Unlocking the Smart Locks Industry

Everywhere we go we are beginning to see new and more advanced smart locks devices, also referred to as keyless entry systems. With their new and enhanced security features they provide more convenience compared to the traditional key locks. That’s why many house and business owners have replaced traditional locks with smart locks all over the world. 

The Smart Lock Market size was estimated at USD 1.9 Billion in 2021, at a CAGR of 12.8% during the forecast period (2022-2030). The market is expected to reach USD 5.6 Billion by 2030.

A decade ago, the development of the global smart lock industry entered the growth period of the industry. After several years of development, the global smart lock industry technology has gradually matured, and now is growing even faster due to 5G technology. 

smart lock market growth graph

What are smart locks and how do they work?

Smart locks are electronic locks that enable or restrict access by using digital entry methods like keycards, mobile phones, or biometric methods like fingerprints. These locks can be Wi-Fi enabled, Bluetooth enabled, or touch-sensitive. Smart locks often enable access remotely via an app and can be customized to give access to authorized people only. 

In fact, it is not new to unlock a lock through fingerprint recognition. The main difference is that now you can remotely control and open the door, easily, through your mobile phone. Smart door locks have been around for several years. 

Going forward, more and more people will start using them. They provide convenience and security but also because they are easy to monitor and manage from a distance. Placing them has also become easier and easier overtime.

The benefits of smart lock technology

Smart lock systems are very appealing to both consumers and companies due to their wide range of features and advantages. The ease that a smart lock provides makes it really appealing. Smart locks give you the ability to give access to friends, family, coworkers, or visitors without being physically present. This can be especially useful for companies that may need to provide employees access depending on their job responsibilities or at certain times of the day.

Another benefit of smart lock technology is the increased security it can provide. Advanced encryption technology in smart locks makes them far more difficult to hack than traditional locks. Furthermore, many smart locks include automatic locking and unlocking capabilities. This can help to guarantee that your house or business is always secure. These days, a lot of smart locks include extra features like motion sensors and alarms that can provide that extra security if someone is attempting to obtain unauthorized access. The growth of AirBnB’s rentals also contributed to the growth of smart locks. In addition, home deliveries became even simpler since you can unlock your door remotely to avoid having your package sent back or dropped at one of your neighbours when you are not home.

The growing adoption of smart lock technology

More homeowners and businesses are choosing smart lock technology as their preferred security solution. This can be attributed to the fact that it is constantly evolving and becoming more easily accessible to the public. In recent years, an increasing number of different kind of industries have looked at smart lock options. For example, they can integrate them in their workplaces and facilities, including residences, hospitals, and schools. As a result, emerging brands with innovative smart lock technologies are growing rapidly.

We are delighted to work with some of the most cutting-edge companies that provide smart lock devices. One great example is LOQED, an innovative company with smart lock technology. Loqed provides the only lock that opens with a single touch. Even if your phone dies you can still enter with your security code. 

The future of smart locks

Smart locks will undoubtedly continue to play a significant role in our homes and companies across the globe as technology progresses rapidly. Smart locks technology is a popular alternative for many applications since it provides convenience and stronger security features. It is now easier than ever for customers and businesses to decide which type of lock system is best for them. By thoroughly understanding the various smart lock types available and advantages they offer, they can select which best fits their needs.

The smart lock market has a huge potential for future growth. Tradesnest is constantly keeping an eye on the latest trends to identify interesting and unique innovations for distributors on the platform. The goal is to support innovative brands and to find new partners to expand their sales in new markets. 

If you are a distributor who is interested in the latest trends in consumer electronics and looking to expand your portfolio then we would like to invite you to register for free here and connect directly with the best emerging brands to build new partnerships. 

Sources: https://marketresearchcommunity.com/