Global Smart Lock Market

Smart Lock Market Overview

The global smart lock market was valued at USD 1.64 Billion in 2021, and it is expected to reach USD 41.9 Billion with a growing CAGR of 21.4% during the forecast period of 2022-2028. Increasing awareness among consumers about the benefits and convenience of smart home security solutions and the surging adoption of interconnected devices are mainly driving the industry’s growth. Besides, the hospitality sector has noticed a large-scale deployment of smart locks with leading companies and stay aggregators increasingly depending on them to guarantee security and accessibility to both customers and owners.

What are Smart Locks?

A smart lock can be described as a mechanical and electrical locking device that can unlock wirelessly with authentication by authorized users. Smart locks let homeowners enter their homes or provide access without a traditional key. Smart locks allow users to use other, more accessible entities such as a key fob or a smartphone to verify and mechanically open the door wirelessly. Smart locks can be an attachment to home automation or home security. As a result, smart locks can be deemed a part of the Internet of Things. Smart locks deliver comfort and operate on either Wi-Fi, Bluetooth, or both. Smartphones are evolving an essential part of today’s lifestyles in arising economies. As smartphones grow and more users acquire these electronic devices for everyday use, the market for mobile applications will also increase at a significant speed.

Growth Drivers

Streaming Investment in Different Smart City and Industrials Projects to Accelerate Growth

The market is mostly driven by the rising investment in smart cities and industrial projects. According to Frost & Sullivan, the smart city market will reach about USD 1.56 trillion by 2025. Major companies in this market, such as ASSA ABLOY AB, August, Google LLC, Godrej Group, and others, are developing connected door locks solutions for various residential, commercial, and government buildings under smart city projects. Essential players plan to complete business processes such as acquisition, mergers, and others to develop their product offerings.

Opportunities

Increase in Trend for Internet of Things Provides New Opportunities

The Internet of Things (IoT) is the networking of smart electronic devices or things to transmit data signals without human intervention. The intersection of wireless technologies, the internet, and micro-electromechanical techniques has created IoT communication feasible. 51% of the population lives in a metropolis at present. Therefore, the IoT-enabled smart locks demand has multiple opportunities to grow. Internet of Things (IoT) facilitates the access of real-time data and remote-control monitoring, which is anticipated to propel the growth of the smart locks market during the forecast period.

Restraints

Absence of Awareness about Intelligent Door Locks to Hinder Adoption & High Cost

Certain restraints and challenges will hinder the overall rising smart lock market growth. Factors such as high cost and perception of unreliability are major restraining the market’s growth. Furthermore, factors such as power failure, hacking, and the switching cost of smart locks are high, making it less attractive for consumers to invest in them. These are the potential barriers that restrict the overall growth of the smart lock market. Although smart door locks deliver several technological qualities, the majority of the users have security concerns. Other elements such as government laws and regulations and lack of technology adoption are expected to hinder the market’s growth.

Pre Covid-19 Impact on Global Smart Lock Market

Before the covid-19 outbreak, the rising smart home adoption worldwide and an inflow of innovative home automation technologies were also liable for the growing smart lock demand. Industry players deliver commercially viable products and develop advanced techniques, including remote locking/unlocking entrances, doors, and windows. Moreover, since the number of homes with voice associates is constantly increasing, manufacturers are incorporating their offerings with such devices, allowing the locks to be voice-controlled. Such innovations have considerable traction among customers since they are increasingly seeking advanced and convenient locking/unlocking procedures before the pandemic.

Covid-19 Impact on Global Smart Lock Market

During the covid-19 outbreak, the pandemic had momentarily slowed the growth of smart lock installations over the initial couple of quarters of 2020. The dramatic shifts, such as restrictions in cross-border trade, economic instability, stringent norms requiring temporary shutdowns of manufacturing sites, and stay-at-home orders for the general populace, created a challenging concern for the industry during the past year. However, strategies such as incorporating touchless technologies into their products, creating mobile apps for carrying out processes, and offering products at decreased prices on the available modes have helped companies boost their ROI during these critical lockdown scenarios.

Post Covid-19 Impact on Global Smart Lock Market

After the covid-19 outbreak, in the post-COVID-19 situation, organizations are concentrating on advanced technology such as artificial intelligence (AI), machine learning, the internet of things, and cloud computing across residential and commercial sectors contactless operation. This element is expected to create a demand for app-based smart lock systems, which will push smart locks worldwide. Similarly, smart locks are used to provide security. The global smart lock market is developing due to the growth in security-related creations such as digital and cloud-based locks in commercial, residential, and industrial spaces. In the commercial sector, firms have formed to deploy enhanced technology to encourage lower drawbacks, increase employee accountability, support compliances, and improve efficiencies, which is expected to propel the smart locks market growth after the pandemic.

