Global Smart Lock Market
Report Highlights
Global Smart Lock Market By Lock Type, By Application, By Geographic Scope and Forecast
According to Verified Market Research, the Global Smart Lock Market was valued at USD 1,424.90 Million in 2018 and is expected to witness a growth of 12.3% from 2018-2025 and reach USD 3,217.3 Million by 2025.
A smart lock can be defined as a mechanical and electrical locking device that has the ability to open wirelessly with authentication by authorized users’. Smart locks allow homeowners to enter their home or provide others access without the requirement for a traditional key. Smart locks allow users to use various other, more accessible objects such as a key fob or a smartphone in order to wirelessly verify and mechanically and unlock the door. Smart locks can be said to be an extension of home automation or home security. As a result, smart locks can be considered as a part of the Internet of Things.
The digital revolution is being embraced by individuals and businesses alike. Digital transformation can be defined as the use of technology in order to improve the performance or reach of enterprises. Nowadays, digital devices and social networks are increasingly being used in order to increase the engagement between government, businesses, civil society as well as friends and family. With the global digital transformation market expected to grow at such a rapid pace, the requirement for the successful transformation of traditional firms through digital technology is growing. Digital transformation has led to not only the innovation of products such as smart lock but also of the implementation of these products within their infrastructure.
The rise in the adoption of smartphones is significantly leading to the growth of the smart lock market. The smartphone technology is developing in such a way that it is influencing the consumer’s daily lifestyle, marketing as well as business activities. The approval of smartphone technology is a critical key factor to determine success in today’s technology. Due to this, the identification as well as for the better understanding of the main factors that influence the consumer’s behavior towards smartphones technology is extremely valuable.
In spite of making sustainable progress in the global market, Smart Lock experience certain security concerns which can cause a hindrance in its overall growth rate. Internet-enabled devices are one of the major concerns for the smart lock market, as the number of cybersecurity risks is increasing in the market.
Due to the lack of autonomy in these technological devices, inconveniences during fault of the recognition device, low battery, and power outages are a relevant issue and one that can lead to security concerns if not managed correctly. The most noticeable factor in this issue is the fact that the event of a power outage or the smartphone’s battery being down would not be an inhibiting issue for conventional locks at all. Due to this, it can be suggested that the concerns for security due to smart locks are restraining the growth of the market.
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