The global smart locks market is anticipated to grow at a CAGR of around 10.2% during the forecast period (2021-2027). The rising adoption of smartphones coupled with advanced wireless features, and growing security and safety concerns are the major factors driving the growth of the market. The adoption of a smart locking system due to the increasing robbery crimes is expected to positively influence product sales. The adoption of smart locks in various end-users such as residential, and commercial has gaining popularity due to the safety features provided by them. With smart lock systems, people can access their home privacy with their smartphones by giving instructions from anywhere. Additionally, the instructions are provided using a wireless protocol and a cryptographic key for executing the authorization process. The benefits offered by the smart lock systems such as enabling users to grant access to their locks directly from their phones and convenience of automatically unlocking door without having to reach for keys has increased its demand in home automation.
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Moreover, the market players are also introducing new and advanced locking systems to remain competitive in the market. For instance, in January 2020, The Kwikset, brand of Spectrum Brands Holdings, Inc. had launched Halo Touch, a Wi-Fi Smart lock into its family of Wi-Fi enabled Smart Locks. Halo Touch Smart Lock provides homeowners access to their home via fingerprint. It also comes with the ability to program and store up to 100 fingerprints. In November 2019, Master Lock had launched a Bluetooth Door Controller that offers security professionals and cost-effective keyless access control to customers from the convenience of their smartphone. Thus, the adoption of these smart locks in residential and commercial verticals will drive the growth of the market during the forecast period.
A Full Report of Global Smart Locks Market is Available at: https://www.omrglobal.com/industry-reports/smart-lock-market
Global Smart Locks Market Report Segment
By Type
- Padlocks
- Lever Handles
- Deadbolts
- Others (Rim Latch Lock, Knob Lock)
By Communication Protocol
- Bluetooth
- Wi-Fi
- Others (Zigbee, Z-Wave)
By Application
- Residential
- Government
- Commercial
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