A number of emerging devices have attributed to the upsurge of global smart homes over the last few years. Smart locks are expected to be one of the utmost promising offerings among all the devices over the succeeding years. Smart locks are not a completely novel industry. There have been efforts to revolutionize the traditional locks and keys with numerical keypad locks. In smart locks, instead of accessing the lock with your keys, you can control access to the lock using a phone, wireless key fob, or even distantly over the internet. Most of the smart locks are simple and are at-home installable devices that can fit over the thumb turn of a deadbolt contained on the inside portion of the door. The smart locks cost approximately US$ 170 to US$ 260 and is still considered a luxury device for an average residential customer.

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Smart Locks Market: Drivers & Restraints

The key drivers driving the growth of global smart locks are the increased popularity of smart home services coupled with smartphone penetration, which is expected to reach saturation points in the next two to three years. Moreover, declining costs of ubiquitous mobile broadband and cloud infrastructure have also aided in allowing users to easily remotely monitor and control any device, be it a smart lock or a smart thermostat. Some of the other factors driving the growth of global smart lock include its various advantages such as allowing users to grant others access to their locks directly from their phones, convenience of being able to walk up to a door and have it automatically unlock without having to reach for one’s keys and many others. One of the major challenges for the global smart locks market is the issue of one’s phone potentially dying. In such a scenario, a physical key still works. Furthermore, phones and back-end clouds can be hacked, hence there remains a real and perceived security risk related to smart locks. Also, it will be critical for startups to heavily invest in security since the headline and publicity risk is the largest in the early market. The ubiquity of smartphones and low power communication protocols, along with improved technologies primarily related to geo-locating an individual has created new opportunities to enhance user experience that can be further explored in this market. 

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Smart Locks: Region-wise Outlook

Currently, North America is expected to be the largest market for global smart locks. This market is anticipated to observe the maximum growth in the Asia-Pacific region, especially in countries such as India, China, and Japan. The smart Locks market is predicted to expand at a stable rate in other regions of the world as a result of a decelerating worldwide economy in these regions.

Smart Locks Market: Key Players

Some of the market participants in the global smart locks market are AT&T Intellectual Property, Comcast, Lowe’s Companies, Inc., Staples, Inc., UniKey Technologies, Inc., Yale Real Living, MIWA Lock Co., and HAVEN among many others.

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology, and applications.

The report covers exhaustive analysis on:

• Market Segments
• Market Dynamics
• Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies involved
• Technology
• Value Chain

Regional analysis includes

• North America (U.S., Canada)
• Latin America (Mexico. Brazil)
• Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg)
• Eastern Europe (Poland, Russia)
• Asia Pacific (China, India, ASEAN, Australia & New Zealand)
• Japan
• The Middle East and Africa (GCC, S. Africa, N. Africa)

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