Market Trends of Smart Lock Industry
This section covers the major market trends shaping the Smart Lock Market according to our research experts:
Commercial Adoption is Expected to Grow Significantly
- Factors such as secure and easy management of various entry points through remote access and the ability to track the security of the premises have enabled the growth of smart lock adoption in these spaces, thus, propelling various stakeholders to invest significant amounts. Such statistics highlight the need for organizations in these spaces (mainly schools and churches) to seek the highest security level possible in the age of mass shootings in public places.
- However, customer service and experience play a vital role in the hospitality industry. Hotel management ensures that customers' stay at their place is pleasant. In the process, various hotels are planning to adopt Bluetooth-enabled or Wi-Fi-enabled locks in place of RFID locks accessible by IC cards for their hotels to improve the security of their premises.
- The hospitality industry has quickly adopted smart locks to address the growing security concerns of customers while they are in the store. In the upcoming years, keyless entry systems are projected to become more popular as hotels are required to increase in-room security. Leading market companies are providing creative solutions for the hotel sector. Hoomvip, an app-based rental property access service, installed an ENTR smart door lock by TESA, one of Assa Abloy's trademarks, to increase security and ensure hassle-free access to rental homes.
- Further, the new smart lock launches aimed at businesses and office spaces have high growth potential as numerous people require access to the same facility. The need for enhanced safety has forced the management to simplify the door-unlocking process for authorized users. For instance, U-tec is expected to launch a new biometric smart lock designed primarily for their application in office doors.
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United States is Expected to Grow Significantly
- The adoption of smart locks still needs to be prevalent in the United States compared to the adoption of other smart home devices. According to a recent Consumer Technology Association (CTA) study, about 69% (translates to 83 million households) of U.S. households now own at least one smart home device. Of which, the adoption of smart speakers in the country is high, with a rate of 28%, whereas the adoption of smart locks is only 10%-statistics such as this highlight the opportunity for market players to follow proper marketing strategies.
- Expanding the key players in the U.S. market to other regions, especially in European nations, is also expected to provide a strong impetus for market growth. For instance, August Inc. and Yale Locks (smart lock manufacturers based out of the United States) announced new smart locks in their product portfolios and the availability of their products for new and existing owners of Yale Smart Lock in the EMEA region under the name 'Yale Access module.'
- The new product 'Wi-Fi Smart Lock' from August Inc. mandates two-factor authentication and two-layer encryption and can be remotely managed through their App and cloud. Similarly, a new Linus Smart Lock from Yale is equipped with DoorSense technology that can monitor the lock/unlock position of the door and notifies. It also supports unlocking doors via smartphones. Also, the increasing penetration of smartphones is augmenting the growth of connected devices, which enable users to remotely access their door locks and unlock the doors using various connected mobile apps.
- A favorable regulatory climate for smart lock adoption has been created due to customers' high purchasing power and growing safety concerns, particularly in essential infrastructure and household applications. For instance, over 12 million homes in the U.S. have smart locks installed due to their rapid growth. Today, Parks Associates published a whitepaper outlining the adoption of smart locks in the U.S. and the benefits of having a smart lock.
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