The global smart lock market size is expected to reach US$24.20 billion by 2024, growing 60.1% during the forecast period, according to ReportLinker.
Rising awareness about smart home solutions, surging demand for portable connected smart devices, and growing preference for dynamic keyless locking/unlocking mechanisms are some of the primary factors fostering the growth of the smart lock market, says the research institute.
Governments across the globe are increasingly focusing on their efforts to enhance the adoption of smart homes in their respective regions. Proliferation of wireless communication technologies coupled with growing awareness regarding connected devices is expected to propel the market.
Moreover, rising material costs and increasing prominence of Asian suppliers in international markets are projected to have an offsetting impact on the average sale price in short term.
Growing adoption of smart lock technology for non-residential applications is anticipated to provide a fillip to the market. For example, the hospitality industry has started adopting smart locks in response to growing concerns among customers regarding security during overseas stays. Hotels are, particularly, installing smart locks in order to enhance their brand image.
Key Findings from the Report
The residential segment is estimated to witness significant growth over the coming years, particularly in Asia Pacific, where the residential and commercial construction sector is booming and governments are emphasizing on establishing smart cities.
The padlock segment is likely to experience substantial growth over the forecast period owing to versatility and wide application base covering garages, warehouses, commercial vehicles, perimeter gates, high security doors, water covers, storefronts, and construction sites.
Deadlocks accounted for the leading share in the market in terms of revenue in 2016 owing to their easy operations and highly dependable locking mechanisms
Increasing usage of smart locks owing to increasing security-related concerns among consumers during their stay at foreign locations is expected to contribute to the growth of the hospitality segment.