In the forecast period 2017 to 2023, the worldwide smart lock market is projected to rise at USD ~2 billion by 2023, at a CAGR of ~11 per cent. Stepping back, how well the smart lock systems have come since the first Bluetooth units, is interesting. Instead of simply removing a physical key, there is a shift to seek broader usability of the product, increasing the consumer reach to all market segments, thus increasing market presence. The smart locks are now a more convincing and valuable prospect by providing several apps. They quickly become the secret to building security in a smart way.
Although there are multiple usage scenarios for the smart lock, usability is one of the key obstacles to adoption-for both enterprise and residential users. Trust in a door lock must be full, so the new generation of smart locks over regular Wi-Fi networks needs to prove its usefulness. This is against using specialized wired or Bluetooth setup approaches (as preferred by early locks), requiring long access and also frequent suppliers fixing bugs. Curiously, early versions also neglected partly the most important factor of the smart lock – the way to open it.
Contemporary door locks aren't just practical and easy, with the big strides in digital tech security field; they do a fantastic job of keeping intruders out of the house. The emergence of the IoT and the introduction of advanced technologies have also been prominent key drivers for the smart lock sector's growth. With the growing demand for cloud computing, the market growth is also undergoing an upsurge. The wireless smart lock system is commonly used in all types of businesses with cloud services.
The report on the global market for locks covers North America, Asia Pacific, Europe, and the ROW as key regional markets. In terms of market share North America is among the world's top regions leading in the smart lock market. The regional market is experiencing tremendous demand due to increased sales of safety and security systems that are boosting future growth to a great extent. The smart lock sector in the European region is anticipated to see fast growth throughout the period ahead. Although Asia Pacific region with its country-level markets across China, India, and Japan is an emerging market, it is expected to be one to register fastest growth in the smart lock market in the coming years. This is due to the increased attention of a large number of companies active in the smart lock market that are working to meet the security needs of consumers.
The global smart lock market share has been segmented into different categories based on lock type, communication protocol, products type, and end users. The worldwide smart lock market is subdivided into type of products, type of lock, end user, protocol of communication, and regions. The type of locks segment is further divided into padlocks, deadbolt, lever handles, among others. Based on the product form, the market has been divided into Bluetooth based lock, Wi-Fi based locks and others. Based on communication protocol, the market is further divided into WI-Fi, Bluetooth, Z-Wave, ZigBee, Line, near-field communication and others. The end users segment covers residential, commercial, government, manufacturing, and other categories.
Tapplock, the smart padlock manufacturer has been hit by the Federal Trade Commission with a formal complaint that could lead to penalties. The agency argues that, the lock is found to be hackable, and the organization engaged in false and deceptive statements regarding its security practices.