LONDON--(BUSINESS WIRE)--The global smart lock market size is expected to grow by USD 770.77 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The developments in wireless connectivity technologies, such as Bluetooth, LTE, ZigBee, and Wi-Fi, which are indispensable elements of home automation, are driving the adoption of smart locks. For instance, in September 2019, Wi-Fi Alliance announced the availability of The Wi-Fi CERTIFIED 6 certification programs for bringing capacity, performance, and latency improvements to the entire Wi-Fi ecosystem and delivering nearly four times the capacity of Wi-Fi 5. Similarly, in June 2019, NFC Forum Inc. announced the new Tag NFC Data Exchange Format Exchange Protocol Candidate Specification and the new version of its Connection Handover Technical Specification (CH 1.5) to enhance the connectivity of IoT devices. Such technological developments will drive the smart locks market growth.
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As per Technavio, the integration of HMI technologies in smart locks will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Smart Lock Market: Integration Of HMI Technologies In Smart Locks
Smart lock companies are integrating human-machine interface (HMI) technologies such as facial recognition, biometrics, and virtual assistants in their product offerings to enhance security and user experience. Virtual assistants allow end-users to control functions such as locking, unlocking, and changing settings of smart locks through voice commands. For instance, ASSA ABLOY’s August Homes offers August Smart Lock Pro + Connect integrated with Wi-Fi, Bluetooth, and Z-Wave. It can be controlled with virtual assistant Siri (Apple HomeKit-ready), Amazon Alexa, and Google Assistant. Technavio expects that the increasing integration of HMI technologies in smart locks will accelerate the demand for smart locks during the forecast period.
“Other factors such as the growing ecosystem of IoT devices, and the integration of advanced technologies in smart locks will have a significant impact on the growth of the smart lock market value during the forecast period,” says a senior analyst at Technavio.
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Smart Lock Market: Segmentation Analysis
This market research report segments the smart lock market by end-user (residential and others) and geography (APAC, North America, Europe, MEA, and South America).
The APAC region led the smart lock market share in 2019, followed by North America, Europe, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as significant improvement of the communication network infrastructure and the rise in smart home penetration.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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