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Smart Locks Market 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) - Growth, Future Prospects, Competitive Analysis And Forecast 2016 - 2028

About this report

The Global Smart Lock Market report explores the critical analysis of the smart lock industry using key parameters. The report consists of investment strategies, the need for investments in the smart lock industry, and the multiple benefits for the investors. Importantly, this report sets out major changes in the global technical regulations for the smart lock industry and how economic and non-economic barriers are helping the market grow. Moreover, the report analyses the global, regional, and country-level historic and forecasted market size. The report also provides a comprehensive analysis of key investment propositions, demand and supply gap, competitors positioning, STAR analysis, SRC analysis, and Tornado analysis. Key technological developments and other analyses include Porter's five forces analysis, PESTEL analysis, value chain analysis, etc.

smart-lock-market

Key Highlights of the report

How are the major segments performing in the Smart Lock Market?

  • The deadbolt locks segment led the market in terms of lock type in 2021 and is expected to continue throughout the projection period. The increased deployment across various sectors and the ease of installation are attributed to the segment growth. Low installation costs, high durability, and adequate protection against serious intrusion or direct attacks from residential, commercial, and other sources contribute to the segment market's growth.
  • The WiFi communication protocol segment dominated the global market in 2021 due to its accessibility from various devices, including laptops, smartphones, and tablets. In addition, these systems' wireless connectivity and high-speed capabilities expand their application in home automation systems.
  • In 2021, the touch-based unlocking mechanisms segment held the largest global market share owing to the use of fingerprint recognition technology in smart locks' touch-based unlocking mechanism. Fingerprint identification is a quick and simple method for recognizing and authenticating people. Modern home security systems can benefit greatly from biometric authentication, a trend emerging with the smart home movement.
  • The residential vertical segment dominated the global market in 2021 and will continue to dominate throughout the forecast period. The market's expansion is primarily attributable to the increasing number of construction and renovation projects expected to be undertaken in the sector over the coming years and the growing global smart home penetration. The adoption of smart locks in the residential market is also anticipated to increase due to the decreasing cost of advanced security tools like window and door opening sensors, remote door locking/unlocking, and motion detectors.

Which region dominated the Smart Lock Market?

North America dominated the smart lock market in 2021 and is expected to maintain its dominance throughout the forecast period owing to the advancements in smart lock technology. The increased awareness of home security application solutions and the benefits of smart locks, such as connectivity via smart devices and remote access capabilities, are driving regional market growth. Moreover, the recent surge in the trend of smart homes, increased use of IoT-based services, and the large presence of smart lock manufacturers are factors boosting the growth of the North American market. The United States, Mexico, and Canada are the major countries contributing to the region's smart lock market growth.

What is the competitive environment of the Smart Lock Market?

The smart lock industry is undergoing rapid transformation. It has consolidated recently, with leading companies competing for the largest market share. Many companies use partnerships, acquisitions, investments, product launches, and R&D to differentiate their portfolios and establish a market presence. For instance, SALTO Systems, a manufacturer of electronic access control solutions, acquired Gantner Electronic Austria Holding GmbH in October 2020 to broaden its product offerings in electronic access control systems. Moreover, adopting IoT to advance non-contact lock technology gained traction as top companies introduced solutions requiring less human interaction. Kwikset introduced its expanded product line in March 2020, which includes Microban SilverShield technology, which helps to reduce viral growth in departmental platforms. The company also intends to broaden its collaboration with Microban by launching key and smart locks developed by the end of 2021.

Executive Summary

What are all the technical developments being developed in the Smart Lock Market?

The rise in global smart home adoption and the influx of companies offering home automation technology drive demand for smart locks. The industry's players focus on developing commercially viable products and advanced strategies, such as remote locking/opening doors and windows. Besides, as the number of homes equipped with voice assistants grows, manufacturers integrate their offerings with such devices, allowing the voice to control locks. Such advancements increase customer popularity by seeking advanced technology and simple locking/unlocking systems. Communication technologies such as ZigBee, Wi-Fi, Z-wave, Thread, and others enable connectivity in smart home technology. All of these technologies can coexist on a single device. For instance, Netatmo, a French manufacturer of home-based smart devices, announced the release of a new Smart Door Lock and keys that support Apple's HomeKit standard in 2020. The company also offers three other portable keys that use NFC to open the door securely and quickly.

