Smart Locks Market
Smart Locks Market Forecasts to 2030 - Global Analysis By Product (Wi-Fi-Based Smart Lock, Touch Screen Locks, Remote Locks, Radio Frequency Identification (RFID) Locks, Motion Sensor Locks, Magnetic Strip Door Locks, Keypad Locks, Fingerprint Recognition Door Locks, Face Recognition Door Locks, Electronic Cipher Locks, Bluetooth-Based Smart Lock, Biometric Smart Lock, App Based Locks and Other Products), Lock Type, Communication Protocol, Authentication Method, End User and By Geography
|
Years Covered |
2022-2030 |
|
Estimated Year Value (2024) |
US $2.83 BN |
|
Projected Year Value (2030) |
US $6.50 BN |
|
CAGR (2024 - 2030) |
14.9% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Smart Locks Market is accounted for $2.83 billion in 2024 and is expected to reach $6.50 billion by 2030 growing at a CAGR of 14.9% during the forecast period. The seamless integration of technology into conventional locking mechanisms for smart locks is transforming home security. By enabling remote door locking and unlocking through smartphone apps or voice commands, these cutting-edge gadgets provide convenience. Homeowners have more control and visibility over who enters and leaves their properties owing to smart lock features like activity logs, temporary access codes, and keyless entry. Moreover, in order to improve overall automation and security, some models also provide integration with other smart home systems.
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Market Dynamics:
Driver:
Growing uptake of automation systems for smart homes
Customers are embracing the efficiency and convenience that smart home technology offers to daily living as it becomes more widely available. An obvious continuation of this trend is the creation of interconnected ecosystems in homes and businesses through the seamless integration of smart locks with other smart devices and platforms. Additionally, smart locks improve the overall usability and aesthetics of smart home setups with features like voice assistant integration, automation capabilities, and remote locking and unlocking capabilities.
Restraint:
Uncertainties about security and reliability
There are still questions about the security and dependability of smart lock systems, even with technological advancements. People are concerned that their security measures may be compromised by possible weaknesses like system failures, hacking, or connectivity problems. Furthermore, there are concerns regarding the resilience of these systems and their capacity to resist advanced cyber threats in light of reported cases of smart lock malfunctions or vulnerability to hacking incidents.
Opportunity:
Smart city initiatives with integration
By increasing security, maximizing resource use, and boosting urban mobility, smart lock technology can be essential to the creation of smart cities. Smart locks present an opportunity to be integrated into larger smart city initiatives as cities all over the world invest in digital technologies and smart infrastructure to address urban challenges. Moreover, to control crowds, secure parcel delivery, and secure access points, for example, smart locks can be installed in government buildings, transportation hubs, and public areas.
Threat:
Market fragmentation and lack of standards
The market for smart locks is fragmented and faces interoperability issues due to the diversity of manufacturers, products, and technologies available. The adoption of these technologies may be hampered by consumer confusion caused by incompatibilities and a lack of industry standards amongst various smart lock systems. Additionally, the usefulness and functionality of these systems may be limited by users' inability to integrate smart locks with third-party devices or current smart home ecosystems.
Covid-19 Impact:
The market for smart locks has seen differing effects from the COVID-19 pandemic. The pandemic sped up the adoption of contactless access control solutions in response to increased hygiene concerns, even though early disruptions in supply chains and construction activities hampered market growth. As remote work became more common, homeowners looking to improve convenience and safety placed a greater focus on home automation and security, which in turn increased demand for smart locks. Furthermore, the adoption rates in certain segments, especially the commercial and institutional sectors, may have been hindered by budgetary constraints and economic uncertainties.
The Bluetooth segment is expected to be the largest during the forecast period
In the smart lock market, the Bluetooth segment has the largest market share. Bluetooth technology is a preferred option for both smart lock manufacturers and consumers because it strikes a balance between connectivity range, energy efficiency, and affordability. Keyless entry without the need for physical keys is made convenient with Bluetooth-enabled smart locks, which let users unlock doors with their smart phones. Moreover, the extensive usage of Bluetooth in smart phones and other mobile devices guarantees consumer convenience and wide compatibility.
