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Smart Lock Market Segmentation by Type (Padlocks, Deadbolts, Lever Handle, and Others); By Technology (Wi-Fi, Bluetooth, NFC, and Others); By End-User (Residential, Commercial and Industrial) - Demand Analysis & Opportunity Outlook 2027

Published: January, 2022
ID: 8703
Pages: 175
Formats: report pdf report excel report power bi report ppt

Smart Lock Market Size, Growth, Trends & Forecast (2022 - 2027)

The global smart lock market is currently worth $1.8 billion and is expected to grow at a CAGR of around 13% to an approximated $4 billion by 2026.

The use of smart locks for residential properties around the world is owed to the accelerated development of smart home architecture, which includes features like remote access, voice control, and seamless connectivity. The elimination of the necessity to carry mechanical keys around has also enticed residential owners.

A smart lock is an electromechanical lock that responds to commands from an authorised device to lock and unlock a door. A remote protocol and a cryptographic key are used to carry out the authorization process. It also maintains track of who has access to the system and sends out notifications for the various events it monitors. Smart locks are one component of a smart home. These locking instruments are available wirelessly with the confirmation of a confirmed purchaser. Using a cryptographic key and their cell phones, the user can validate wirelessly and automatically open or lock the door.

Smart locks are Internet-of-Things-enabled entry systems that dispense without keys and allow users to control door locks remotely from their smartphones and other smart devices. Smart locks use Wi-Fi, mobile apps, and voice assistants like Alexa, Google Assistant, and Siri to lock and unlock doors, grant access to visitors and send notifications when doors are left open or unlocked. The development of improved smart locks has been aided by artificial intelligence, machine learning, cloud-based apps, and IoT connectivity. Controlled door access, user recognition, and comprehensive facility control are all possible with integrated access control systems.

Recent Developments in Smart Lock Market

Arran Isle, a prominent designer, manufacturer, and distributor of door and window hardware in the UK and Ireland, has signed a definitive agreement to be acquired by ASSA ABLOY.

The US government has approved the new electronic access system developed by Allegion US, a leading provider of security products and solutions, and Gallagher, a worldwide security manufacturer. The General Services Administration (GSA) has authorised the Schlage AD-302 FIPS 201-2 as the first electronic lock, giving it access to major federal clients.

Master Lock, the American security superbrand currently celebrating its 100th anniversary, has introduced the heavy-duty Bluetooth ProSeries Extended Shackle Padlock, which is ideal for business applications ranging from construction sites to hospitals and factories.

Smart Lock Market Drivers

The global market is being driven by a growing acceptance of modern home security solutions and the use of smart devices. Smart locks are needed in both the residential and commercial sectors as a result of an increase in security threat incidences and the development of smart cities. As a result, classic locking systems with bulky locks are being rapidly replaced by keys that are more prone to lose and theft. People are also more oriented toward smart-technology-based help for their daily life operating as a result of rising urbanisation and disposable income, as well as the rapid rise of IoT technology.

The increasing global smartphone penetration has opened up new growth potential for industry participants as a result of their continued efforts to build apps to manage the locking/unlocking processes. Furthermore, top market players are incorporating a variety of unique tactics into their smart lock models, including Wi-Fi enabled locking/unlocking and Bluetooth-based (BLE) locking/unlocking via smartphones and other devices. Password entry and pattern-based locking/unlocking are also made easier with touch panels.

Smart Lock Market Restraints

High deployment costs for smart locks and integrated access systems, growing concerns about reliability as the number of hacking and cyberattacks on connected systems increases, and a lack of awareness about smart locks in developing countries are all expected to slow market revenue growth in the future

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 – 2026

Base Year

2020

Forecast Period

2021 - 2026

CAGR

13%

Segments Covered

By Type, Communication, Vertical, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

  1. August Home
  2. Haven Lock Inc
  3. Honeywell International Inc
  4. Panasonic Corp
  5. Samsung SDS Co Ltd
  6. Schlage
  7. Spectrum Brands
  8. Unikey Tech Inc
  9. Vivint Inc
  10. Salto Systems SL
  11. U-TEC Group Inc
  12. Yale Locks & Hardware
  13. Gantner Electronic GmbH

 

Smart Locks Market Size, Share

Smart Lock Market Segmentation

Type: The market is segmented into Padlocks, Deadbolts, Lever Handle, and Others.

