The world smart locks market is estimated to rise substantially within the duration of 2016 to 2024, due to rising progress in various technologies such as 2G, 4G, a nd 5G, technologies together with the soaring demand for the infrastructure of smart city. The world market for smart lock is quite fragmented due to the presence of many different players in most of the regions across the globe. The leading market players are making investment hugely in the activities of research and development so as to bring about product development to progress in the market.
Honeywell, Kwikset, Panasonic, and AugustHome, are some of the leading firms in the world market for smart locks. These companies are emphasizing on mergers and acquisitions, and partnerships for better future opportunities.
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In accordance with a report by Transparency Market Research (TMR), the world market for smart locks was evaluated to be around worth around US$ 226.7 mn in year 2015. The said market is foreseen to expand with a double digit CAGR of 18.30% within the forecast timeframe that extends from the year 2016 to the year 2024. By the end of the year 2024, the said market is expected to become worth around US$ 1.01 bn.
North America to Continue with Its Market Dominance during the Forecast Period
Regionally, the research report makes a presentation of an overview of the growth prospects of the said market across various geographies such as South America, North America, Middle East and Africa, Asia Pacific, and Europe. The said report makes a statement that the international market for smart locks is presently dominated by developed regions of Europe and North America, with Europe trailing North America in the year 2015. The regional market of North America accounted for a substantial share of around 33.6% of the overall market.
It has however been prognosticated that the infrastructure and technology required for the large-scale usage of smart locks will finally become more and more economical and accessible for various developing economies such as India, Japan, South Korea, and China thereby driving the market for smart locks in Asia Pacific.
Widespread Prevalence of Smart Home Facilities to Fuel the Market
Both increasing crime rates and technological advancements across the globe are contributing towards the growth of world market for smart locks. In addition to that, the widespread prevalence of smart home facilities together with the unprecedented proliferation of smartphone in the last few years has been driving the said market. In addition to that, reducing cost of cloud infrastructure and universal mobile broadband have likewise encouraged in remotely controlling and monitoring any gadget efficiently, be it a smart lock or a smart thermostat has also had a positive impact on the market for smart locks.
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Consumers can have access to their locks so as to control or monitor, mostly through their smartphones. In addition to that, the comfort of being able to reach out to your door and unlock it automatically without reaching out for one’s keys and numerous other factors are also driving the overall growth of the market.