Smart Lock Market: Global Industry Analysis And Forecast (2023-2029)

Smart Lock Market size was valued at US$ 2.11 Bn. in 2022 and the total Smart Lock revenue is expected to grow at 12.6 % through 2022 to 2029, reaching nearly US$ 4.83 Bn.
Smart Lock Market Overview:
A smart lock is a Wi-Fi or Bluetooth-enabled smart home device that allows users to lock and unlock a door using a mobile app on their smartphone or tablet. Users can get a notification on their smartphones if any unwanted access is noticed while the owner is away from his home. According to Maximize Market Research, the global Smart Lock technology market was worth USD 1.87 Billion in 2022 and is expected to grow at a CAGR of about 12.6 % by 2029. Infrastructure development will increase the demand for advanced biometric solutions and smart locks, especially in technologically advanced nations like India, China, and Brazil. The smart lock market is expected to rise due to reasons such as rising security and safety concerns, increased usage of smartphones and other connected devices, and their improved features over conventional lock systems.To know about the Research Methodology :- Request Free Sample Report
Smart Lock Market Report Scope:
The Smart Lock market is segmented based on Lock Type, Communication Protocol, Unlocking Mechanism, Vertical, and Geography. The growth amongst these segments will help our clients to analyze the industries and provide the users with a valuable market overview and market insights to make strategic decisions for identifying core market applications. The research study provides an in-depth analysis of the market and contains meaningful insights, facts, historical data, and statistically supported and industry-validated market statistics. It also includes estimates based on an appropriate set of assumptions and methodologies.

Bottom-up approaches are used to estimate the Smart Lock market size. Major Key Players in the Smart Lock market are identified through secondary research and their market revenues are determined through primary and secondary research. Secondary research involved a study of the top manufacturers' annual and financial reports, while primary research was done through interviews with company key persons and industry professionals such as experienced front-line staff, CEOs, and marketing executives. Some of the leading key players in the global Smart Lock technology market include Ruckus and ASSA ABLOY. They are providing smart locks for hotels. They are continuously strategizing on mergers & acquisitions for the expansion of their market share and growth opportunities during the forecast period.

The study gives insight into the growth dynamics of the Smart Lock market in regions such as the Middle East and Africa, Asia Pacific, Europe, North America, and Latin America. The smart lock market share in Vietnam is expected to grow strongly and account for about 3% of the total market during the forecast period. This will open up great opportunities for the Vietnamese smart lock market to compete with foreign competitors.

COVID – 19 Impact on Smart Lock market:

Smart Locks have gained significant traction during the outbreak and are expected to witness numerous opportunities since the locking/unlocking procedures can be carried out using voice recognition and smartphones/smart gadgets to reduce the physical touch. Such technologies are enabling manufacturers to fulfill customer demands for touchless/contactless platforms to operate their devices, thus the market is gaining popularity during these challenging times.
Smart lock Market Dynamics:
The smart lock is the latest trend in hotels.

The smart lock is the latest trend taking over the hospitality market. The smart lock market's popularity emerges after the Covid-19 pandemic because customers and businesses go digital nowadays. Mobile Apps based check-in has made life much easier for not only the guests but also for hotel staff. Wireless electronic door locks in hotels provide easier ways to secure rooms, increase staff productivity, and make guests feel more secure. Smart locks account for the majority of sales for every major lock manufacturer in the hospitality sector. Smartphone lock use is increasing with more than 5 million rooms in the United States. universal acceptance will take time. The growing rate of technology innovation in hotel sectors has fueled market growth during the forecast period. Hotel guests in Asia, Europe, and North America were surveyed in early 2022 to determine which aspects of the guest journey planned to digitize the hotel. The great majority of respondents, 70% of respondents said they wanted to digitize the check-in/check-out procedure.

