The wireless access and locks market is growing and appears set to continue, thanks to technological advancements, innovation, and a growing emphasis on security and convenience.
Smart Lock Adoption and Integration
The adoption of smart locks is expanding, particularly in residential applications. This is due to the increasing popularity of smart home technologies. The ability to control locks via smartphones, integrate with smart home systems, and enhanced security features have attracted residential consumers, whether they own or rent their homes.
More and more smart locks are becoming compatible with wireless communication protocols, such as Wi-Fi, Bluetooth, Zigbee, and Z-Wave. These integrations allow seamless connectivity with other smart devices and enable remote locking/unlocking features, real-time alerts, and voice control.
Residential applications are not the only market segment showing growth. Specific commerce sectors, such as hospitality and real estate, where security and convenience are paramount, are also experiencing significant growth.
Security Feature Innovations
Biometrics, such as fingerprint recognition, are becoming more common in smart locks, offering extra security. This feature appeals to residential and commercial customers because it provides convenience without compromising security.
The latest advancements in wireless access and locks allow users to receive over-the-air updates to ensure they’re updated with the latest security protocols. Some new models are powered wirelessly, eliminating the requirement to frequently replace batteries, with the ultimate benefit being uninterrupted service.
What the Future Holds
The growth of the smart locks market is not limited to the residential and commercial applications previously mentioned. They’re expected to find applications in new areas that require secure, convenient access control solutions, such as smart cities, public transportation, last-mile delivery, and self-service, as well as shared economies.
Examples include Smart Lockers and Parcel Lockers, which provide secure, contactless delivery and pickup points. Customers receive a notification with a unique code to access their package, making it convenient for those unable to receive deliveries at home. Smart locks also enable couriers to gain temporary access to secure areas via one-time use codes or digital keys to ensure packages are left in safe locations like lobbies, garages, or even inside homes.
Additionally, delivery companies’ use of geofencing to notify recipients when a package is about to arrive or has been delivered continues to grow. This can also trigger temporary access permissions for smart locks.
Evolving 5G technology is expected to enhance smart lock capabilities, offering faster data transfer, more reliable connections, and more. This will benefit features like real-time monitoring and remote access.
Future smart locks will offer greater customization options and be available in various styles, materials, and finishes to meet consumer preferences and home decor. The UX is expected to continue improving, making these devices more intuitive and user-friendly.
Market Dynamics and Challenges
The smart locks and wireless access market is primed to continue significant growth. Due to high technological penetration and consumer spending power, North American countries are expected to be the leading adopters, with the Asia Pacific region also expected to experience rapid growth driven by urbanization and the development of smart cities.
The market is expected to reach $8.14 billion by 2030, growing at a compound annual growth rate (CAGR) of 19.6% from 2023 to 2030.
Cybersecurity threats and the need to standardize across different platforms and devices present the most substantial challenges to the wireless access and smart locks market. Addressing these issues is crucial for sustained growth and consumer trust.
Sources:
https://www.cepro.com/security/access-control/2024-trends-and-predictions-for-the-smart-lock-market/
https://www.avigilon.com/blog/access-control-security-trend
https://www.mordorintelligence.com/industry-reports/global-access-control-market-industry
https://www.mordorintelligence.com/industry-reports/smart-lock-market
https://www.grandviewresearch.com/industry-analysis/smart-lock-market