The Biometric segment is expected to have the highest CAGR during the forecast period
In the smart lock market, the biometric smart lock segment is anticipated to grow at the highest CAGR. With a high degree of security and convenience, biometric smart locks use sophisticated authentication techniques like iris, face, or fingerprint scanning to provide access. Without the need for traditional keys or access cards, these locks offer users a seamless and extremely secure method of accessing their homes or properties. Additionally, because of their superior security features and user-friendly interface, biometric smart locks are expected to become more and more popular as concerns about identity theft and security continue to rise.
Region with largest share:
The market for smart locks worldwide is dominated by North America. Numerous elements contribute to this dominance, such as the rapid uptake of smart home technologies, the prominence of major industry players, and the growing public awareness of home automation and security options. The region's smart lock market is expanding due in part to strong infrastructure, technological advancements, and favorable economic conditions. Furthermore, due to the fact that smart home products are widely accepted and there is a growing need for creative security solutions, the United States, in particular, holds a sizable portion of the market share.
Region with highest CAGR:
The smart lock market is expected to grow at the highest CAGR in the Asia-Pacific region. Rising urbanization, rising disposable incomes, and the expansion of the middle class in nations like China, India, and Southeast Asia are some of the factors contributing to this rapid growth. The demand for smart locks in the area is also being driven by rising home security awareness and the uptake of smart home technologies. Additionally, government programs encouraging the development of smart cities and infrastructure expenditures are opening doors for the use of sophisticated access control systems, such as smart locks.
Key players in the market
Some of the key players in Smart Locks market include Samsung Electronics Co., Ltd, Danalock International AS, Panasonic Corporations, Kwikset (Spectrum Brands Inc.), Allegion plc, Salto Systems SL, UniKey Technologies, Inc., Haven lock, Inc., Master Lock Company LLC, August Home, Inc., Vivint, Inc., Onity Inc. (Carrier Global Corporation), Honeywell International Inc, Sentrilock, LLC, Yale Locks & Hardware and U-TEC Group Inc.
Key Developments:
In March 2024, Panasonic Energy Co., Ltd., a Panasonic Group Company, and Mazda Motor Corporation announced they have signed an agreement towards the supply of cylindrical automotive lithium-ion batteries.
In December 2023, Carrier Global Corporation, global leader in intelligent climate and energy solutions, entered into a definitive agreement today to sell its security business, Global Access Solutions, which includes the industry-leading brands of LenelS2, Supra and Onity, to Honeywell for an enterprise value of $4.95 billion, which represents approximately 17x 2023 expected EBITDA. The sale agreement is a successful first step in Carrier's portfolio transformation.
In April 2023, Samsung Electronics Co., Ltd., a world leader in advanced semiconductor technology, and AMD today announced they have signed a multi-year agreement extension to bring multiple generations of high-performance, ultra-low-power AMD Radeon graphics solutions to an expanded portfolio of Samsung Exynos SoCs.
