Published Date : May 25, 2016
Advancements in locking systems have created a niche market for smart locks. These locks have completely changed the ways of locking for several people, overcoming the limitations of conventional systems. The unique feature of smart locks is that they can be operated from smartphones remotely, without keys. The rising infrastructural investment and deployment of 3G and 4G services are also propelling the global smart locks market. The primary growth driver for the global smart locks market is that fact that its unlocking system cannot be duplicated as easily as conventional keys.
Growing Security Concerns Drives Overall Market
The rising demand for security has been identified as the prime growth driver for the global smart locks. The main end users of smart locking systems besides residential users are commercial and industrial establishments. As the new age locking methods overcome the conventional locking setups, it is most likely that they market share will rise in the coming years.
Technological Advancements Offer New Growth Opportunities
The expansion of telecommunications technology is yet another factor supporting the growth of the overall market. Today, this technology has progressed to point of remotely operating smarts locks, however, it is still not a commercially viable option. The convenience and ease of unlocking doors with the help of smartphones is expected to revolutionize security solutions in the coming years.
Government Initiative to Build Smart Cities to Propel Smart Locks Market
The increasing support from the governments to materialize the smart city plans is anticipated to fuel the growth of this market in the coming years. The smart city drive initiative are expected to spur the demand for smart locks in the coming years, as the demand for locks will only shift from conventional locks to smarter ones.
The only restraint in the global smart locks market is the possibility of phones being hacked and security of locks being compromised. The increasing threat of cyber-terrorism is a significant restraint existing in this market.