Energias Market Research, based here.
The factors driving the growth of the market include increasing demand for smartphones, adoption of sophisticated keyless access devices, growing demand for connected smart home solutions, and increasing security and privacy concerns among users.
Moreover, rise in disposable income and rapid urbanization further fuels the demand of smart lock market during the forecast period. Furthermore, emergence of Internet of Things (IoT) and advancement in technology is also driving the market growth.
However, lack of awareness among users may sometimes hamper the growth of market.
The smart lock is an emerging door lock device that is replacing many of the conventional locks due to affordable price and user convenience, according to the report. It is also playing a vital role in providing real-time information, and helps to deny or grant access remotely by a mobile app.
The locks enable users to trace the entries and exits and also observe and restrict particular entries. These devices can enhance connectivity and provide better control among all the devices as part of a home security solution.
North America is anticipated to dominate the global smart lock market. The growth in this region is attributed to increasing security concerns, well-established technological infrastructure and considerable investments from major IoT players.
However, Asia-Pacific (APAC) is expected to be the fastest-growing industry for smart lock during the forecast period, owing to rising number of commercial as well as residential projects, rapid urbanization and disposable income. China is expected to be a key revenue generating region owing to increasing demand from construction industry.
Key findings from the report:
- On the basis of product, remote locks held the major share of the industry in 2017.
- Based on lock type, Deadbolt (51%) smart locks held the major share of the industry in 2017, owing to its strong protection against forceful attacks. Whereas, lever handles (31%) smart locks is a fastest growing segment over the forecast period.
- Bluetooth is a leading communication protocol in the global smart lock market.
- The residential segment held the largest share in 2017 and is likely to exhibit the fastest CAGR from 2018 to 2024. The growth is attributed to the rapid urbanization and growing concern of government on smart cities.
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