- Global smart locks market is expected to reach US$1.01 Billion by the end of 2024.
- The deadbolt segment is estimated to hold dominant share in the global market
The global smart locks market has expanded at a promising pace in the past few years, thanks to the development of telecommunication networks and mobile computing devices.
Increasing investments in smart city infrastructure have also massively aided to the overall development of the global smart locks market, according to a Transparency Market Research (TMR) report.
The market is further estimated to expand at a remarkable rate in the coming years.
The TMR report states that the global smart locks market will register a promising 18.3 percent CAGR from 2016 to 2024, rising to a valuation of US$1.01 Billion by the end of 2024 from US$226.7 Million in 2015.
The increased proliferation of smart, inexpensive and technologically advanced mobile computing devices, mobile technologies and IoT solutions across the globe is expected to encourage an increased uptake of smart locks in the years to come.
Deadbolts to Remain Ahead in Terms of Overall Demand
In terms of end-use areas for the global smart locks market, commercial establishments are expected to remain the most lucrative in the next few years.
Rise in crime rate across the globe has remained imperative for the increased adoption of smart locks in the commercial sector and is likely to remain the key driving factor in the next few years as well.
Based on categorization by product type, the deadbolt segment is estimated to hold dominant share in the global market owing to high product durability and low installation costs of the products.
Asia Pacific to See Rapid Growth with Cost-Efficient Tech
Geographically, North America accounts for a significant 33.6 percent of the overall market, with Europe competing closely.
However, Asia Pacific is anticipated to witness a rapid growth over the report’s forecast period. It is estimated that the technology and infrastructure required for large-scale use of smart locks will become more accessible and economical for developing economies such as China, South Korea, Japan and India.
Major players of the global smart lock market are Assa Abloy Group, Honeywell International Inc., Home Inc., Assa Abloy Group, Panasonic Corp. and Samsung SDS Co. Ltd.