ID: MRFR/SEM/3376-HCR | February 2021 | Region: Global | 100 pages
The smart lock is known as an advanced security tool for the home. The smart lock is an electromagnetic device that comes with advanced features. The built-in wifi and Bluetooth connection are the exceptional features of this system. It offers a high-end security solution to residents and commercial spaces. This security tool comes with plenty of customizations. It offers secure entry and exit options to the users that are fingerprint and password enabled.
Sophisticated technologies are used in the system to offer secure locking and unlocking features. The penetration of IoT is boosting the growth of the smart-lock door market. Three crucial segments in the market fuel the growth rate in the forecast year. As per the Smart Lock Market Forecast, the Market Size is estimated grow by 9%. Further, the overall Smart lock market value is estimated at 2 billion in the forecast year 2023.
Covid 19 has caused various unexpected changes in the global markets. During this period, the Smart Lock Market tends to grow rapidly. The market growth opportunities are numerous during this pandemic. Also, the smart-lock system prevents the use of hands to unlock or lock doors. The voice recognition feature is providing more popularity to the technology during the pandemic. The adoption of smart-lock in commercial spaces and residential has increased.
When using this technology the physical use of hands will reduce and control the spread of the virus on surfaces. There are few challenges in the market due to the global restrictions. The demand is high but the medium to supply the product is less. It is creating supply chain disruptions in the market. As per the Smart Lock Market Report, key players are enhancing the ways to supply smart-lock system. It will ultimately increase the overall smart lock market growth.
The rise of IoT is the crucial driver for the smart-lock market. The smart-lock is one of the connected IoT devices. With the in build internet connection, the smart-lock system can be used without the use of hands. The penetration of IoT has a positive impact on the smart-lock market. It is a crucial driver as the use of IoT will increase more in the upcoming years. The Smart Lock Market Growth will be the highest due to the growth of the IoT market.
Further, the adoption rate of connected devices is massive. The adoption rate will reach the highest in the forecast period that will drive more demand and revenue for the smart-lock market. Also, innovation in the lock market is a crucial growth factor. The innovation in the market is offering impressive locking systems. It is ultimately created more opportunities and revenue for the market. The crucial drivers of the smart lock market will intensify during the forecast period. It will lead to a higher market growth rate among the key-regional places of the smart lock market.
There are plenty of growth opportunities for the smart lock market. The innovation in the market will provide exceptional growth prospects. The innovation leads to product development. The upgraded and new versions of the smart-lock system will receive immense demand in the upcoming years. Also, the investment in the smart lock market is increasing in the forecast period.
It offers plenty of market growth opportunities. Due to high investments, the popularity, product range and product availability will increase. Furthermore, there is a crucial growth opportunity in this market. The rise of the concept of the smart home is the future of the market. Smart homes utility automation and IoT connected devices. The number of smart homes in the future will be massive. It is a crucial market growth opportunity that will offer high Market Demand.
The high initial cost is the major restraint in the connected IoT devices market. The cost is a serious issue in the Global Smart Lock Market. The demand for the smart lock may be affected due to the high cost in the long run. The hefty investments can make the end-users hesitant from purchasing the technology. Furthermore, the initial cost can affect the overall market expansion rate.
Secondly, the installation price of the smart-lock system is another major restraint in the market. It is a factor that can restrict the global demand and revenue in the forecast period. The smart lock is high-end technology. Experts are required to install this system in smart homes. Also, these requirements and high-cost issues can have a declining effect on the smart lock market.
The awareness about the smart lock is less. Only some regions have a higher awareness of these technologies. Most of the regions are unaware of the benefits and uses of this technology. It can affect the overall smart lock market demand. The market demand can remain stagnant in the forecast period. Also, less awareness can cause fewer market expansion possibilities for the market. Further, the customers have plenty of concerns regarding this product. The security and power failure queries are a significant challenge in this market. Also, the smart-locks system may shut down during power failure. This technical difficulty can restrict the overall growth of the market.
As per the Smart Lock Market Analysis, growth trend of the smart lock market is impressive. The need for security, adoption of IoT and innovation is boosting the market demand. The high install and installation cost can affect the profitability of the market. However, the key players of the market are taking new cost-cutting measures in the forecast period. Also, the key players are taking initiatives to fix the power failure issue causing lock system shutdown. The market demand and growth rate of the market remains over the forecast period.
North America is holds the highest Smart Lock Market Share. The smart cities initiative in the North American region is driving more demand for the market. The investment rates are higher in this region. Also, the awareness about the smart lock is massive in North America. Due to all these factors, the region will witness the highest revenue rate during the forecast period. Further, the key players are taking plenty of product enhancement and market expansion measures. The governmental support for the smart-lock market is high in this region.
North America holds more than 42% of the smart lock market share. It will maintain its dominance during the forecast period. The highest demand rate will be recorded in North America. Also, the powerful key players are making plenty of developments. The higher penetration of smart-lock system will continue in this region. Also, the adoption rate of this technology will grow immensely. Consumer spending on the smart-lock system is high in this region. The rising security concerns in this region are another market demand driving factor.
Further, most of the infrastructure is compatible with smart lock technology. These advantages provide exceptional growth of the smart lock market in North America. Secondly, the Asia Pacific is the next crucial regional player. The demand for the smart lock is high in the Asia pacific. The awareness about advanced technologies is rising in the Asia Pacific region. All these factors create promising growth opportunities for the smart lock market. Europe is another key player in the smart lock market. Also, the rising security concerns are driving plenty of demand in this region. The Middle East and Latin America are emerging smart lock market with plenty of growth potentials.
The competition in the smart lock market is moderate. The key players of the market are making exceptional development during the forecast. Also, new partnerships, new product launches and market expansion strategies are crucial plans. The competition will become severe with the entry of new key players.
The key players of the smart lock market are
Frequently Asked Questions (FAQ) :
The development of the internet of things and the implementation of advanced technology have been notable driving factors for smart locks market’s growth.
The segments covered in the study are lock type, product type, communication protocol, and end-users.
North America the leading region across the world that would gain maximum market share during the forecast period.
The global smart lock market’s valuation is calculated up to USD ~2 billion by 2027.
It is the advanced technologies that are booming the market with tremendous valuation. The technologies such as near-field communication, Bluetooth, ZigBee are important ones motivating the smart locks market to grow.