Smart Lock Market is set to exhibit a lucrative growth to 2024
Date: 2019-01-25   Author: Ronak Bora  Category: #news

Smart Lock Market is set to exhibit a lucrative growth to 2024

Global Smart Lock Market segmentation by connectivity technologies indicates that the Wi-Fi segment dominated in terms of revenue in 2017 as it provides long-range connectivity, strong connectivity, and is the most favorable technology in smart devices. Wi-Fi comes is relatively more expensive than Bluetooth and requires a dedicated power source contributing to the strong projected growth of the Bluetooth smart lock market over the forecast time period. These are equipped with battery systems and can function effectively even during times of power outages.

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Smart Lock Market size is anticipated to grow owing to the rising security concerns amongst consumers and the rising proliferation of home automation systems. Thefts and burglaries have risen significantly in the recent years. For instance, in 2016, an estimated 2.5 million home invasions and property thefts were registered in the U.S. with an average estimated loss of USD 2,230 per break-in. This has fueled the demand for smart locks and has led consumers to transition away from traditional lock systems owing to the higher security and convenience that these systems provide. Additionally, these detect tampering and alert the users and the authorities discretely before a property break-in occurs, allowing higher rates of arrests of the guilty parties.

In the light of the rising trend of IoT in the recent years, intelligent and connected devices have found increasing applications in personal and commercial settings, propelling the smart lock market growth. These devices use connective technologies such as Wi-Fi, Bluetooth, infrared, and NFC to connect to handheld and controlling devices over a short range and internet to connect to the devices over a long range. The users can access their home security systems from a remote location by connecting through the internet. The proliferation of smart lock market is projected to grow at a rapid rate as they are equipped with advanced technological features such as remote access and intercom and camera facilities.
 
A major factor impeding the smart lock market growth is the high cost of purchasing and deploying these systems. The equipment is priced relatively higher than its traditional counterparts and requires technical expertise to be operated. However, the declining costs of raw materials and labor for manufacturing the equipment are aiding in overcoming the hurdle. Another challenge hindering the smart lock market is the perception of the unreliability of these security electronics and consumer reluctance to adopt them. As a major portion of the functionality is in the digital platform, these are highly susceptible to third-party cyber-attacks. Hacking and malware attacks can lead to the loss of financial funds and physical properties. Additionally, safety issues can lead to the loss of reputation in organizations, causing a decline in the customer trust and an inflow of new customers.
 
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Europe is among the major consumers of smart lock market. The rise of new investors in the region after the decline of Europe debt crisis has offered substantial opportunities for the market growth. Additionally, consumers in the region also possess the technical expertise required to operate these devices and are more inclined to adopt new and advanced technologies. Strong local manufacturing of the products and technology, the abundance of low-cost labor and raw materials, and the increasing construction of broadband infrastructure contribute to the rapid growth in the Asia Pacific smart lock market. Various economies in the region including China and India are at the forefront of the industrial boom. This is leading to the increase in the disposable income of the general population owing to which consumers are now able to purchase high-end and advanced technologies.

Key players in the smart lock market include Assa Abloy, Allegion, Panasonic Corp., Spectrum Brands, Salto Systems, Onity, UniKey, Haven, Canseco Systems, and Master Lock. Major players in the industry are focusing on manufacturing sustainable products, entering into mergers & acquisitions, and partnerships to sustain growth in the global marketplace.

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Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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