Between 2021 and 2026, the deadbolts category is estimated to account for the biggest revenue share in the global market, owing to the rising demand for deadbolts in residential and commercial buildings, which provide increased security and durability. The growing popularity of touch-screen and smart deadbolts, owing to their ease of installation and remote operation, is also contributing to the segment's revenue growth.

Technology: The market is segmented into Wi-Fi, Bluetooth, NFC, and Others.

Revenue in the Wi-Fi segment is expected to grow significantly during the forecast period, owing to advancements in Wi-Fi networks, improvements in remote control capabilities of Wi-Fi-enabled smart locks, and real-time alerts delivered by Wi-Fi-based smart locks, ensuring a higher level of security and a safe smart home experience.

End-User: The market is segmented into Residential, Commercial and Industrial.

The residential segment is expected to account for a significant revenue share in the global market due to the growing adoption of smart locks in smart residential buildings to address residents' security and safety concerns, the growing trend of smart homes, and rising investment to equip new residential infrastructure with smart windows, sensors, and other integrated security features.

Smart Lock Market Regional Analysis

In 2020, North America had the greatest revenue share in the global market, and it is predicted to continue to grow rapidly in the future. The expanding trend of smart homes, rising demand for linked devices, and quick adoption of smart lock systems due to an increase in break-ins are all contributing to the North American market's revenue growth. The United States is by far the largest market for smart locks, owing to a higher ratio of single-family houses and consumers' increased interest in smart home automation or security services.

Asia Pacific is predicted to have the highest CAGR of over 22% over the next seven years, owing to an increase in modernization activities in the hospitality and residential sectors, as well as greater awareness of advanced security systems in growing nations like India and Korea. In smart home solutions applied in multi-dwelling complexes in South Korea, shared entrances with commercial-grade electronic lock systems are common. Because of the maturing of smart lock technology and growing consumer awareness, China has become a global leader in the field of smart locks in recent years. China is already ahead of the majority of countries in the globe, regardless of product form, function, or the number of brands and firms. In South Korea, household penetration is above 50%, whereas in China, where smart locks are still in their infancy, it is at 5%–10%. Builders, door lock makers, and door manufacturers are likely to introduce smart locks to the market.

The European market is estimated to grow at a CAGR of 15% between 2021 and 2026 achieving a value of $12 billion approximately. In Western Europe, temperature control is more important, and smart locks are rarely linked to smart home services. The LAMEA Smart Lock Market is likely to be dominated by Brazil, Argentina, the United Arab Emirates, Saudi Arabia, South Africa, and Nigeria.

Smart Lock Market Leader

ASSA ABLOY is the largest player in the global smart lock market, with consumer spending expected to reach $3.4 billion and 30.3 million devices sold by 2026. ASSA ABLOY secured 20.5 per cent of the global smart lock market in 2020, and the successful acquisition of rival Kwikset in September 2021 will further expand its market share to 33 per cent by the end of 2021.

Smart Lock Market Key Players

  1. August Home
  2. Haven Lock Inc
  3. Honeywell International Inc
  4. Panasonic Corp
  5. Samsung SDS Co Ltd
  6. Schlage
  7. Spectrum Brands
  8. Unikey Tech Inc
  9. Vivint Inc
  10. Salto Systems SL
  11. U-TEC Group Inc
  12. Yale Locks & Hardware
  13. Gantner Electronic GmbH

Impact of COVID-19 for Smart Lock Market

The COVID-19 pandemic hampered the installation of new smart locks during the first few quarters of 2020. Drastic changes in the industry, such as cross-border trade prohibitions, economic instability, rigorous standards mandating temporary shutdowns of industrial facilities, and stay-at-home mandates for the general public, created a tough situation.

During the COVID-19 outbreak, however, speech recognition and mobile phones or smart devices would be used to lock and unlock devices, decreasing the need for physical contact with the hardware. Manufacturers were able to meet client demands for touchless and contactless systems to operate their devices as a result of these improvements, reducing the risk of infection during these challenging times. Throughout the pandemic, businesses employed new product development and the deployment of advanced and touchless technology as a primary strategy.

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