Global Smart Locks Market to Reach $2.8 Billion by 2024

Amid the COVID-19 crisis, the global market for Smart Lock is projected to reach US$2.8 Billion by 2024, registering a compounded annual growth rate (CAGR) of 14.0% over the analysis period. The United States represents the largest regional market for Smart Lock, accounting for an estimated 31.0% share of the global total. The market is projected to reach US$949.7 Million by the end of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 16.0% 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. Interestingly, physical security is the first line of defense in a manufacturing environment since some of the most severe damages occur when entry is gained inside the factory floor. In other words, not only data needs to be kept safe but also machines and physical equipment present on the factory floor. Authorized access to plant floor can result in inventory; data loss and lift from smart machines; intellectual property theft, among others.

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. For instance, in a smart factory environment where remote operation is popular, smart locks offer the capability to digitally ensure and validate authentication and authorization of the right personnel with the right machines. Also smart locks with fingerprint identification, facial recognition, and other biometric parameters provide higher levels of safety and security than traditional mechanical locks. And in an industrial environment where focus is shed on connecting data generated by factory systems with the enterprise database to facilitate big data analysis, smart locks can capture, store and transmit information and data on authentication requests and processes to the enterprise datapipe. Industrial control systems are the backbone of smart automation in a smart factory and therefore need to be protected. Smart locks can provide highly reliable and secure authentication to access and operate the same. In conclusion, reliable hardware based protection is still needed and in reality is as important as cyber security in helping secure smart factories of the future. Smart locks are a type of cyber-physical systems that integrate digital computing elements and components with physical components and processes. In addition to securing the physical environment, they also perform digital functions that ensure distributed intelligence across the environment to gain a deeper knowledge and better security outcomes. As a cyber-physical devices smart locks are rapidly replacing traditional door locks and cane be electronically controlled by mobile devices and/or by the company`s remote servers.