Rise in security and privacy concerns and the growing trend of IoT and automation drive the growth of smart surveillance and home security systems. The development of smart locks has enhanced locking systems with improved security. With the emergence of new connected technologies in the market, the demand for advancements in smart locks also increases. Due to this, market players are investing in continual R&D for developing top-notch smart locks, thus meeting the consumers' rising demand and securing their footprint in the industry.
Demand for the smart lock is high in residential, commercial, and government sectors
Smart locks are convenient to use and provide improved security to the user. From the residential to the commercial sector, the acceptance of smart locks is increasing gradually. Increase in standard of living in urban areas and disposable incomes drives the demand for smart locks in emerging nations. In addition, the easy availability of the internet and improved use of smartphones aid the acceptance of smart locks in residential sectors.
The integration of smart locks with larger security systems provides improved protection. Due to this, the demand for smart locks is high commercial sector to provide reliable authentication and security procedures. The smart lock technology is widely used in hospitals, office buildings, banks, and other sectors for a variety of purposes such as network access, workstation access, and physical access.
Smart locks are ideal for bolstering the physical security of the building and space. Technology plays a vital role in the government sector. Increase in security and safety concerns of personal and information assets has enhanced the adoption and implementation of smart lock technology in the government sector. Smart locks are used by multiple government agencies and forensics departments, specifically at sensitive information stations, for staff authentication and other security purposes.
The market has a range of smart locks with hundreds of features. Technology in smart locks has come a long way. Presently, the market has smart locks with various operational modes such as WiFi, bluetooth, fingerprint, voice assistants and commands, and biometrics. However, there is still a long way to go, and market players are working on new technologies in smart locks. The latest and unique technology in smart locks provides lucrative opportunities for market growth. In addition, increased government investments in smart city projects in developing nations assist the market growth. According to Allied Market Research, the global smart lock market
is anticipated to grow at a significant CAGR of 16.4% from 2017 to 2023.
New launches and the latest technology in smart locks
Market players are adopting strategic collaboration to innovate advanced lock systems with emerging technologies and market expansion. Kaadas, a leading provider of digital smart locks joined hands with Lamborghini to develop smart facial-recognition door locks. Kaadas recently introduced its high-tech and exclusive collection of smart facial-recognition door locks, which uses 3D structured light technology. The advanced 3D recognition technology offers infinitesimal accuracy for face recognition for biometric authentication and door unlocking.
The novel Kaadas- Lamborghini facial recognition lock provides improved security for home and office buildings. The 3D recognition technology extracts exact facial features and bone structure for developing the 3D model and doesn’t support door unlocking with videos or photographs. Along with a 3D facial recognition system, the smart digital lock also provides advanced features including PIN code, mechanical override key, fingerprint biometrics, and encrypted CPU card for door unlocking. The facial recognition lock also supports automatic locking of the doors once closed. This high-tech lock can be a game-changer in the smart locks market.
Smartphones have become an integral part of today’s lifestyle. With the growing technological advancements in IoT and remote control devices, operating smart devices and systems with smartphones has become easy. Market players are developing advanced and efficient smart locks to meet the growing customer demands. Schlage’s latest Encode Plus Smart WiFi Deadbolt is the first smart lock that works with Apple home keys.
Encode Plus Smart lock works with Apple wallet and can be accessed with Apple Watch, iPhone, and home kit. It also offers other features to the customers such as remote controlling with applications, emergency alerts, activity details, and other advanced features which a user expects in a smart lock. The smart lock is also well-suited to Google Assistants and Alexa, and it will be available in the market later this spring.
The outbreak of covid-19 impacted the global smart lock market as consumer spending on nonessential products decreased during the pandemic. However, the world is getting back to normalcy. Also, the inclination towards digitalization and automation has increased among people. The market is expected to witness significant growth in the coming years with the latest advancements in smart lock technologies. The market will recoup soon.