Keyless Entry System Market Size, Application, Region, Growth Forecast [ 2022 - 2032 ]

Advances in home automation have revolutionized the overall approach towards physical security. Electronic keyless entry systems such as remote control locks, electric door strikes, and keyless locks enable users to lock and unlock their homes remotely, thereby providing enhanced flexibility and convenience. Technological advancements have broadened the horizon for product development, leading to the introduction of IoT integrated devices such as keyless entry systems. In a new study by Persistence Market Research, the global keyless entry system market is projected to witness a growth rate of 10.2% during the eight year period 2018 to 2026.

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Leading tech giants are working on automating home entry systems through the incorporation of cloud systems and Artificial Intelligence. For instance, Amazon launched Amazon Key in the U.S., which is still in the testing phase. It relies on the Cloud Cam (also a product of Amazon) along with a compatible smart lock. The camera is the center of this entire process and is connected to the Internet through the Wi-Fi of the concerned home. The camera is empowered to communicate with the lock via Zigbee, which facilitates keyless entry for Amazon delivery executives to deliver shipments. Some of the other companies working on innovative home automation systems include

• ASSA ABLOY AB
• Safran Group
• Gemalto NV
• NEC Corporation
• Suprema, Inc.
• Aware, Inc.
• Daon, INc.
• Vivint Smart Home Inc.
• Anviz Global
• Others.

Structured research and development along with product differentiation continues to drive the growth strategies of these companies, given the fact that the scope for innovation in home automation is peaking with every passing day.

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Burgeoning Demand from Education and Healthcare Industries to Boost Growth in Revenue

Owing to the enhanced features associated with keyless entry systems, an increasing demand is being witnessed from various industries, especially from the education and healthcare sector. Biometric entry systems enable educational institutions to monitor student entry and manage daily attendance. Keyless entry systems are widely used in hospitals to keep a close tab on the entry of individuals in restricted areas. As the security aspect continues to gain more relevance across diverse industry sectors, the adoption of keyless entry systems is expected to surge in the coming years.

High CAPEX May Inhibit Adoption Rate

One of the chief dynamics that may adversely impact the early adoption of keyless entry systems is the high initial investment required in installing remote accessible entry access systems, NFC/proximity card-enabled access systems, smart card-enabled access systems, and biometric devices. This cost complexity is tipping the scales in favor of traditional door entry systems, thereby hindering the global sales of keyless entry systems.

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Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients' business needs.

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