Dublin, July 27, 2022 (GLOBE NEWSWIRE) -- The "Smart Locks - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Smart Locks Market to Reach $4 Billion by 2026
Mechanical locks are rapidly giving way to these smart electromechanical locks as undercurrents of technologies such as connected homes, home automation, and Internet of Things (IoT) get stronger by day. These technologies are quickly moving beyond just concepts into commercial reality and today are merging with mainstream consumer solutions supported by factors such as rapid penetration of mobile communication technologies like 4G and 5G; falling mobile internet tariffs; virtual saturation in smartphone penetration with over 50% of world population owing a smartphone; development of smart microprocessors and connected devices; falling costs and ubiquity of sensors; and innovations in embedded system design, among others.
Amid the COVID-19 crisis, the global market for Smart Locks, estimated at US$2.4 Billion in the year 2022, is projected to reach a revised size of US$4 Billion by 2026, registering a compounded annual growth rate (CAGR) of 13.9% over the analysis period. The United States represents the largest regional market for Smart Lock and is projected to reach US$1.0 Billion by 2026. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 15.8% over the analysis period.
As Industrial Internet of Things (IoT)/Industry 4.0; factory automation and smart factory gains momentum, equal emphasis will be placed on smart security system. As production and process machinery and equipment in plants and factories become increasingly intelligent, automated and data rich and data-driven, access control for these system also becomes equally important. Ensuring right authentication to the rightly credential employee becomes more important than ever to ensure asset protection and prevent asset mismanagement and damage.
Industrial and manufacturing access control systems are growing in popularity in parallel to the smart factory trend. The importance of smart factory security cannot be undermined. In addition to cyber security of manufacturing IoT networks, physical access to manufacturing systems is also important to ensure safety of equipment, processing quality and final quality of finished products.
Under this scenario, locks, key cards, and video surveillance, among others are witnessing robust demand. Smart locks especially are witnessing growing importance and prominence given their ability to scale to a digitalized factory environment and needs by offering synergistic digital and electric features and functions.