The Smart Lock Market in Latin America is anticipated to witness significant growth over the forecast period. It is estimated that the target market in this region is growing at a CAGR of around 10.3%.
Smart Lock system is an electromechanical locking system that was is designed to perform locking and unlocking operations on doors when they receive such respective instructions from an authorized device using a protocol which is wireless and cryptographic key for executing the authorization process. These smart locks, also, monitor access and sends the alerts for different events that it monitors and some other critical events related to the status of the device.
The growth of the smart locks market in Latin America is attributed to the rapid penetration of smartphones & other connected devices and the concerns regarding the safety of their homes along with the growing crime rates. Along, these smart locks provide ease of usage and works on either Wi-Fi, Bluetooth, or both. As smartphones are becoming an integral part of today's lifestyles in most of the countries, the usage of smartphones grows and more users are acquiring these electronic devices for everyday usage, which is boosting the growth of the target market.
Harbor Group International, a privately-owned international real estate investment and management firm, has acquired the Spectrum Brands World Headquarters Property in Madison worth USD 52 Million.
Unikey Technologies has stated they have raised about $1.1M for Smartphone Door Keys technology which is non-reliant on any application but only a smartphone. This smart lock system is programmed to get unlocked whenever the phone in its nearest radius.
Drivers, Challenges & Opportunities of Latin America Smart Locks Market
Heavy investment in R&D activities of these smart locks by the market players and increased focus of the society towards the Internet of Things (IoT) is the major factor that was driving the growth of the Latin America Smart Locks Market. And the other factors driving the target market in Latin America include robust growth in demand for portable security devices, development of smart cities, and a rise in security threats.
However, the high prices of these devices, fear of privacy intrusion and situations like losing smartphones are hampering the market growth.
Further, the rising number of smartphones and the increasing popularity of smart technology are creating lucrative opportunities for market expansion during the forecast period.
By End-Users: Commercial and Residential.
By Technology: Bluetooth and Wi-Fi.
By Product Types Deadbolts, Lever Handles, Padlocks, and Others.
By Region: Brazil, Mexico, Argentina, Chile & the Rest of LATAM. In the regional analysis of the Latin America Smart Locks Market, Mexico, Spain, and Cuba are the major contributors to the market share. The growth of the target market in these countries is attributed to the increasing adoption of smartphones and the growing concerns about the safety coupled with the rising crime rate in these countries.
The Key Players of the Smart Lock Market in Latin America include the Candy House Inc., Cansec Systems Ltd., HavenLock Inc., Spectrum Brands Holdings, Inc., Kwikset Corp., Master locks Co., MIWA Lock Co., Ltd., Onity Inc., August Smart lock, Sentrilock LLC, UniKey Technologies, and Schlage.
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