Products Covered:
• Wi-Fi-Based Smart Lock
• Touch Screen Locks
• Remote Locks
• Radio Frequency Identification (RFID) Locks
• Motion Sensor Locks
• Magnetic Strip Door Locks
• Keypad Locks
• Fingerprint Recognition Door Locks
• Face Recognition Door Locks
• Electronic Cipher Locks
• Bluetooth-Based Smart Lock
• Biometric Smart Lock
• App Based Locks
• Other Products
Lock Types Covered:
• Deadbolt Locks
• Lever Handles
• Padlock
• Server locks and Latches
• Knob Locks
• Other Lock Types
Communication Protocols Covered:
• Bluetooth
• Near-Field Communication (NFC)
• WiFi
• Z-Wave
• Zigbee
• Other Communication Protocols
Authentication Methods Covered:
• Keypad
• Card Key
• Touch Based
• Key Fob
• Smartphone Based
• Biometric
• Other Authentication Methods
End Users Covered:
• Commercial
• Residential
• Institutional & Government
• Industrial
• Transportation & Logistic
• Other End Users
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 2022, 2023, 2024, 2026, and 2030
- 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
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 Locks Market, By Product
5.1 Introduction
5.2 Wi-Fi-Based Smart Lock
5.3 Touch Screen Locks
5.4 Remote Locks
5.5 Radio Frequency Identification (RFID) Locks
5.6 Motion Sensor Locks
5.7 Magnetic Strip Door Locks
5.8 Keypad Locks
5.9 Fingerprint Recognition Door Locks
5.10 Face Recognition Door Locks
5.11 Electronic Cipher Locks
5.12 Bluetooth-Based Smart Lock
5.13 Biometric Smart Lock
5.14 App Based Locks
5.15 Other Products
6 Global Smart Locks Market, By Lock Type
6.1 Introduction
6.2 Deadbolt Locks
6.3 Lever Handles
6.4 Padlock
6.5 Server locks and Latches
6.6 Knob Locks
6.7 Other Lock Types
7 Global Smart Locks Market, By Communication Protocol
7.1 Introduction
7.2 Bluetooth
7.3 Near-Field Communication (NFC)
7.4 WiFi
7.5 Z-Wave
7.6 Zigbee
7.7 Other Communication Protocols
8 Global Smart Locks Market, By Authentication Method
8.1 Introduction
8.2 Keypad
8.3 Card Key
8.4 Touch Based
8.5 Key Fob
8.6 Smartphone Based
8.7 Biometric
8.8 Other Authentication Methods
9 Global Smart Locks Market, By End User
9.1 Introduction
9.2 Commercial
9.2.1 Hospitality
9.2.2 Healthcare
9.2.3 Banking & Financial Institutes
9.2.4 Enterprise
9.2.5 Critical Infrastructure
9.2.6 Educational Institution
9.3 Residential
9.3.1 Individual Household
9.3.2 Commonhold
9.4 Institutional & Government
9.5 Industrial
9.5.1 Manufacturing
9.5.2 Energy & Utilities
9.5.3 Oil & Gas
9.6 Transportation & Logistic
9.7 Other End Users
10 Global Smart Locks Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Samsung Electronics Co., Ltd
12.2 Danalock International AS
12.3 Panasonic Corporations
12.4 Kwikset (Spectrum Brands Inc.)
12.5 Allegion plc
12.6 Salto Systems SL
12.7 UniKey Technologies, Inc.
12.8 Haven lock, Inc.
12.9 Master Lock Company LLC
12.10 August Home, Inc.
12.11 Vivint, Inc.
12.12 Onity Inc. (Carrier Global Corporation)
12.13 Honeywell International Inc
12.14 Sentrilock, LLC
12.15 Yale Locks & Hardware
12.16 U-TEC Group Inc.
List of Tables
1 Global Smart Locks Market Outlook, By Region (2022-2030) ($MN)
2 Global Smart Locks Market Outlook, By Product (2022-2030) ($MN)
3 Global Smart Locks Market Outlook, By Wi-Fi-Based Smart Lock (2022-2030) ($MN)
4 Global Smart Locks Market Outlook, By Touch Screen Locks (2022-2030) ($MN)
5 Global Smart Locks Market Outlook, By Remote Locks (2022-2030) ($MN)
6 Global Smart Locks Market Outlook, By Radio Frequency Identification (RFID) Locks (2022-2030) ($MN)
7 Global Smart Locks Market Outlook, By Motion Sensor Locks (2022-2030) ($MN)
8 Global Smart Locks Market Outlook, By Magnetic Strip Door Locks (2022-2030) ($MN)
