Growing security and safety concerns about avoiding invasion, unauthorised access, theft, and burglary, as well as improved functionality compared to traditional locks, have fueled the demand for smart locks.
One of the main drivers of the expansion of the global smart lock market is the rising need for high performance integrated circuits. Neuromorphic devices can drastically reduce the amount of time a standard CPU spends transferring data around by processing and storing data on the same chip. The ability to integrate processing and storage considerably reduces the time a typical CPU would have required to transport data between a block of memory and the processor handling these memories’ processing chores. Therefore, the market’s expansion in the quest for efficient computing is being aided by the need for higher-performing ICs.
Smart locks are electromechanical devices with built-in Wi-Fi or Bluetooth that enable users to remotely unlock their gadgets. We can always keep an eye on our smartphone thanks to its upgraded security features and extensive customizability. Additionally, it provides a variety of personalised enter and departure choices through fingerprint, face unlock, our smartphones, or even motions.
Fundamentals of smart lock market
- Customers demand data privacy and security in their homes, which are offered by smart locks, the proliferation of smart home devices has reduced the issues. To unlock a deadbolt with a phone tap or voice command, users need just couple the Bluetooth or Wi-Fi device with the lock.
- They use sophisticated alert, durability, and presence detection technologies to increase security. Accessibility and speedy authentication have become standards. As a result, the general market demand is significantly increased by customers’ security worries.
- The smart locks market will also increase quickly due to the increasing expansion of home automation. Additionally, due to their ability to provide immediate tracking and recording and boost efficiency over the projected term, app-based smart lock systems are used by the commercial and residential sectors.
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Challenges in smart lock market
The market growth is constrained by the fact that smart locks are much more expensive than conventional locks. Additionally, the high switching costs associated with smart locks make them less desirable as an investment, which will hinder the market’s expansion.
Additionally, consumers’ perceptions of the dependability of smart locks are hampered by the possibility of hackers. If smart locks are not updated often, they may become hacker-friendly. They are electrical devices, therefore cyber attackers who use cellphones to create phoney access codes can interfere with them. Many types of smart locks depend on energy or batteries to function, making them susceptible in the event of a power outage. Because of the high price and alleged unreliability, the market is constrained. This issue is therefore expected to provide a barrier to the rate of market expansion for smart locks.
This report on the smart lock market details recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, regulatory changes, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, and geographical information.
Market analysis of smart lock market
The global smart locks market was estimated to be worth USD 2842.18 million in 2021 and is anticipated to grow to USD 12302.56 million by 2029, recording a CAGR of 20.10% during the forecast period of 2022–2029. The market report created by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behaviour in addition to market insights like market value, growth rate, market segments, geographical coverage, market players, and market scenario.
Home burglaries made for 17.1% of all property crimes in 2020, according to FBI figures. According to statistics, 56.7% of burglaries required forceful entry, and victims of burglary offences in 2020 were thought to have lost 3.4 billion dollars’ worth of property. This raises the possibility of safer and more sophisticated security measures. One of the main causes producing a sizable potential for the smart lock market to expand is the rising Internet penetration and popularity of IoT, paired with the advantages of connecting smart locks to the Internet. The market is thus anticipated to expand quickly throughout the predicted time frame.
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