Smart Lock Market Forecasts to 2028 – Global Analysis By Sub-Market (Casino Management, Energy Security) Product (App Based, Biometric Smart Lock), End User (Enterprise, Institution and Government) and By Geography
According to Stratistics MRC, the Global Smart Lock Market is accounted for $3,201.40 million in 2021 and is expected to reach $10,380.86 million by 2028 growing at a CAGR of 18.3% during the forecast period. A smart lock is an imperious gadget to secure homes against any unforeseen situations. It is one of the foremost trending devices which feature automation technology. It work on WiFi, Bluetooth, or Voice Assistance and is available in versatile shapes and sizes. A smart lock is an electro-mechanical door lock system that executes the locking and unlocking function upon receiving commands from an authorized source. These commands are generally communicate through smartphones, wearable devices or tablets using Wi-Fi or Bluetooth. It can be customized to restrict universal access and can be monitored from any location. Furthermore, they bestow monitoring features like email, video camera with recording capabilities to provide visuals of the person at the door and access notification through SMS.
The rising smart home adoption
The rising smart home adoption across the globe and an influx of companies coming up with innovative home automation technologies are also responsible for the growing smart lock demand. Industry players focus on offering commercially viable products and developing advanced techniques, including remote locking/unlocking of entrances, doors, and windows. Moreover, since the number of households with voice assistants is continuously increasing, manufacturers are integrating their offerings with such devices, enabling the locks to be voice-controlled. Such innovations are expected to result in considerable traction among customers since they are increasingly seeking advanced and convenient locking/unlocking procedures.
High initial cost
Increasing raw material costs, along with the growing presence of low-cost Asian suppliers across international markets, are expected to pose an off-setting impact on the average selling price of smart locks over the short term. However, this trend is anticipated to result in a steep increase in price competition with the stabilization of material costs.
Rising urbanization and surge in disposable incomes
The rapid urbanization & progress in the net household disposable income, mounting awareness about automated solutions, hasty acceptance of internet-based services, progressions in communication technology & broadband services, and extensive adoption of the concept of the smart home in both the Indian and Chinese markets would propel the demand for smart locks in the province.
Fear of privacy intrusion
However, fear of privacy intrusion can threat the growth of the market. Nearly 80 percent of consumers have privacy concerns with wearables and IoT devices. While expressing their fears, consumers also said they would be okay with sharing data if suitably compensated with offers or discounts.
The wireless fidelity (Wi-Fi) segment is expected to have the highest CAGR during the forecast period
The wireless fidelity (Wi-Fi) segment is growing at the highest CAGR in the market. Wi-Fi can be accessed through numerous devices, such as tablets, smart phones and personal computers. The growth of the market for Wi-Fi can be attributed to the factors such as wireless connectivity and high speed offered to smart lock system. Also, the increasing fostering of IoT, globally, is driving the growth of this market.
The bluetooth segment is expected to be the largest during the forecast period
The bluetooth segment is expected to be the largest share in the market. The bluetooth-enabled smart locks technology is the most convenient smart lock technology available in the market. Almost every smartphone available in the market is equipped with bluetooth, so it is convenient for homeowners to integrate their smart locks with their smartphones, and into their other home automation systems. In addition, bluetooth-enabled smart locks are safer as there is no need for the devices to be always connected to the internet; this reduces the risk of hacking.
Region with highest share:
Asia Pacific is projected to hold the largest share in the market. The substantial growth can be attributed to a significant increase in the number of residential and commercial projects as well as ongoing smart city initiatives in developing countries such as India. Moreover, smart home penetration across the region has also witnessed significant growth, which, in turn, is playing a crucial role in spreading awareness regarding advanced gadgets and technologies.
Region with highest CAGR:
North America is projected to have the highest CAGR due to the high technology adoption and rising penetration of smart homes. The high spending capacity of customers and rising security concerns, especially across the critical infrastructure and residential applications, have led to a favorable regulatory scenario for their adoption.
Key players in the market:
Some of the key players profiled in the Smart Lock Market include Allegion Plc, Amadas Inc., Assa Abloy, Avent Security, Cansec Systems Ltd, Dessmann, Dorma+Kaba Holding AG, Gantner Electronic GmbH, Master Lock Company LLC, MIWA Lock Co., Onity Inc, Salto Systems S.L., Samsung Electronics Co. Ltd, Sentrilock LLC, Spectrum Brands Holdings Inc, and Kwikset.
In September 2021: ASSA Abloy has signed a definitive agreement to acquire the Hardware and Home Improvement (“HHI”) division of Spectrum Brands for a purchase price of MUSD 4300 on a cash and debt free basis.
In February 2021: Allegion Plc. introduced the new Schlage Ease™ range of smart locks that are easy to install and use, but with maximum features. These locks are available in either deadbolt or entry lock versions and offers affordable style, convenience and security with modern smart functionality for any home.
In March 2020: Kwikset launched its expanded line of products featuring the Microban SilverShield technology, which helps to mitigate the bacterial growth on door hardware. The company is also focusing on expanding its partnership with Microban for introducing keyless entry and advanced smart locks by the end of 2021.
In January 2020: ASSA ABLOY announced the launch of the Wi-Fi Smart Lock, which sports a brand-new compact design and built-in Wi-Fi connection. The device comes in the size of a standard doorknob and is 45% smaller in volume and 20% slimmer than the August Smart Lock Pro. The new built-in Wi-Fi feature eliminates the need to pair it with an external bridge.
• Casino Management
• Energy Security
• Physical Security
• Port Security
• Data Center Security
Lock Types Covered:
• Lever Handles
• Other Lock Types
Sales Channels Covered:
• Direct Sales
• App Based
• Biometric Smart Lock
• Bluetooth-Based Smart Lock
• Electronic Cipher Locks
• Face Recognition Door Locks
• Fingerprint Recognition Door Locks
• Magnetic Strip Door Locks
• Motion Sensor
• Pin Code
• Radio Frequency Identification (RFID)
• Remote Locks
• Touch Screen
• Wi-Fi-Based Smart Lock
Communication Protocols Covered:
• Wireless Fidelity (Wi-Fi)
• Other Communication Protocols
End Users Covered:
• Critical Infrastructures
• Institution and Government
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
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