Focus on Developing Smart City Infrastructure in Developing and Developed Economies to Fortify Uptake of Smart Locks

The vast array of automation products available for residential and commercial sectors is a notable factor contributing to the popularity of smart locks, especially among homeowners. The rising focus on creating smart city spaces with automated technologies and infrastructure in a number of industrialized nations is providing a robust impetus to the demand for smart locks. The rapid strides made by telephony hardware in recent years in various developing and developed regions and the paradigmatic shift in adoption of 2G to 4G have provides a robust underpinning to the growth of the smart locks market. Coupled with this, the substantial progress made by wireless communication technologies in recent times has positively impacted the demand for smart locks. 

The markedly growing penetration of internet in far-flung areas and the rising deployments of IoT networks are prominent trends fortifying the demand for smart locks among commercial and residential users. The rapid pace of urbanization, coupled with vast improvements made in lifestyle of populations in emerging economies, are expected to accentuate the demand for smart locks over the forecast period. According to Transparency Market Research (TMR), the opportunities in the market is projected to be worth US$1.01 billion by the end of 2024.

Which application areas are expected to witness extensive uptake in the coming years?

Broadly, smart locks find use in various sectors comprising residential, commercial, industrial, and the government. The demand is expected to remain prominent in commercial sectors world over. The demand is fueled by the growing number of criminal and unauthorized activities affecting commercial establishments and the pressing need for making commercial building safer. The use of smartphone apps to operate smart locks takes convenience factor a notch higher. Technological advancements in electronics used in smart locks will expectedly bolster the potential of these locks for commercial sectors world over. 

systems or servers controlling the functioning connected smart devices has left smart locks to unauthorized access, thereby raising marked concerns among users. However, with companies quick to offer fixes for these bugs, these concerns will mitigate over time.  

Which regions are likely to witness substantial demand for smart locks?

The key regional markets for smart locks are North America, the Middle East and Africa (MEA), Europe, South America, and Asia Pacific. Of these, North America is projected to be at the forefront. The demand is stimulated by the mounting security concerns for residential, commercial, and industrial sectors. The substantially rising uptake of smart home products in various key countries, particularly the U.S. and Canada, is bolstering the demand for smart locks. The presence of a robust communication infrastructure and networks in the region is further contributing to the demand among homeowners. According to TMR, the regional market held a major share of 33.6% in 2015. 

In recent years, there have been some mergers and acquisition by stalwarts in developing and developed economies, which has favorably affected the growth of the global smart locks market. The Assa Abloy Group, one of the leading global lock manufacturer based in Sweden, has completed the acquisition of August Home, a U.S.-based smart lock maker in December 2017. This will help August consolidate its presence beyond North America, while, Assa Abloy will be able to bolster its technologies in smart home connectivity. Such collaborations bode well for consumers of smart locks. 

Meanwhile, Asia Pacific is projected to rise at a prominent pace and will offer lucrative prospects for manufacturers of smart locks in the forthcoming years. A rapid pace of urbanization in several emerging economies and the substantial rise in disposable incomes are crucial factors expected to accentuate the demand for smart locks. Furthermore, infrastructural projects in countries such as India and China and sustained focus on developing smart cities are notable factors providing a robust fillip to the uptake of smart locks over the assessment period. 


Post a Comment

Note: only a member of this blog may post a comment.

Latest Post

Market Research Reports