9 Global Smart Locks Market Outlook, By Keypad Locks (2022-2030) ($MN)
10 Global Smart Locks Market Outlook, By Fingerprint Recognition Door Locks (2022-2030) ($MN)
11 Global Smart Locks Market Outlook, By Face Recognition Door Locks (2022-2030) ($MN)
12 Global Smart Locks Market Outlook, By Electronic Cipher Locks (2022-2030) ($MN)
13 Global Smart Locks Market Outlook, By Bluetooth-Based Smart Lock (2022-2030) ($MN)
14 Global Smart Locks Market Outlook, By Biometric Smart Lock (2022-2030) ($MN)
15 Global Smart Locks Market Outlook, By App Based Locks (2022-2030) ($MN)
16 Global Smart Locks Market Outlook, By Other Products (2022-2030) ($MN)
17 Global Smart Locks Market Outlook, By Lock Type (2022-2030) ($MN)
18 Global Smart Locks Market Outlook, By Deadbolt Locks (2022-2030) ($MN)
19 Global Smart Locks Market Outlook, By Lever Handles (2022-2030) ($MN)
20 Global Smart Locks Market Outlook, By Padlock (2022-2030) ($MN)
21 Global Smart Locks Market Outlook, By Server locks and Latches (2022-2030) ($MN)
22 Global Smart Locks Market Outlook, By Knob Locks (2022-2030) ($MN)
23 Global Smart Locks Market Outlook, By Other Lock Types (2022-2030) ($MN)
24 Global Smart Locks Market Outlook, By Communication Protocol (2022-2030) ($MN)
25 Global Smart Locks Market Outlook, By Bluetooth (2022-2030) ($MN)
26 Global Smart Locks Market Outlook, By Near-Field Communication (NFC) (2022-2030) ($MN)
27 Global Smart Locks Market Outlook, By WiFi (2022-2030) ($MN)
28 Global Smart Locks Market Outlook, By Z-Wave (2022-2030) ($MN)
29 Global Smart Locks Market Outlook, By Zigbee (2022-2030) ($MN)
30 Global Smart Locks Market Outlook, By Other Communication Protocols (2022-2030) ($MN)
31 Global Smart Locks Market Outlook, By Authentication Method (2022-2030) ($MN)
32 Global Smart Locks Market Outlook, By Keypad (2022-2030) ($MN)
33 Global Smart Locks Market Outlook, By Card Key (2022-2030) ($MN)
34 Global Smart Locks Market Outlook, By Touch Based (2022-2030) ($MN)
35 Global Smart Locks Market Outlook, By Key Fob (2022-2030) ($MN)
36 Global Smart Locks Market Outlook, By Smartphone Based (2022-2030) ($MN)
37 Global Smart Locks Market Outlook, By Biometric (2022-2030) ($MN)
38 Global Smart Locks Market Outlook, By Other Authentication Methods (2022-2030) ($MN)
39 Global Smart Locks Market Outlook, By End User (2022-2030) ($MN)
40 Global Smart Locks Market Outlook, By Commercial (2022-2030) ($MN)
41 Global Smart Locks Market Outlook, By Hospitality (2022-2030) ($MN)
42 Global Smart Locks Market Outlook, By Healthcare (2022-2030) ($MN)
43 Global Smart Locks Market Outlook, By Banking & Financial Institutes (2022-2030) ($MN)
44 Global Smart Locks Market Outlook, By Enterprise (2022-2030) ($MN)
45 Global Smart Locks Market Outlook, By Critical Infrastructure (2022-2030) ($MN)
46 Global Smart Locks Market Outlook, By Educational Institution (2022-2030) ($MN)
47 Global Smart Locks Market Outlook, By Residential (2022-2030) ($MN)
48 Global Smart Locks Market Outlook, By Individual Household (2022-2030) ($MN)
49 Global Smart Locks Market Outlook, By Commonhold (2022-2030) ($MN)
50 Global Smart Locks Market Outlook, By Institutional & Government (2022-2030) ($MN)
51 Global Smart Locks Market Outlook, By Industrial (2022-2030) ($MN)
52 Global Smart Locks Market Outlook, By Manufacturing (2022-2030) ($MN)
53 Global Smart Locks Market Outlook, By Energy & Utilities (2022-2030) ($MN)
54 Global Smart Locks Market Outlook, By Oil & Gas (2022-2030) ($MN)
55 Global Smart Locks Market Outlook, By Transportation & Logistic (2022-2030) ($MN)
56 Global Smart Locks Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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