Smart Locks Market Size

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asked Jun 9, 2022 in 3D Segmentation by freeamfva (39,060 points)

Smart Locks Market Size

The global smart locks market size was valued at USD 1.38 billion in 2020. The demand was recorded at 8.9 million units and is expected to expand at a compound annual growth rate (CAGR) of 21.4% from 2021 to 2027. The rising Internet of Things (IoT) penetration along with the advent of technologies such as Machine Learning (ML) and Artificial Intelligence (AI) are expected to accelerate the mass adoption of smart locks over the forecast period. Furthermore, the growing consumer awareness regarding the benefits and convenience offered by these locks is responsible for their increasing demand, especially across the residential and hospitality sectors globally.To get more news about bluetooth front door lock, you can visit official website.

The number of individuals using a smartphone in 2020 has witnessed a significant surge of approximately 10% compared to that in 2019. This ever-increasing adoption has resulted in considerable dependency on smartphones and mobile apps to accomplish crucial tasks. Prominent market players incorporate various innovative techniques in smart lock models, such as Wi-Fi-enabled locking/unlocking and Bluetooth-based (BLE) locking/unlocking using smartphones and other devices. Touch panels are also being incorporated to facilitate the entry of passwords or pattern-based locking/unlocking.
The rising smart home adoption across the globe and an influx of companies coming up with innovative home automation technologies are also responsible for the growing smart lock demand. Industry players focus on offering commercially viable products and developing advanced techniques, including remote locking/unlocking of entrances, doors, and windows. Moreover, since the number of households with voice assistants is continuously increasing, manufacturers are integrating their offerings with such devices, enabling the locks to be voice-controlled. Such innovations are expected to result in considerable traction among customers since they are increasingly seeking advanced and convenient locking/unlocking procedures.

Smart locks have witnessed significant demand across the residential area globally. With an increasing number of renovations and new construction activities across the Asia Pacific and North America, the industry has garnered immense potential in recent years due to a surge in new installations. When connected to a smart home hub, the lock acts as the most prominent element in a connected home. As a result, customers demand products that can suffice all their requirements and consider crucial factors such as battery life, size, design, and price when selecting a lock.

As per our analysis of the COVID-19 impact on the industry, smart locks have gained significant traction during these unprecedented times. The market is expected to witness numerous opportunities during the ongoing pandemic since the locking/unlocking procedures can be carried out using voice recognition and smartphones/smart gadgets, thereby reducing the need to physically touch the devices. Such technologies are enabling manufacturers to fulfill customer demands for touchless/contactless platforms to operate their devices, thus gaining an upper hand during these challenging times. New product development and incorporation of advanced/touchless technologies are the key strategies that a majority of the industry players are expected to adopt to expand their customer base over the next few years.

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