Smart Locks Market
Smart Locks Market Overview:
According to findings by the FBI (Federal Bureau of Investigation), the number of burglaries in the U.S. exceeded 1.4 million in 2017. After further analysis, it was calculated that 36.2% of such cases encountered unlawful entries into properties. Rising instances of security breaches in commercial and residential infrastructures has boosted the adoption of innovative and efficient security appliances. Due to rise in demand of remote and connected access to control and monitor security aspects of vacant properties, global smart lock market size is gaining traction and is evaluated to be $1.59 billion in 2018. As the concept of smart home solutions, and smart cities gaining rampant growth, opportunities in the smart lock market are progressing in a similar direction. Moreover, with integration of technological innovation such as IoT, smartphones and cloud-based locking and unlocking management solutions, smart locks market is progressing at a global CAGR of 11.45% during the forecast period 2019-2025. These innovations have lead the market towards more opportunities in trems of application. For example, smart locks integrated with smartphones are being employed in the automotive sector and services to diminish the usage of physical keys and enhance the aspect of security.
Smart Locks Market Outlook:
North America is reckoned to be the most lucrative marketplace in terms of global smart lock market demand. This region with one of the most technologically-advanced economy of the U.S. with substantial demand for smart home solutions held a market share of 37.23% of the global market in 2018.
The dominance of North America is supported by several facts-
· The smart home appliances market size valued $32.86 billion in 2018, North America was the leading region in terms of demand, with a substantial share of 31.57% for the same year.
· Similarly, home security systems and solutions market size valued at $50 billion in 2018. The market also led by North America, with an estimated 40% share in global demand.
In terms of end-user verticals, the market is sub-segmented into commercial and residential sector. Further analysis evaluates that residential sector is the fastest growing segment progressing with an application CAGR of 14.74% going through 2025. The commercial sector comprising of government infrastructures, banking and finance enterprises, and public spaces are mature and registered high revenue, but residential sector progressing towards smart and automated homes is witnessing substantial influx of demand. Moreover, increasing instances of burglaries in residential properties is also adding impetus to this segment. FBI stated that in 2017, burglaries in residential properties accounted 67.2% of overall burglaries.
Smart Locks Market Growth Drivers and Trends:
· Integration of IoT and smartphones, with smart lock is a major trend disrupting the market growth and alleviating it from the limited range of connectivity it delivered via connection from Bluetooth and Wi-Fi. Connected over Internet, smart locks can be operated and accessed remotely via cryptographic key or from an installed application. This will benefit consumers with real-time surveillance. Similarly, market players are actively investing in R&D to develop the existing technology in terms of customized convenience and ease-of-use with the introduction of voice recognition and finger print technology. For instance, Danalock, a smart lock manufacturer has launched ‘Danalock V3’ that can be operated by Apple iphone’s Siri voice commands.
Increasing car rental market is boosting the adoption of smart lock in automotive, integrated with smartphones to reduce unauthorized access by a physical key. For example, Drivy, a self-service car provider offer services such as locating a near-by available car by its smartphone application and unlocking it with the same after verification. Similarly, automotive sector particularly in its premium and electric vehicle segment is using the smart security technology.
Smart Locks Market Players Perspective:
The smart lock market is untapped and growing robustly, with key players opting for mergers and acquisitions to establish themselves as an effective brand and hold substantial share in the global market. Some of the key players operating in the market are Allegion Plc, Dorma+Kaba Holding AG, Spectrum Brands Holdings, Inc., Salto Systems S.L, Cansec Systems Ltd., Gantner Electronic GmbH , MIWA Lock Co, Master Lock Company LLC, and Spectrum Brands, Inc.
In 2018, Fortune Brands Home & Security announced a merger of its subsidiaries Master Lock and Therma-Tru. This merger between Master Lock, which develops padlocks, combination locks, and security products, and Therma-Tru, which specializes in entry and patio doors will enable both enterprises to leverage their R&D towards pursuing next generation connected locking and security applications.
Smart Locks Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the smart locks market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various types of developments in global smart locks market, and their specific advantages to the market.
