Smart Lock Market Outlook On The Basis Of Type, Application, Region And Forecast To 2028 : Grand View Research Inc.

 San Francisco, 6 Aug 2021: The Report Smart Lock Market Size, Share & Trends Analysis Report By Type (Deadbolt, Lever Handle, Padlock), By Application (Residential, Hospitality, Enterprise, Critical Infrastructure, Others), By Region, And Segment Forecasts, 2021 - 2028

The global smart lock market demand is expected to reach 41.9 million units by 2028, registering a CAGR of 21.4% from 2021 to 2028, according to a new report by Grand View Research, Inc. Rising awareness among consumers regarding the benefits and convenience offered by smart home security solutions and surging adoption of connected devices are primarily driving the industry growth. Besides, the hospitality sector has witnessed a large-scale deployment of smart locks with leading companies and stay aggregators increasingly relying on them to ensure security and accessibility to both customers and owners.

The rising global smartphone penetration has further opened new growth prospects for industry participants due to their continuous efforts to launch apps to manage the locking/unlocking procedures. Furthermore, prominent market players are incorporating various innovative techniques, such as Wi-Fi-enabled locking/unlocking and Bluetooth-based (BLE) locking/unlocking using smartphones and other devices, in their smart lock models. Touch panels are also being incorporated to facilitate the entry of passwords or pattern-based locking/unlocking.

The COVID-19 pandemic had momentarily hindered the growth of new smart lock installations over the initial couple of quarters of 2020. The dramatic changes, such as restrictions in cross-border trade, economic instability, stringent norms mandating temporary shutdowns of manufacturing sites, and stay-at-home orders for the general populace, created a challenging situation for the industry during the past year. Nevertheless, strategies such as incorporating touchless technologies into their products, creating mobile apps for carrying out procedures, and offering products at reduced prices on the available modes have helped companies to intensify their ROI during these critical lockdown scenarios.

Access Research Report of Smart Lock Market @ https://www.grandviewresearch.com/industry-analysis/smart-lock-market

Smart Lock Market Report Highlights

• Smart locks are basically a key-independent alternative for traditional door or safety locks. Once they are installed, they can be connected to the user’s Bluetooth or home Wi-Fi network. Smart locks come with a corresponding mobile application, wherein after the lock is set with a code, the user is required to put in the code in the app, when in range, in order to open the lock.
• The introduction of intelligent virtual assistants such as Amazon’s Alexa or Google Homehas added another alternative for users in terms of unlocking these smart locks. Smart lock manufacturers have been swift in implementing voice features in their devices and applications.
• The continued growth of the IoT and connected devices industry has been instrumental in driving the growth of the smart locks market. As consumers become more familiar with the concepts of smart home and smart devices, particularly across developed economies, there will be further proliferation of smart locks.
• A major hassle that is avoided by using smart locks is misplacement of physical keys, which is a recurring occurrence for many consumers across the globe. Smart locks provide the user with controlled access to their homes and belongings at the touch of a button. Furthermore, the provision of Wi-Fi functionality means that a user many miles away can easily check the status of his locks.
• The overall reported burglary case figure in the United States has come down drastically over the past couple of decades, from 2.05 million in 2000 to 1.1 million in 2019, on account of adoption of more sophisticated security measures. This has been a pattern across many of the developed nations. Smart locks can be expected to further bring down this rate over the coming years, as manufacturers make the system sturdier.
• The attitude of consumers towards smart locks has become more positive in recent years, with a survey by Schlage in 2016 finding that 65% of baby boomers and 86% of millennials would be willing to pay more for apartments with smart locks, while 61% of millennial renters specifically look for such apartments.
• There are a number of different types of smart locks available in the market, which include keypad and combination smart lock, Wi-Fi smart locks, Bluetooth smart locks, key-fob style smart locks, and fingerprint smart locks. Additionally, these types of locks are also available for garages and bicycles; smart safes are also included in this category.
• Smart locks are also available in different styles, such as smart padlocks, deadbolt smart locks, and lever handle smart locks, among others. Deadbolt-style smart locks accounted for the highest share in the smart locks market in 2020, according to a report by Grand View Research, as consumers perceive them to be durable and easy to use.
• Smart locks have become useful across a number of sectors such as residential, enterprise, hospitality, and critical infrastructure, among others. The rising popularity of smart homes, coupled with remodeling and refurbishment of existing homes, has ensured a steady demand for smart locks among consumers. The hospitality sector is anticipated to be one of the major consumers of this product, as more and more hotels strive to upgrade their security measures for guest safety.
• North America has been, and is expected to continue being a major revenue generator for the smart locks market. A study conducted by Grand View Research found that approximately 30% of broadband households in the U.S. intend to purchase a smart lock by the end of 2021. Asia Pacific is another region that is expected to generate substantial revenue for the industry in the coming years.
• Although smart locks aim to provide a number of benefits to consumers, there are also certain prominent issues with the technology, primarily with regards to hacking. An example of smart lock failure is the one experienced by LockSmart’s 500 customers in 2005, which happened due to an automatic firmware update.
• A survey by Davey Winder, an IT security expert, on Twitter aimed to understand the thinking of his followers on the platform, which mostly comprise of similar professionals. Out of the 550-odd respondents, 73% stated that they would never use smart locks, owing to the obvious vulnerabilities and risks that exist within the space.
• The COVID-19 pandemic has led to companies integrating touchless lock technologies as a means to avoid human contact. For instance, in March 2020, Kwikset launched an expanded product line featuring the Microban SilverShield technology, which aids in the mitigation of bacterial growth on door hardware. Besides this, the company plans to introduce keyless entry and advanced smart locks by the end of 2021 in partnership with Microban.
• In March 2021, Masonite International Corporation, a notable designer and manufacturer of interior and exterior doors, announced a patent-pending technology in partnership with Ring and Yale Hometo integrate power and connectivity into doors.

Access Press Release of Smart Lock Market @ https://www.grandviewresearch.com/press-release/global-smart-lock-market