According to the latest report by Renub Research, titled “Smart Lock Market Global Forecast by Type, Technology, Application, Regions, & Company Analysis” Smart Lock Market will be to USD 4.4 Billion by 2027. Smart locks that enable advanced security features have become increasingly popular in the past few years, owing to enhancing safety and security concerns across the globe. A smart lock is an electromechanical locking device that enables users in various industries to remotely access and unlocks the lock to enter the premises. It is accessed by connecting it to smartphones and other smart devices through communication technologies like Bluetooth Li-Fi and Wi-Fi.
The increasing adoption of intelligent home architecture, with the advent of technologies such as Machine Learning (ML) and rising Internet of Things (IoT) penetration, along with and Artificial Intelligence (AI), is expected to accelerate the mass appropriation of smart locks. Increasing usage of smartphone and other connected devices is a driver for the growth of the smart lock market. Today, many new innovations are aiming to make homes smarter and the everyday life easier, now achievable due to the advanced data analytics and the emergence of artificial intelligence.
Furthermore, smart lock technology plays a vital role in various applications, like residential, hospitality, enterprise, critical infra and others. Smart lock provides monitoring features such as access notifications through e-mail, SMS and video camera with recording abilities to provide visuals of the person at the door. They also have features such as automatically lock a door and auto-locking options for perimeter auto-locking and unlocked for a specific period that automatically locks the door if the user’s smartphone is outside the designated perimeter.
It offers the best security against burglary or break-in with built-in features such as one-touch locking, low battery warning, and customizable user codes into their portfolio and attracting a vast user base. Additionally, Smart lever handles are being extensively used in the hospitality sector to fulfill the security requirements of tourists. They possess more accessible locking/unlocking procedures than their counterparts due to the push-down style handle instead of a knob, which requires grasping and turning.
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The COVID-19 Impact on the Smart Lock Industry
The smart locks have gained significant traction during the COVID- 19. The industry is witnessing numerous opportunities during the ongoing pandemic since the locking/unlocking procedures are carried out using smartphones / smart gadgets and voice recognition, thereby reducing the need to physically touch the devices. Thus smart lock is gaining the upper hand during these challenging times.
Smart Lock adoption rate is high in North America
Adopting innovative technology in North America remains high due to the increasing adoption of smart homes and the demand for security concerns. According to the FBI, there were 1.4 Million burglaries and break-ins in 2017, with similar numbers in the following years. Rising concerns regarding safety and security among consumers are in countries in the region due to the demand for smart lock solutions. WI-FI-enabled locking systems are accepted in the US population as they offer several advantages, including convenience.
Moreover, in the Asia Pacific, Smart city initiatives by governments in developing countries like China, Japan, and India continue to adopt smart lock in commercial, residential, and government buildings under smart city projects. Smart door locks and AI or IoT technologies are gradually emerging as the next big trend for security systems in the region.
Companies Launching Innovating Features of Smart Locks
For Instance January 2020, Assa Abloy AB announced the launch of the Wi-Fi Smart Lock, which sports a brand-new compact design and built-in Wi-Fi connection. The device comes in the size of a standard doorknob and is 45% smaller in volume and 20% slimmer than the August Smart Lock Pro. The current built-in Wi-Fi feature eliminates the necessary to pair it with an external bridge.
Key industry players such as Allegion Plc, Assa Abloy AB, Midea Group, and Samsung are focusing on developing advanced techniques and offering commercially viable products, including doors, remote locking/unlocking of entrances and windows.
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