Smart Lock Market
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PUBLISHED: 2022 ID: SMRC20434
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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

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4.9 (61 reviews)
Published: 2022 ID: SMRC20434

This report covers the impact of COVID-19 on this global market
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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.

Market Dynamics:

Driver:

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.

Restraint:

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.

Opportunity:

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.

Threat:

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.

Key developments:

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.

Sub-Markets Covered:
• Casino Management    
• Energy Security    
• Physical Security    
• Port Security
• Data Center Security    

Lock Types Covered:
• Padlocks   
• Lever Handles   
• Deadbolts   
• Other Lock Types   

Sales Channels Covered:
• Direct Sales   
• Distributor 

Products Covered:
• App Based     
• Biometric Smart Lock     
• Bluetooth-Based Smart Lock     
• Electronic Cipher Locks     
• Face Recognition Door Locks     
• Fingerprint Recognition Door Locks     
• Keypads     
• Magnetic Strip Door Locks     
• Motion Sensor     
• Pin Code     
• Radio Frequency Identification (RFID)     
• Remote Locks     
• Touch Screen     
• Wi-Fi-Based Smart Lock 

Communication Protocols Covered:
• Bluetooth    
• Wireless Fidelity (Wi-Fi)    
• Other Communication Protocols    

End Users Covered:
• Commercial    
• Critical Infrastructures    
• Enterprise    
• Institution and Government    
• Industrial    
• Residential    

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
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

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• 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

Table of Contents

1 Executive Summary       
        
2 Preface       

 2.1 Abstract      
 2.2 Stake Holders      
 2.3 Research Scope      
 2.4 Research Methodology      
  2.4.1 Data Mining     
  2.4.2 Data Analysis     
  2.4.3 Data Validation     
  2.4.4 Research Approach     
 2.5 Research Sources      
  2.5.1 Primary Research Sources     
  2.5.2 Secondary Research Sources     
  2.5.3 Assumptions     
        
3 Market Trend Analysis       
 3.1 Introduction      
 3.2 Drivers      
 3.3 Restraints      
 3.4 Opportunities      
 3.5 Threats      
 3.6 Product Analysis      
 3.7 End User Analysis      
 3.8 Emerging Markets      
 3.9 Impact of Covid-19      
        
4 Porters Five Force Analysis       
 4.1 Bargaining power of suppliers      
 4.2 Bargaining power of buyers      
 4.3 Threat of substitutes      
 4.4 Threat of new entrants      
 4.5 Competitive rivalry      
        
5 Global Smart Lock Market, By Sub-Market       
 5.1 Introduction      
 5.2 Casino Management          
 5.3 Energy Security          
 5.4 Physical Security          
 5.5 Port Security      
 5.6 Data Center Security          
        
6 Global Smart Lock Market, By Lock Type       

 6.1 Introduction      
 6.2 Padlocks          
 6.3 Lever Handles          
 6.4 Deadbolts          
 6.5 Other Lock Types          
  6.5.1 Knob Lock        
  6.5.2 Rim Latch Lock        
  6.5.3 Rim/Mortise Locks     
  6.5.4 Rim Cylinders        
        
7 Global Smart Lock Market, By Sales Channel       
 7.1 Introduction      
 7.2 Direct Sales          
 7.3 Distributor        
        
8 Global Smart Lock Market, By Product       
 8.1 Introduction      
 8.2 App Based          
 8.3 Biometric Smart Lock          
 8.4 Bluetooth-Based Smart Lock          
 8.5 Electronic Cipher Locks          
 8.6 Face Recognition Door Locks          
 8.7 Fingerprint Recognition Door Locks          
 8.8 Keypads          
 8.9 Magnetic Strip Door Locks          
 8.10 Motion Sensor          
 8.11 Pin Code          
 8.12 Radio Frequency Identification (RFID)          
 8.13 Remote Locks          
 8.14 Touch Screen          
 8.15 Wi-Fi-Based Smart Lock      
        
9 Global Smart Lock Market, By Communication Protocol       
 9.1 Introduction      
 9.2 Bluetooth          
 9.3 Wireless Fidelity (Wi-Fi)          
 9.4 Other Communication Protocols          
  9.4.1 Near-Field Communication (NFC)        
  9.4.2 Thread        
  9.4.3 ZigBee        
  9.4.4 Z-Wave     
         
