The smart lock market size was estimated at USD 404.1 million in 2015. The growth in the adoption of these locks over the last few years can be attributed to the rise in smart homes and the increasing need to establish connectivity across electronic devices of the house.
The industry is at an inflection point, primarily due to the broader technology trends, which have driven the entire smart home market. However, smartphone penetration is one such critical factor that has complemented the growth and is presumed to drive the industry over the forecast years.
The declining costs of mobile broadband and the cloud infrastructure across the world have aided the growing user convenience to remotely control and monitor various electronic devices. The growing adoption of mobile phones, low-energy communication transfer protocols, and back-end cloud services have created an environment, which is expected to boost the adoption over the next eight years. Furthermore, key advantages, such as electronic keys, locksmith avoidance, and growing level of consumer experience, are expected to propel the industry over the forecast period.
North America smart lock market by application, 2013 - 2024 (USD Million)
The industry is characterized by considerable opportunities for growth in home access and cloud-based lock management solutions over the forecast period owing to the emergence to integrated connectivity and access to locking functions through tablets, mobile phones, key fobs, and other portable electronic devices. The growing implementation of sophisticated technologies, such as low-power Bluetooth, Near Field Communication (NFC), and Z-wave/ZigBee, to access locks is expected to spur the market growth over the next eight years. Moreover, the emergence of capacitive touch screens and add-on locks to increase the level of the consumer experience is anticipated to propel the industry growth in the coming years.
However, the market perceptions regarding issues related to battery replacement, software security, power usage, and dead phones are anticipated to challenge the growth over the forecast period. There are perceived and real security risks pertaining to these locks due to the growing issues of mobile phones and back-end cloud hacks. In addition to this, the industry encompasses a high cost of sustainable technology, which in turn, is presumed to challenge its adoption in emerging economies to some degrees.
The types of locks analyzed in the report include deadbolts, lever handles, padlocks, and others. The other types include rim latch, wall mounted, and footplate. Deadbolts constituted a major portion of the industry share in 2015 and are expected to maintain their dominance over the next eight years. The growth can be accredited to the advantages provided by deadbolts such as enhanced protection against forceful physical attack in residential spaces.
The demand for lever handles is expected to witness a considerable growth in the near future owing to its wide range of applications in the commercial utility segment such as offices, garages, workshops, and hotels. Their relative effectiveness to unlock or open a door is presumed to increase the usage of such keyless access solutions for various purposes.
The emergence of padlocks using wireless protocols and biometrics for the unlocking mechanism is anticipated to elevate the industry demand over the forecast period. Padlocks find various applications in both residential and commercial spaces, including gate fencing, garage, and other outside structures. They are resistant to water, heat, dust, and other external forces and so can be conveniently used outdoors.
The hospitality segment is expected to witness a considerable growth over the next few years. Features, such as increasing in-room security measures in hotels, is presumed to bolster the adoption of these keyless access devices in the hospitality sector. Hotel businesses across the world are increasingly implementing wireless protocol-based keyless locks in their room to cater to the safety needs of international customers. In addition to this, the implementation of these systems also results in an increase in the hotel’s brand value.
The demand in the enterprise segment is expected to grow considerably over the next eight years. Offices and commercial buildings in some developed economies, such as the U.S., are increasingly deploying keyless access to its employees and other concerned public using near field communication technology that enables the mobile device to imitate a contactless smartcard, which can be used with general contactless smartcard readers.
The residential application segment is envisioned to remain the dominating segment over the next eight years. The growth in this segment can be attributed to rising smart homes worldwide. Advanced security tools, such as motion detectors, remote door locking, and window and door opening sensors, are now affordable for homeowners, which in turn are expected to drive the adoption of these devices in the residential applications.
Asia Pacific is estimated to witness a significant growth over the forecast period. The growth can be attributed to the rising number of new residential as well as commercial projects and growth of building infrastructure at a considerable rate. China is considered to be a key revenue generating region for these devices owing to the high demand for the various keyless access devices pertaining to security and convenience in the region.
The North America market is expected to emerge as the dominant region over the forecast period. The advertisement in mass media across the region has increased significantly in the past few years and the key retail chains such as Wal-Mart and Target have started selling the automated access products in many of their stores. Various conventional cylindrical lock manufacturers are developing and commercializing automated keyless access systems in the region, which is presumed to drive the awareness as well as adoption among the consumers.
Europe is envisioned to witness a considerable growth over the forecast period. The emergence of new investment avenues in the region after the decline of Europe debt crisis is expected to offer significant opportunities for the market growth over the forecast period. Emerging economies in Eastern Europe, such as Vilnius, are presumed to witness a significant growth over the next few years.
The key companies include Yale, UniKey Technologies Inc., Haven, Goji, and August Home. These players focus on developing products that integrate seamlessly with other automated home devices. The other companies are Weiser, SentriLock, SDS Smart Locks, Schlage, Okidokeys, Mul-T-Lock, Kwikset, Cansec System, and Aventsecurity. Players in the industry are focusing on the development of sustainable technology.
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