Increased use of Smart Locks For Apartments

There are several major reasons why smart locks are becoming increasingly popular, particularly among multifamily property managers. Apartment smart door locks are evolving at a rapid rate over the forecast period. According to the NMHC in 2022, 59.4 % of renters are interested in having a smart lock in their unit. Most landlords and property managers appreciate the convenience of smart locks since they eliminate the need to worry about losing keys or changing locks when tenants move out. When tenants leave, changing locks is a time-consuming and expensive issue. Property managers can remotely open doors for real estate agents or prospective tenants with remote access via the smart lock app.

Growing security concerns, easy Convenience, and other advantages

Consumers in higher-income classes and urban areas have a higher awareness of smart locks. E.g. users in developed countries such as the United States are the main consumer groups. People in these regions are more and more aware of the importance of the Internet and are willing to pay more for their comfort, luxury, and convenience. Furthermore, owing to the increased robbery rate at a global level has boosted the growth of the market over the forecast period. As per statistics, the robbery rate in the United States was 73.9 cases per 100,000 of the population in 2020. Smart locks have been developed to deliver effective and user-friendly services since their introduction. No one can take a key and duplicate it to get entry to the property while no one is present at home.

Users can provide access to those they expect by providing them with unique codes that can be modified and canceled. Furthermore, users may check if their doors are secured remotely from their phones, providing peace of mind from afar. All smart lock applications also enable users to send virtual keys that may be used for a specified duration by family, friends, guests, or service employees.

Increase in Trend for Internet of Things (IoT)

In the past few years, the number of global smartphone users has continued to rise that lowering the threshold for users to accept smart homes. Therefore, people have gradually realized the beauty of convenient and convenient interactive interfaces to life. The increasing Internet penetration and popularity of IoT together with the benefits of connecting smart locks to the Internet are the primary drivers generating a big opportunity for the smart lock market to grow. Smart locks may be controlled remotely via smart lock manufacturers' servers.

The vendor's cloud server stores all information about a smart lock's properties and virtual key. Smart locks provide simple key sharing with other authorized individuals, as well as reporting and monitoring of unwanted access and lock breakage. As per the study, 51% of the population lives in cities, thus the IoT-enabled smart locks market has several growth potentials. The Internet of Things (IoT) makes real-time data and remote monitoring more accessible, which is expected to fuel the growth of the smart locks market throughout the forecast period.

Restraint for the Market

Consumers' perception of the reliability of smart locks is hampered by the threat of hackers. Smart locks might become vulnerable to hackers if they are not regularly updated. Because they are electrical devices, they can be interrupted by cyber attackers who can generate fake access codes using smartphones. Although many smart lock models run on battery or electricity, a power failure might disrupt their operation and make them unsafe. As a result, the high cost and perception of unreliability act as market restraints during the forecast period.
Smart Lock Market Segment Analysis:
By Lock Type, the deadbolts segment held the greatest market share in 2022. The rising applications in numerous sectors and ease of installation are driving the growth of this segment. Deadbolts are one of the most frequent types of exterior house locks. Low installation costs, great durability, and effective protection against intensive incursion or attacks in residential, commercial, and other verticals are driving the growth of this segment. Furthermore, market leaders such as Kwikset are developing their portfolio of advanced deadbolts with built-in features such as low battery warning, one-touch locking, and customized user codes, attracting a large user base.

By Communication Protocol, the smart lock market for the Bluetooth communication protocol segment accounted for the largest market share in 2022. Due to the limited 300-foot range of Bluetooth smart locks, users can only operate their locks if the user is close to their homes. It is a reasonable technology that may be used for many purposes, including asset security, jewelry safekeeping, and access control. It is a very cheap and affordable configuration smart lock that allows convenience and security for consumers. This factor is fueling the demand for smart locks market growth during the forecast period.

By Unlocking Mechanism, the Touch Based segment is the fastest growing unlocking mechanism of the smart lock market. The fingerprint recognition technology is used in smart locks' touch-based unlocking mechanism. Fingerprint recognition is a quick and easy way to identify and authenticate people. Biometric authentication can complement the emerging smart house trend and bring real value to modern domestic security systems. Unlike password-protected smart locks, biometric authentication uses personally identifiable information saved securely on-device (whether the lock itself or a fingerprint-secured access card) for optimum privacy. This makes biometrics difficult to hack.