10 Global Smart Lock Market, By End User       
 10.1 Introduction      
 10.2 Commercial          
  10.2.1 Corporate        
  10.2.2 Healthcare        
  10.2.3 Hospitality        
  10.2.4 Retail Stores and Malls        
 10.3 Critical Infrastructures          
 10.4 Enterprise          
 10.5 Institution and Government          
 10.6 Industrial          
  10.6.1 Energy & Power        
  10.6.2 Manufacturing        
  10.6.3 Oil & Gas        
  10.6.4 Transportation & Logistics         
 10.7 Residential          
  10.7.1 Condominium     
  10.7.2 Individual Houses        
  10.7.3 Smart Homes        
        
11 Global Smart Lock Market, By Geography       
 11.1 Introduction      
 11.2 North America      
  11.2.1 US     
  11.2.2 Canada     
  11.2.3 Mexico     
 11.3 Europe      
  11.3.1 Germany     
  11.3.2 UK     
  11.3.3 Italy     
  11.3.4 France     
  11.3.5 Spain     
  11.3.6 Rest of Europe     
 11.4 Asia Pacific      
  11.4.1 Japan     
  11.4.2 China     
  11.4.3 India     
  11.4.4 Australia     
  11.4.5 New Zealand     
  11.4.6 South Korea     
  11.4.7 Rest of Asia Pacific     
 11.5 South America      
  11.5.1 Argentina     
  11.5.2 Brazil     
  11.5.3 Chile     
  11.5.4 Rest of South America     
 11.6 Middle East & Africa      
  11.6.1 Saudi Arabia     
  11.6.2 UAE     
  11.6.3 Qatar     
  11.6.4 South Africa     
  11.6.5 Rest of Middle East & Africa     
        
12 Key Developments       
 12.1 Agreements, Partnerships, Collaborations and Joint Ventures      
 12.2 Acquisitions & Mergers      
 12.3 New Product Launch      
 12.4 Expansions      
 12.5 Other Key Strategies      
        
13 Company Profiling       
 13.1 Allegion Plc          
 13.2 Amadas Inc.          
 13.3 Assa Abloy          
 13.4 Avent Security          
 13.5 Cansec Systems Ltd          
 13.6 Dessmann          
 13.7 Dorma+Kaba Holding AG          
 13.8 Gantner Electronic GmbH          
 13.9 Master Lock Company LLC           
 13.10 MIWA Lock Co.          
 13.11 Onity Inc          
 13.12 Salto Systems S.L.          
 13.13 Samsung Electronics Co. Ltd          
 13.14 Sentrilock LLC          
 13.15 Spectrum Brands Holdings Inc      
 13.16 Kwikset      