Which are the key investments by the players in the Smart Lock Market?

As the global market for smart locks is still in its early stages of development, solution providers' investments in product development have increased, paving the way for innovations that, in turn, contribute to an increase in societal interest in IoT and smart locks. Key market players are actively investing in research and development to improve the usability and customization of the current technology with the emergence of fingerprint and voice recognition technology. For instance, Danalock, a smart lock manufacturer, has released the Danalock V3, which can be controlled using Apple iPhone's Siri voice commands. Besides, the increased focus and investment in smart city infrastructure have also aided the overall development of the global smart locks market. For example, the Singapore Government Technology Agency (GovTech) invested nearly USD 3.50 billion in 2020 to establish monitoring and security tools for smart city projects.

Some of the major players in the market are Assa Abloy, Dormakaba, Spectrum Brands, SALTO Systems, Allegion plc, Honeywell, Dahua Technology, Vivint, Samsung, ZKTeco, Igloocompany Pte Ltd, RemoteLock, Onity System, Master Lock, MIWA Lock, SentriLock, Avent Security, Shenzhen VIANS Electronic Lock, Anviz Global, Amadas Industries, Gate Labs Inc, and Dessmann Schliessanlagen GmbH.

What are the Major Driving Factors for the Smart Lock Market?

High durability, low installation costs, and protection from attacks or thefts in commercial and residential settings are expected to increase the global adoption of smart locks. The growing popularity of smart homes, security application solutions, and rapid urbanization are expected to drive market revenue growth over the forecast period. The widespread adoption of advanced technology and the incorporation of tablets and smartphones are expected to drive further market growth.

What are the Major Risks for the Smart Lock Market?

High costs and unreliability impede the smart locks market's growth. Power outages, hacking, and the high cost of switching smart locks are expected to impact market growth during the forecast period negatively. Another significant market restraint is the cost of installing the smart-lock system. The smart lock is cutting-edge technology. This system requires the installation of experts in smart homes. The demand for smart locks may also decline due to these specifications and high costs.

Which is the key Lock Type in the Smart Lock Market?

The deadbolt locks segment led the global lock type market in 2021, owing to increasing applications in various industries and ease of installation. Deadbolts are one of the most common types of exterior house locks. The segment's growth is driven by high durability, low installation costs, and effective protection against intensive incursions or attacks in commercial, residential, and other verticals. Besides, market leaders like Kwikset are expanding their portfolio of advanced deadbolts with built-in features like low battery warnings, customized user codes, and one-touch locking, attracting a large customer base.

How is the Smart Lock Market performing in regions?

In 2021, North America dominated the global smart lock market and accounted for a major market revenue share owing to the presence of key players and quick technological advancements in both commercial and residential spaces. It is primarily due to widespread technology adoption and the rapid proliferation of smart homes in the United States. According to recent reports, nearly 30% of American internet households intend to purchase a smart lock by the end of 2022. Customers' high spending power, combined with growing safety concerns, particularly in critical infrastructure and domestic applications, has resulted in a favorable regulatory environment for their adoption. In addition, the rise in burglaries has prompted consumers to spend more money on security options like smart locks to protect their valuables at home or work.

Besides, Asia Pacific is predicted to grow the fastest during the projected period. The increased development of commercial and residential projects, combined with smart lock systems, is expected to fuel regional market growth. Besides, the growing number of R&D activities, manufacturing units, large population base and rapid regional urbanizations drive market growth. Home automation systems have grown in popularity in the region, contributing to the market's expansion. Smart security solutions combined with wireless technologies such as Wi-Fi, ZigBee, and Bluetooth, on the other hand, are widely used for building home automation systems, which is another major reason for regional growth.

