Smart Lock Market Trends

Growth Drivers

• Growing integration of AI and ML - Due to advancements in technologies like the Internet of Things (IoT), Artificial Intelligence, and AI & ML, it is predicted that the use of smart locks will rise during the projection period. Moreover, rising customer awareness of the advantages and security provided by intelligent door locks is fuelling the market's expansion. Because of their efficiency and intricacy, they have been implemented in a number of areas to improve safety. Overall, the smart lock market is predicted to witness significant surge due to growing integration of AI and ML. 

• Emergence of smart cities - The swift worldwide proliferation of smart city endeavors has led to a surge in the requirement for intelligent equipment, such as smart locks, to guarantee enhanced safety for city dwellers. By 2050, 60% of the world's population is expected to be living in smarter cities. Smart door locks and smart alarm systems are two examples of advanced smart home appliances that come with improved characteristics. In the upcoming years, it is predicted that these devices will be widely used. Thus, the smart lock market will have substantial growth prospects in the near future.

•  Rising adoption of connected devices and smartphones - One of the main factors propelling the growth of the market is the increasing demand for tablets, smartphones, and other connected devices. In many developed economies, smartphone adoption is accelerating. In the foreseeable future, demand for smartphones will be fuelled by growing economies like China, India, Malaysia, and Indonesia. Businesses are encouraged to make more strategic investments in smartphone-based applications and mobile websites due to the surge in Internet usage and the increasing popularity of smartphones.
  
  In 2022, the global penetration rate of smartphones will reach 68%. That's based on the fact that there are more than 6.3 billion subscribers to smartphones and a worldwide population of about 7.4 billion. There's an increasing number of mobile phone users around the world. They are projected to reach 4.74 billion by 2024, an increase of 2.2% per year. Due to their ability to receive and transfer data, cellphones, smart home hubs, and other similar devices are mainly used to run smart locks.
  
  Virtual keys for smart locks can be accessible with smartphones, portable devices, and other linked devices; no real key is needed. Thus, this industry is driven by smart locks' capacity to be operated via smartphones and other connected devices.

Challenges

• Rising risk of cyberattacks - Smart locks, being IoT-enabled devices, are susceptible to cyberattacks. Hackers may exploit vulnerabilities in the device’s software or network communication, gaining unauthorized access to the safety and compromising the security of the property. Smart locks often store sensitive user data, including access logs and biometric information. If not adequately secured, these devices can become targets for cybercriminals seeking to steal or manipulate this data leading to potential privacy breaches, thus restricting the smart lock market’s growth.

• Lack of awareness among the consumer base, can lead to the market’s restrained growth.

• Jamming or signal interception attacks may be possible with smart locks that rely on wireless communication, such as Bluetooth or Wi-Fi.