A Wi-Fi smart lock is an electronic lock that can be controlled remotely from the user’s smartphone device as it uses Wi-Fi connectivity to interact with other sensors and devices. Deadbolts and padlocks are the two major types of Wi-Fi smart locks. These locks find applications in residential as well as commercial buildings. Using a smart lock offers better connectivity, convenience, and security while eliminating the need for physical set of keys. Several other major benefits include enhanced security & comfort and savings in terms of energy as well as money.
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Deadbolts to be the Best-Selling Wi-Fi Smart Locks
Among two major lock types, the deadbolts segment accounted for a major share owing to low installation costs and higher durability of these locks in comparison to other smart locks. Deadbolts are the most widely used residential locks. Rising usage of these locks in commercial and residential applications is also anticipated to boost the segment demand over the next few years.
In addition, various technological and product advancements by key players are also likely to have a positive impact on the segment growth. For instance, Nest Labs recently announced the launch of Nest x Yale Lock, a new tamper-proof, Wi-Fi-enabled, smart deadbolt lock developed in collaboration with Yale Locks and Hardware. This new product enables users to lock or unlock a door from anywhere and creates passcodes for authentic access.
Market Overview
Findings of a report available on Radiant Insights, Inc., suggest that the WiFi smart lock market would witness substantial growth from 2018 to 2022 (forecast phase) due to high product demand from residential sector due to rising safety concerns. Advances in technologies such as IoT due to the increased usage of smartphone and other connected devices are also likely to drive market growth. Furthermore, rising focus on smart city development across developed and developing regions is also expected to fuel demand over the forecast period. Key companies in this market are Spectrum Brands Holdings, Inc.; Assa Abloy Group; Shenzhen Evertones Technology Co., Ltd.; Allegion PLC; and ZKS GROUP CO., Ltd.
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