According to a new report from NextMarket Insights, the global smart lock market will grow from $261 million today to $3.6 billion by 2019.
The residential lock market is going to be radically reinvented in the coming decade, as a new breed of connected locks and access control systems grow in popularity worldwide. According to a new report from NextMarket Insights, the global smart lock market will grow from $261 million today to $3.6 billion by 2019.
"The mainstreaming of the smart home is driving innovation in previously forgotten categories of home hardware and systems," says Michael Wolf, Chief Analyst with NextMarket Insights. "Established security and home hardware companies increasingly face competition from upstarts who are introducing a new breed of smart and connected locks into the market."
The first wave of smart locks were based on Z-Wave and Zigbee and were integrated as part of a whole-home smart home platform. Now a new category of innovative locks with integrated Bluetooth Low Energy, Wi-Fi and possibly NFC are coming to market that give consumers a low-cost and easy entry point into connected access control using their smart phone.
"We believe that while the smart and connected lock market today is largely Z-Wave and Zigbee based," says Wolf, "there will be strong demand in coming years for newer direct-connect smart and cloud-connected locks using other radio interfaces."
Much as the smart phone has increasingly been used as a wallet and TV remote control, so will it become the "digital keys" to a person's house. Additionally, NextMarket Insights believes the ability for smart lock owners to create digital keys for guests, track activity and also revoke keys using apps and cloud management tools will prove extremely popular selling points for smart locks in coming years.