What is the regulatory landscape for the Smart Lock Market?

The shift in government emphasis on digitizing private and public sector infrastructure drives smart lock sales. Digital transformation has resulted in the developing of new products, such as smart locks, and their integration into existing infrastructure. The favorable regulatory framework has made smart lock adoption possible. For instance, the U.S. government approved the new electronic access system developed by Allegion plc, a leading provider of security products and solutions, and Gallagher, a global security manufacturer. The General Services Administration (GSA) has approved the Schlage AD 302 FIPS 201-2 as the first electronic smart lock, granting it access to major federal clients.

What is the Market Size of the Smart Lock regarding value?

The global smart lock market is anticipated to grow at a substantial CAGR of 12.5% in the upcoming years. The global smart lock industry was estimated to be worth USD 1982.4 million in 2021 and was expected to be worth USD 4018.89 million by 2028.

What are the major players planning for the future of the Smart Lock Market?

Smart locks are expected to be one of the most promising offers among all smart devices over the forecast period. Technological advancements in home and office security systems have set new standards by incorporating keyless entry, voice controls, and app integration. These functions provide numerous future growth opportunities around the world. The emergence of the Internet of Things and connective technologies such as Bluetooth, Wi-Fi, and NFC, as well as the increasing number of smartphones, have fueled the growth of the smart lock market. The market players focus on new product innovations and developments by incorporating cutting-edge technologies and features into the launch of their products and partnership collaboration to meet the increasing demand for smart lock systems. For instance, Allegion Plc introduced the new Schlage Ease range of smart locks in February 2021, which are simple to install and use while providing a wealth of features. These locks provide modern smart functionality with convenience, affordable style, and security for any home and are available in deadbolt or entry lock versions.

Segmentation of Global Smart Lock Market -

Global Smart Lock Market – By Lock Type

  • Deadbolt Locks
  • Lever Handles
  • Server locks & Latches
  • Knob Locks
  • Others

 Global Smart Lock Market – By Communication Protocol

  • Bluetooth
  • WiFi
  • Z-Wave
  • Others

Global Smart Lock Market – By Unlocking Mechanism

  • Keypad
  • Card Key
  • Touch Based
  • Key Fob
  • Smartphone-Based

Global Smart Lock Market – By Vertical

  • Commercial
  • Residential
  • Institutional & Government
  • Industrial
  • Transportation & Logistic

Global Smart Lock Market – By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • Germany
    • France
    • The U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-east Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of the Middle East and Africa

Frequently asked questions about the global Smart Lock Market

The global smart lock market also suffered from the COVID-19 pandemic, which resulted in a decline of over 4.6% in revenue generated in 2020. The pandemic has decreased ICT investment, especially in the Internet of Things (IoT), 5G technologies, and other emerging technologies.

North American region accounted for the highest share in the global smart lock market regarding value and volume.

The demand for IoT-based products, the rising demand for a top-notch security system for commercial, residential, and industrial buildings, and the increasing research and development activities to introduce the newest and technologically advanced smart lock systems for residential and commercial buildings are the key driving factors for the global smart lock market growth.

The deadbolt locks segment had a major share in 2021, with more than 30% of the market revenue. Besides, the lever handles segment is projected to witness the fastest growth.

Touch based segment had a major share in the global market in 2021 and is projected to continue its dominance over the forecast period.

Smart Locks Market Scope

Report Attribute Details
Market Value in 2021 USD 1982.4 million
Market Value in 2028 USD 4018.89 million
CAGR 12.5%
Benchmarking Year 2021
Forecast period 2016 – 2021
Forecast period 2022 – 2028
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Trusted By
Godaddy
Published Date:  Oct 2022
Category:  Semiconductor & Electronics
Report ID:   58782
Report Format:   PDF
Pages:   120
Rating:    4.8 (50)
Delivery Time: 24 Hours to 48 Hours   
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