Smart Lock Market: Overview
The global smart lock market size was worth USD 2 billion in 2021 and is estimated to grow to USD 4.1 billion by 2028, with a CAGR of approximately 12.50 percent over the forecast period. A smart lock is a mechanical and electronic locking device that may be opened wirelessly by authorized persons. The development of the smart lock market is predicted to be driven by factors such as growing security and safety concerns, increasing adoption of smartphones and other connected devices, and their superior features compared to traditional lock systems. The growing rental car market is driving the development of smart locks in automobiles and smartphones to prevent unlawful access with a physical key. Moreover, the smart locks market is progressing with the integration of technological innovations such as IoT, smartphones, and cloud-based locking and unlocking management solutions. The market is growing owing to the increasing popularity of smartphones and other connected devices such as smartphones, personal computers, and tablets.
The global market has undergone several unexpected shifts because of Covid 19. The market for smart locks tends to expand quickly during this time. During this epidemic, there are lots of opportunities for market expansion. The smart-lock system also makes it impossible to lock or unlock doors with your hands. During the epidemic, the speech recognition feature increases the technology’s appeal. Smart-lock usage has grown in both residential and business settings.
Smart Lock Market Drivers:
The growth of IoT is the primary force behind the market for smart locks. One Internet of Things (IoT) gadget is the smart lock. Thanks to the built-in internet connection, the smart-lock system can be operated without needing hands. A significant growth factor in the lock market is innovation. Remarkable locking methods are now available thanks to market innovation. In the end, it has increased market income and potential. The key market drivers will get more potent during the anticipated time frame. As a result, the primary regional markets for smart locks will experience a faster market growth rate. During the anticipated timeframe, investment in the market for smart locks will rise.
Smart Lock Market: Restraints
The major hindrance to the market for linked IoT devices is their high initial cost. Pricing is a significant problem in the global market for smart locks. The long-term high cost of the smart lock may impact its demand. Additionally, people are quite worried about this product. The security and power outage issues pose a serious obstacle in this sector. Moreover, during a power outage, the smart-locks system may shut off. This technical challenge can limit the market’s total expansion.
Smart Lock Market: Segmentation
The global smart lock market has been segmented into lock type, communication protocols, end users, and product type.
Based on lock type, the segments of the global smart lock market are deadbolts, lever handles, padlocks, and others. In 2021, the deadlock segment dominated the market. The expansion is attributed to ease of installation and expanding distribution across numerous industries. The rise of the market is attributed to elements like low installation costs, great durability, and excellent security against serious incursion or direct attacks on homes, businesses, and other targets. Kwikset, one of the top firms, expanded its line of innovative deadbolts by including built-in features like single-touch locks, low battery warnings, and personalized user codes. This ultimately drew a sizable number of customers. Besides, the lever handle category is anticipated to grow at a significant rate over the forecast period. Growth is also anticipated to be boosted by the modernization of hotel sector operations to accommodate visitor security requirements. Doors and windows in commercial settings often have smart lever handles. They have less complicated latching procedures than their rivals, such as a push-down style handle as opposed to a knob that needs to be gripped and turned.
Based on end users, the global smart lock market is segmented into residential, commercial, and government. The residential segment dominated the market in 2021. The market for this vertical is expanding because of the rising demand for smart homes, expanding Internet-based home security usage, and quickening urbanization. Its sizable revenue output can be attributed to rising smart home penetration on a global scale as well as an uptick in recent years in new and restoration projects across the industry. Additionally, the commercial segment is accounted to be the fastest-growing segment in the market. The growth of smart lock adoption in these spaces has been made possible by factors like secure and convenient management of various entry points through remote access and the ability to monitor the security of the premises, which has encouraged numerous stakeholders to invest sizeable sums of money.
Smart Lock Market: Regional Landscape
The Asia Pacific region dominated the market for smart locks in 2021. Due to the rise in demand for smart homes, customers are increasingly using wireless communication systems on their android platforms to do their routine manual tasks, which serves as a pillar of support for digital door lock systems. Due to the large part to the fact that face recognition digital door lock systems may be produced in a hybrid form by fusing iris and face recognition systems, demand for these systems is rising to unimaginable heights in terms of revenue generation in this region.
Smart Lock Market: Competitive Landscape
Some of the main competitors dominating the global smart lock market include- Haven Holidays, Assay Abloy Group, Allegion Plc, Kwikset, Dorm Akaba Holding AG, August Inc., Spectrum Brands Holdings Inc, Master Lock, Canseco Systems Ltd, Salto Systems S.L
- August 2020: The Indian government has begun a project to establish health ID cards for residents all throughout the country as part of the National Digital Health Blueprint, which aims to use technology to enhance healthcare delivery throughout the country which will enhance the smart lock market growth in the country.
- September 2020: Patients utilizing Science 37’s technological platform may now link their health records directly, removing the need for paper documentation and expediting information exchange across platforms. Science 37 is a clinical research company with U.S. headquarters.
Global Smart Lock Market is segmented as follows:
By Lock Type
- Lever Handles
By Products Type
- Bluetooth Based
- Wi-Fi Based
By Communication Protocol
- Zig Bee
- North America
- United States
- United Kingdom
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America