By Vertical, the residential segment dominated the smart lock market in 2022 accounting for 65.7 % of the revenue share. The market growth can primarily be attributed to the rising global smart home penetration as well as an increasing number of new and renovation projects across the sector during the forecast year. Additionally, the rising affordability of advanced security tools such as door and window opening sensors, motion detectors, and remote door locking/unlocking is expected to further drive the adoption of smart locks in the residential segment.


Smart Locks Market Regional Insights
North America is a technologically advanced region with a significant market for smart lock technology. The increased awareness of home security solutions, as well as the benefits given by smart locks such as connection via smart devices and remote access capabilities, are driving the regional market's growth. Furthermore, the recent surge in the trend of smart homes, increased use of IoT-based services, and the huge presence of smart lock manufacturers are factors boosting the growth of the North American smart lock market. The important nations contributing to the growth of the smart lock market in this region are the United States, Canada, and Mexico.

Asia Pacific is expected to be the fastest-growing region with a CAGR of more than 25.7% during the forecast period. The significant increase may be attributed to an increase in the number of residential and commercial projects as well as ongoing smart city initiatives in emerging nations like India. Furthermore, smart home penetration in the region has increased significantly, which is playing an important role in raising awareness about advanced devices and technology.

The objective of the report is to present a comprehensive analysis of the Smart Locks market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Smart Locks market dynamics, and structure by analyzing the market segments and projecting the Smart Locks market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Smart Locks market make the report investor’s guide.
Smart Locks Market Scope: Inquire before buying



Global Smart Locks Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 2.11 Bn.


Forecast Period 2023 to 2029 CAGR:
12.6 %
Market Size in 2029:
US $ 4.83 Bn.


 Segments Covered:
by Lock Type
Deadbolt Locks
Lever Handles
Server locks & Latches
Knob Locks
Others


by Communication Protocol
Bluetooth
WiFi
Z-Wave
Others


by Unlocking Mechanism
 Keypad
Card Key
Touch Based
Key Fob
Smartphone-Based


by Vertical
Commercial
Residential
Institutional & Government
Industrial
Transportation & Logistic



Smart Lock Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Smart Locks Market Key Players
1. ASSA ABLOY (Sweden)
2. Allegion plc (Ireland)
3. dormakaba Group (Switzerland)
4. Spectrum Brands Holdings, Inc. (U.S.)
5. Salto Systems S.L. (Spain)
6. Carrier (U.S.)
7. Cansec Systems Ltd. (Canada)
8. GANTNER Group (UAE)
9. Master Lock Company LLC (U.S.)
10.Master Lock Company LLC (U.S.)
11.Samsung (South Korea)
12.SentriLock, (U.S.)
13.Avent Security (Vietnam)
14.DESSMANN Schliessanlagen GmbH (Singapore)
15.Haven Lock, Inc., (U.S.)
16.Dahua Technology Co., Ltd (China)

FAQs:

1. Which is the potential market for Smart Lock in terms of the region?
Ans. In the Asia Pacific region, the significant increase may be attributed to an increase in the number of residential and commercial projects as well as ongoing smart city initiatives in emerging nations like India are expected to drive the market.

2. What is expected to drive the growth of the Smart Lock market in the forecast period?
Ans. The growth of this smart lock market can be attributed to the rising demand for smart homes and rising urbanization across the globe during the forecast period.

3. What is the projected market size & growth rate of the Smart Lock Market?
Ans. The Smart Lock Market size was valued at US$ 2.11 Bn. in 2022 and the total Smart Lock revenue is expected to grow at 12.6 % through 2022 to 2029, reaching nearly US$ 4.83 Bn.

4. What segments are covered in the Smart Lock Market report?
Ans. The segments covered are Lock Type, Communication Protocol, Unlocking Mechanism, Vertical, and Region.