List of Tables        
1 Global Smart Lock Market Outlook, By Region (2020-2028) ($MN)       
2 Global Smart Lock Market Outlook, By Sub-Market (2020-2028) ($MN)       
3 Global Smart Lock Market Outlook, By Casino Management (2020-2028) ($MN)       
4 Global Smart Lock Market Outlook, By Energy Security (2020-2028) ($MN)       
5 Global Smart Lock Market Outlook, By Physical Security (2020-2028) ($MN)       
6 Global Smart Lock Market Outlook, By Port Security (2020-2028) ($MN)       
7 Global Smart Lock Market Outlook, By Data Center Security (2020-2028) ($MN)       
8 Global Smart Lock Market Outlook, By Lock Type (2020-2028) ($MN)       
9 Global Smart Lock Market Outlook, By Padlocks (2020-2028) ($MN)       
10 Global Smart Lock Market Outlook, By Lever Handles (2020-2028) ($MN)       
11 Global Smart Lock Market Outlook, By Deadbolts (2020-2028) ($MN)       
12 Global Smart Lock Market Outlook, By Other Lock Types (2020-2028) ($MN)       
13 Global Smart Lock Market Outlook, By Knob Lock (2020-2028) ($MN)       
14 Global Smart Lock Market Outlook, By Rim Latch Lock (2020-2028) ($MN)       
15 Global Smart Lock Market Outlook, By Rim/Mortise Locks (2020-2028) ($MN)       
16 Global Smart Lock Market Outlook, By Rim Cylinders (2020-2028) ($MN)       
17 Global Smart Lock Market Outlook, By Sales Channel (2020-2028) ($MN)       
18 Global Smart Lock Market Outlook, By Direct Sales (2020-2028) ($MN)       
19 Global Smart Lock Market Outlook, By Distributor   (2020-2028) ($MN)       
20 Global Smart Lock Market Outlook, By Product (2020-2028) ($MN)       
21 Global Smart Lock Market Outlook, By App Based (2020-2028) ($MN)       
22 Global Smart Lock Market Outlook, By Biometric Smart Lock (2020-2028) ($MN)       
23 Global Smart Lock Market Outlook, By Bluetooth-Based Smart Lock (2020-2028) ($MN)       
24 Global Smart Lock Market Outlook, By Electronic Cipher Locks (2020-2028) ($MN)       
25 Global Smart Lock Market Outlook, By Face Recognition Door Locks (2020-2028) ($MN)       
26 Global Smart Lock Market Outlook, By Fingerprint Recognition Door Locks (2020-2028) ($MN)       
27 Global Smart Lock Market Outlook, By Keypads (2020-2028) ($MN)       
28 Global Smart Lock Market Outlook, By Magnetic Strip Door Locks (2020-2028) ($MN)       
29 Global Smart Lock Market Outlook, By Motion Sensor (2020-2028) ($MN)       
30 Global Smart Lock Market Outlook, By Pin Code (2020-2028) ($MN)       
31 Global Smart Lock Market Outlook, By Radio Frequency Identification (RFID) (2020-2028) ($MN)       
32 Global Smart Lock Market Outlook, By Remote Locks (2020-2028) ($MN)       
33 Global Smart Lock Market Outlook, By Touch Screen (2020-2028) ($MN)       
34 Global Smart Lock Market Outlook, By Wi-Fi-Based Smart Lock (2020-2028) ($MN)        
35 Global Smart Lock Market Outlook, By Communication Protocol (2020-2028) ($MN)       
36 Global Smart Lock Market Outlook, By Bluetooth (2020-2028) ($MN)       
37 Global Smart Lock Market Outlook, By Wireless Fidelity (Wi-Fi) (2020-2028) ($MN)        
38 Global Smart Lock Market Outlook, By Other Communication Protocols (2020-2028) ($MN)       
39 Global Smart Lock Market Outlook, By Near-Field Communication (NFC) (2020-2028) ($MN)       
40 Global Smart Lock Market Outlook, By Thread (2020-2028) ($MN)       
41 Global Smart Lock Market Outlook, By ZigBee (2020-2028) ($MN)       
42 Global Smart Lock Market Outlook, By Z-Wave (2020-2028) ($MN)       
43 Global Smart Lock Market Outlook, By End User (2020-2028) ($MN)       
44 Global Smart Lock Market Outlook, By Commercial (2020-2028) ($MN)       
45 Global Smart Lock Market Outlook, By Corporate (2020-2028) ($MN)       
46 Global Smart Lock Market Outlook, By Healthcare (2020-2028) ($MN)       
47 Global Smart Lock Market Outlook, By Hospitality (2020-2028) ($MN)       
48 Global Smart Lock Market Outlook, By Retail Stores and Malls (2020-2028) ($MN)       
49 Global Smart Lock Market Outlook, By Critical Infrastructures (2020-2028) ($MN)       
50 Global Smart Lock Market Outlook, By Enterprise (2020-2028) ($MN)       
51 Global Smart Lock Market Outlook, By Institution and Government (2020-2028) ($MN)       
52 Global Smart Lock Market Outlook, By Industrial (2020-2028) ($MN)       
53 Global Smart Lock Market Outlook, By Energy & Power (2020-2028) ($MN)       
54 Global Smart Lock Market Outlook, By Manufacturing (2020-2028) ($MN)       
55 Global Smart Lock Market Outlook, By Oil & Gas (2020-2028) ($MN)       
56 Global Smart Lock Market Outlook, By Transportation & Logistics (2020-2028) ($MN)       
57 Global Smart Lock Market Outlook, By Residential (2020-2028) ($MN)       
58 Global Smart Lock Market Outlook, By Condominium (2020-2028) ($MN)       
59 Global Smart Lock Market Outlook, By Individual Houses (2020-2028) ($MN)        
60 Global Smart Lock Market Outlook, By Smart Homes (2020-2028) ($MN)       
        
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.        

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