Please breakdown the international market of "smart lock", "smart card reader" and digital key by B2C (home) (i.e., the number of smart door lock selling, the number of users who use smart key, market growth, etc. as available). Looking for info for past year and forecast for this and next year.
Hello, and thank you for your question about smart locks and trends within the home market for these devices. The most useful resources I found to answer your questions were research papers from August and Grand View Research. The short version is that this industry is under a period of rapid growth. There are concerns about the security of these devices, but new technology and increased security should boost sales of these locks in the next few years. Below you will find a deep dive into my findings.
I searched corporate websites, industry reports, trusted media sites and white papers to find the most relevant information on the international market of "smart lock", "smart card reader" and digital key by B2C. However, many of the international reports are behind paywalls. It is predicted that America will lead the way in this technology and other geographical areas will follow. My results are as follows:
NORTH AMERICAN MARKET GROWTH
1.2 million homes in North America currently have a smart lock of some form. In March 2016, XFinity surveyed people in the USA and discovered that 18% of consumers planned to add a smart device to their home in the coming year, 60% doing so because it increases family safety. Those in the 18-29 age range are more likely to consider smart home technology. Of all the smart home devices included in this survey, 13% are most likely to consider "a smart lock to remotely control access to your front door." These figures indicate that 744,000 Americans (2.3% of the population) would consider adding a smart lock to their home in the coming year.
GrandView Research estimated that the industry was worth $404.1 million in 2015; while NextMarket Insights predicts that the worldwide market for smart locks will grow from $261 million in 2013 to $3.6 billion in 2019. North America and South America will make up 55% of this market. These figures are backed up by the growth in secure element shipppings.
The access control market as a whole is also experiencing growth, with a CAGR of 7.49% between 2016 and 2022. It is expected to reach $9.80 Billion by 2022. The international market is "anticipated to observer the maximum growth in the Asia-Pacific region, especially in countries such as India, China and Japan." The Smart Locks market is predicted to "expand at a stable rate in other regions of the world as a result of a decelerating worldwide economy in these regions." Key players in the international smart lock market include "AT&T Intellectual Property, Comcast, HAVEN, Lowe’s Companies, Inc., MIWA Lock CoStaples, Inc., UniKey Technologies, Inc. and Yale Real Living.
The global smart cards market is expected to grow , in terms of revenue at a CAGR of 7.4% till 2023. It is expected to reach a market size of US $14.1 billion by 2023. A recent report from Transparency Market Research stated, "the scope and advantages of using smart cards in the current banking and finance industry are massive. The primary aim of implementing smart card technologies, especially in developed economies, is the introduction of stronger security measures against the growing counts of data theft. The retail and BFSI industries have shown a high demand for smart cards as a feasible security measure." Asia Pacific countries including; Australia, Hong Kong, Japan and South Korea are the top Asian Pacific locations for regional and global smart card solutions providers. China and India are showing "high potential for market penetration due to rapid economic growth and a high population density." The China Smart Key market is expected to grow, in terms of revenue, with a CAGR of around 27% to $1.7 billion by the end of 2020.
BENEFITS AND CONCERNS
Many people are interested in adding a smart lock to their homes, but are holding off until their concerns over the ability to hack these devices are reduced. There are also worries over the way dead phones, power usage and battery life may impact on their usability.
Many others see the positives of this technology. The ability to let others into your home when you're away was appealing for those wanting to let cleaners (41% of those surveyed), dog walkers (35%), or even delivery men (19%) have access. There is also interest from those renting out their home on sites like airbnb, especially as it allowed late check in and no physical handling of keys.
It is expected that new technologies, particularly low-power Bluetooth, Near Field Communication (NFC), and Z-wave/ZigBee, will lead to an increase in demand for smart locks.
PC World, one of the most trusted online technology review sites, recently listed the best smart locks for 2017. These included locks using a range of technologies, but all appear to currently have weaknesses in one or more areas.
To wrap it up, smart locks are undergoing a period of growth, currently around 7% a year. People are starting to realise the benefits of being able to let others into their property without access to a physical key. New technologies will only increase the desirability of smart locks and the area should grow to be worth $3.6 billion in 2019.
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