Smart Locks Market Analysis

The key drivers driving the growth of global smart locks are increased popularity of smart home services coupled with smartphone penetration, which is expected to reach saturation points in the next two to three years. Moreover, declining costs of ubiquitous mobile broadband and cloud infrastructure have also aided in allowing users to easily remotely monitor and control any device, be it a smart lock or a smart thermostat. Some of the other factors driving the growth of global smart lock includes its various advantages such as allowing users to grant others access to their locks directly from their phones, convenience of being able to walk up to a door and have it automatically unlock without having to reach for one’s keys and many others. One of the major challenge for global smart locks market is the issue of one’s phone potentially dying. In such a scenario, a physical key still works. Furthermore, phones and back end clouds can be hacked, hence there remains a real and perceived security risk related to smart locks. Also, it will be critical for startups to heavily invest in security since the headline and publicity risk is the largest in the early market. The ubiquity of smartphones and low power communication protocols, along with improved technologies primarily related to geo-locating an individual have created new opportunities to enhance user experience that can be further explored in this market. 

Smart Locks Market: Segmentation

Smart Locks: Region-wise Outlook

Currently North America is expected to be the largest market for global smart locks. This market is anticipated to observer the maximum growth in the Asia-Pacific region, especially in countries such as India, China and Japan. Smart Locks market is predicted to expand at a stable rate in other regions of the world as a result of a decelerating worldwide economy in these regions.

Smart Locks Market: Key Players

Some of the market participants in the global smart locks market are AT&T Intellectual Property, Comcast, Lowe’s Companies, Inc., Staples, Inc., UniKey Technologies, Inc., Yale Real Living, MIWA Lock Co. and HAVEN among many others.

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