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Smart Lock Market 2019A smart lock is an electromagnetic security device that can be locked and unlocked wirelessly through the user authorization process. This Bluetooth or Wi-Fi enabled smart home device can be operated remotely using an app on the smartphone, tablet or computer. It offers better security of homes and commercial establishments and also detects and records activities at the door. Smart locks also allow two-way audio communication with the visitor. Some locks come with a built-in camera that captures photos of those accessing the door. Many smart homes use smart locks that allow homeowners to unlock the door without a traditional key. They can use their smartphone or a key fob to verify the lock wirelessly and open the door.
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The use of smart locks has been on a rise in recent years and its global market is expected to grow at a fast rate during the forecast period. As an important part of a smart and connected home, a smart lock allows the residents to come and go as they please and also keep a check on those who are entering and leaving the house all day. Some locks are quite simple to operate and can be opened and closed using the phone. Certain models also allow owners to assign special lock operating privileges to family members, friends, and maintenance staff. The latest smart locks have the voice activation feature that allows homeowners to lock and unlock doors by giving the right command to the phone.
Segmentation:
The global market for smart locks is bifurcated into types, connectivity, and applications.
By types, the market for smart locks is divided into padlocks, lever handles, deadbolts, knob locks, cam locks, and more. Deadbolts are commonly used in homes and commercial settings as they are durable, ensure good security and are easy to install.
By connectivity, the market is divided into Bluetooth and Wi-Fi. Homeowners can select a suitable option and easily operate smart locks from a distance.
By applications, the market is divided into residential, commercial, industrial, and others.
Regional Analysis:
While analyzing the global market for smart locks, the main regions taken into consideration are North America (The United States, Canada and Mexico), Europe (Italy, UK, Germany, France, Spain and rest of the region), Asia-Pacific (India, China, Japan, Singapore and rest of the region), and LAMEA (Latin America, Middle East and Africa).
An increase in demand and sales of security systems in North America makes the region a leader in the smart locks market. The market for these locks is also expected to grow at a rapid pace in Europe. The Asia-Pacific (APAC) region, especially countries such as China, India and Japan, is an emerging market for smart locks. APAC region is estimated to grow at the fastest rate during the forecast period.
Industry News:
The smart lock market is expected to grow at a CAGR of 11% over the forecast period and reach up to US$ 2 billion by 2023.
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