Global Smart
Locks Market: Description
An advancement in
lock technology, smart locks are locks that can be operated remotely
or through other unconventional means. While there have been several
attempts to redesign the way locks work, smart locks, which can be
operated from the user’s phone or with keyless fobs, have emerged
as the most promising alternative to conventional locks. The Global
Smart
Locks
Market
has expanded rapidly in the last few years, in line with the
development of telephony hardware from 2G to the 4G and even 5G
devices available today, and the rising demand for smart city
infrastructure. The increased security provided by smart locks, since
the virtual ‘keys’ for smart locks cannot be duplicated as easily
as conventional keys, has also been a major factor driving the demand
for smart locks in the last few years.
The report presents
a comprehensive analysis of the global smart locks market. The major
product types in the smart locks market and the sales figures for
them over the historical review period have been analyzed in the
report. The major regional segments of the global smart locks market
have also been profiled in detail in order to provide an overview of
how each regional market performed and is expected to perform in the
next few years. The operations of major players in the global smart
locks market have been examined in the report to provide readers a
helpful snapshot of the competitive landscape.
Global Smart
Locks Market: Drivers and Restraints
The global smart
locks market is driven primarily by the increasing demand for secure
locks. Since the limitations of conventional locks have now become
obvious, efforts to revolutionize the locks industry have been
underway for a while and have led to the development of
electronically operated smart locks. Apart from residential users,
industrial and commercial establishments have also started adopting
the advanced lock technology to boost their security. This is the
fundamentally important factor expected to drive the global smart
locks market in the next few years.
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Report Copy :
The global smart
locks market is gaining significant impetus from the advancement in
the telecommunications technology, which has now progressed to the
point that remote operation of smart devices is not just possible but
commercially available. The convenience of smart locks, which can be
unlocked with the user’s smartphone instead of a separate key that
the user can misplace quite easily, has thus been of great help to
the market for the same.
The global smart
locks market has also been boosted significantly by the steady
support lent by governments across the world to broaden the scope of
smart city infrastructure. Locks in new residential as well as
commercial constructions already tend to be electronic, and smart
locks are the natural successors of the same. Initiatives such as the
smart city drive in India have become common around the world and
will be a major driver for the smart locks market in the near future.
On the other hand,
the risk of the phone and its backup being hacked is the major
restraint of the global smart locks market. The rising threat of
cyber-terrorism has made this factor a significant one for potential
customers of smart locks, and the smart locks industry will need to
be on the cutting edge of innovation to stay ahead of the security
threats hampering the smart locks market.
Global Smart
Locks Market: Geographical Overview
The smart locks
market is currently dominated by developed regions such as North
America and Europe, with the former outshining the latter in 2015.
The technology and infrastructure required for large-scale use of
smart locks will eventually trickle down to developing economies such
as China, South Korea, Japan, and India, thereby driving the market
for smart locks in Asia Pacific.
Major
Companies Operating
in the global smart locks market include AT&T Intellectual
Property, Comcast, HAVEN, Yale Real Living, Lowe’s Companies, Inc.,
and UniKey Technologies, Inc.
The report offers a
comprehensive evaluation of the market. It does so via in-depth
qualitative insights, historical data, and verifiable projections
about market size. The projections featured in the report have been
derived using proven research methodologies and assumptions. By doing
so, the research report serves as a repository of analysis and
information for every facet of the market, including but not limited
to: Regional markets, technology, types, and applications.
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