By Technology Segmental Analysis

The global smart lock market is segmented into Wi-Fi, Bluetooth, and others based on technology. The Bluetooth feature dominated the overall smart locks industry and is expected to continue this movement throughout the forecast period. The Bluetooth-enabled smart locks technology is the most suitable smart lock technology obtainable in the market. Nearly every smartphone available in the market is provided with Bluetooth, so it is convenient for homeowners to incorporate their smart locks with their smartphones and other home mechanization systems. In addition, Bluetooth-enabled smart locks are safer as there is no requirement for the devices to be always connected to the internet; this lessens the risk of hacking. In addition, a rise in awareness, decrease in costs of installing smart locks, low battery conditions, and device efficiency may also accelerate the acceptance of Bluetooth-enabled smart locks, which are foreseen to push the growth of this segment.

By Lock Type Segmental Analysis

Based on lock type, the global smart lock market is segmented into Deadbolts, Lever Handles, Padlocks, Rim Latch, and Wall Mounted Locks. The deadbolts component held the largest market share. The elements can be attributed to the increased use of deadbolts in the residential and commercial verticals. The advantages exhibited by deadbolts, such as lower installation cost, high durability, and effective security against extreme intrusion or attack in the residential, commercial, and other applications, contribute to increasing the market for this segment.

By End-User Segmental Analysis

Based on end-user, the global smart lock market is segmented into Commercial, Residential Sectors, Enterprise, Government Institutions, Research Labs and others. The residential sectors dominated the smart lock market in 2021, capturing over 69% of the revenue share. Its high-income generation can mostly be attributed to the rising global smart home penetration and increasing new and renovation schemes across the sector over the past few years. Additionally, increased affordability of advanced security tools, including door and window opening sensors, motion detectors, and remote door locking/unlocking, is expected to drive these devices’ adoption further.

By Regional Segmental Analysis

The global smart lock market is segmented into North America, Europe, Asia-Pacific, South America and The Middle East & Africa. North America maintains more than 42% of the smart lock market share. It will hold its dominance during the forecast period. Will register the most increased demand rate in North America. Also, the strong key players are making plenty of developments. The higher penetration of smart-lock systems will continue in this north of America. Also, the adoption pace of this technology will increase significantly. Consumer spending on the smart-lock system is high in this region. The growing security problems in this region are another market demand driving factor.

Competitors Analysis

The companies include August Home, Avent Security, Cansec Systems Ltd., Haven Lock, Inc., Schlage SDS, Samsung SDS, SentriLock, LLC, Smart Locking Logic, Godrej and other prominent players in the global smart lock market. Key Stakeholders

• Market research and consulting firms
• Industry associations
• Smart Lock Firms
• Local Governments
• Regulatory bodies
• Suppliers

Recent Development

• January 2020 — August Inc. declared the establishment of the Wi-Fi Smart Lock, which sports a brand-new compact structure and built-in Wi-Fi connection. The device comes in the size of a standard doorknob and is 45% less in volume and 20% slimmer than the August Smart Lock Pro. The latest built-in Wi-Fi quality stops the demand to pair it with an outer bridge.
• January 2020 — Yale presents Linus to a Smart Lock at CES 2020, Las Vegas. The smart lock is powered by developed software and the user-friendly Yale Access app. It will deliver added functionalities, such as the power to lock and unlock the door, grant keyless access, and maintain track of who comes and goes with a 24/7 entrance history.

Scope of the Report

Report Attribute	Details
Revenue in 2021	USD 1.64 Billion
The revenue forecast in 2028	USD 41.9 Billion
Growth Rate	CAGR of 21.4 % from 2022 to 2028.
Historical data	2017 – 2020
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	The companies include August Home, Avent Security, Cansec Systems Ltd., Haven Lock, Inc., Schlage SDS, Samsung SDS, SentriLock, LLC, Smart Locking Logic, Godrej are the key players.

Market Modelling

By Technology

• Wi-Fi
• Bluetooth
• Other

By Lock Type

• Deadbolts
• Lever Handles
• Padlocks
• Rim Latch
• Wall Mounted Locks

By End-User

• Commercial
• Residential Sectors
• Enterprise
• Government Institutions
• Research Labs
• Other

By Region

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

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