The global smart locks market was worth US$ 3.2 billion in 2022, and it is expected to grow at a CAGR of 18% to reach US$ 16.8 billion by 2032.
Sales of smart locks are expected to surge as residential owners have been attracted by the elimination of the need to carry mechanical keys around.
Smart home architecture, which includes features such as remote access, voice control, and seamless connectivity, is accelerating the demand for smart locks around the world.
Wi-Fi, Z-Wave, ZigBee, Thread, and Propriety are examples of communication technologies that are propelling the demand for smart locks and all of these technologies are sometimes combined into a single device.
Factors such as the ability to track the security of the premises and secure and easy management of various entry points through remote access have aided the overall Sales of smart locks in these spaces.
The same ability is prompting various stakeholders to invest significant sums, in turn enlarging the smart locks market share.
As various hotels are planning to replace RFID locks accessible by IC cards with Bluetooth or Wi-Fi enabled locks as part of the process to improve the security of their premises, the demand for smart locks increases further.
Sales of smart locks are projected to move forward as the new smart lock, which is aimed at businesses, and office spaces, has a lot of room for growth and as many people need access to the same place.
The management has been forced to simplify the door unlocking process for authorised users due to the need for increased safety thereby pushing the Sales of smart locks forward.
For example, U-tec is expected to release a new biometric smart lock designed specifically for use in office doors which likely spikes the demand for smart locks.
The Internet of Things (IoT) is the networking of smart electronic devices or things to exchange data signals without the need for human intervention which is considered to be another major force augmenting the sales of smart locks.
Demand for smart locks is amplified as the market for IoT-enabled smart locks has a lot of room to grow and makes real-time data and remote monitoring more accessible.
Information source:
https://www.futuremarketinsights.com/reports/smart-locks-market