The insights for Smart Locks Market is likely to reach USD 3.27 Billion by 2026 from USD 1.62 Billion in 2021, at a CAGR of 13.11% amidst 2021 - 2026.
Smart locks are mechanized electromechanical devices that are built to function the locking and to unlock actions on a door just after it accepts directions from a recognized machine using wireless code and an underlying cipher to complete the authorization course. These locking instruments are accessible wirelessly with a certified consumer’s confirmation. With the help of a cryptographic key and smartphones, the consumer can authenticate wirelessly and automatically unlock or lock the door. These locks are an element of the internet of things (IoT). Locking and unlocking action can also be completed using mobile applications and websites which permits the user of the residence to allocate the entry to a mediator by posting the fundamentals by email or text message. These locks can avail of the use of Bluetooth or Wi-Fi connection to work well and operate with the smart doorbell.
Market Growth Drivers
Increasing the attention of high-end technology and growing urbanization leads to increasing appeals for smart residences and different security systems which thereby expands the market for smart locks. High durability, low installation costs, and protection from attacks or robbery circumstances in homes and commercial areas are anticipated to add to the growth of the market. The other aspects compelling the growth of the market of smart locks are rising appeal for smart residences, security solutions, and increasing urbanization. Growing recognition of the progressive technology and assimilation of intelligent machines like smartphones and tablets is also compelling the growth market of these locks. Acceptance of the keyless approach machines is anticipated to bring the market into a prevailing one.
Increasing usage of other connected devices and smartphones operates as a driver for the growth of the market. In addition to this, increasing protection and safety matters and improved characteristics in comparison with conventional lock systems also propel the growth of this market.
Perception of unreliability and high cost, and absence of knowledge among consumers act as restraints for this market. Price is an extensive aspect restraining the growth of the market after all this market technology amounts a lot excess than their non-smart counterparts. Further, the switching price of these advanced locks is high, which makes it less alluring for customers to spend. Aspects such as hacking and power failure add to the understanding of the absence of accuracy of smart locks among customers.
The leading security products and solutions provider Allegion has launched the Schlage Control mobile-enabled smart locks in the market. These locks have compatibility with the Bluetooth mobile credential, which can be supporting the multifamily ecosystem.
As of January 2020, Amazon has dropped the price of its Yale Assure Touchscreen Smart Lock with Key from USD 250 to USD 114.54. The smart lock offers the dual possibility of using a touchscreen or a regular lock key.
Gimdow, a prominent home security company is planning to introduce its Peel and Stick Retrofit Smart Lock, which excludes the typical dismantling of existing door locks. The added advantage is that it does not require a Wi-Fi bridge component for whole smartphone access and control.
Market Size Available
2019 – 2025
2020 - 2025
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
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
Master Lock, Onity, Salto Systems, Allegion, Cansec systems, ASSA ABLOY AB, Honeywell, Haven Lock, Spectrum brands, Yale, UniKey Technologies and Samsung SDS Co. Ltd.,
Smart Locks Market is segmented & sub-segmented into the following categories as per the size, trends & Growth until 2025.
Smart Locks Market: By Lock Type
On the basis of Lock Type, Deadbolts adhered to the most significant share of the market based on lock type in 2018. The elevated use of deadbolts in the commercial verticals and residences and advantages catered by deadbolts such as high durability, low installation costs, and adequate security in contrast to the extreme intervention or attack in the commercial, residential and other functions add to the high growth of the sector.
Smart Locks Market: By Vertical
On the basis of Vertical, the residential vertical adhered to the highest share of the smart lock market in 2018. Smart locks are used in the home functions to avert invasion, theft, burglary and unauthorized access. The rising usage of Internet-based residence protection solutions, increasing appeal for smart homes and increasing urbanization drive to the growth of the market for this vertical.
Smart Locks Market: By Communication Protocol
Based on the communication protocol, the smart lock market for Wi-Fi is likely to develop at the highest CAGR during the estimated era. Wi-Fi can be permeated through various devices, such as personal computers, smartphones, and tablets. The growth of the market for Wi-Fi can be contributed to factors such as wireless connectivity and high speed offered to the smart lock system. Also, the rising usage of the internet of things, all over, is driving the growth of this market.
Smart Locks Market: By Region
The Smart Locks Market Report includes the Region analysis with their respective Countries.
North America Smart Locks Market includes U.S, Canada
Europe Smart Locks Market includes the UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe
Asia Pacific Smart Locks Market includes India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC
Latin America Smart Locks Market includes Brazil, Mexico, Argentina, Chile & Rest of LATAM
Middle East & Africa Smart Locks Market includes KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA
North America's smart locks market is calculated to be the massive shareholder of the global business due to the appeal for improved residence protection, growing urbanization, and appeal for intelligent residences. The early adoption of technological advancements and penetration of smartphones is also attributing to the growth of this local market.
Europe's smart locks market is likely to be the second popular industry after North America, due to the increasing urbanization and high technology acute community. Cosmopolitan keyless systems and unified machines are accountable to compel the growth in Europe.
The Asia Pacific (APAC) smart locks market is likely to develop at the highest CAGR during the estimated era. The region is predicted to witness rising acceptance of protection systems as the countries here are the flourishing economies with an increasing number of manufacturing bases and growing demand for connected protection devices. The market in Asia-Pacific is increasing certainly with the rising usage and knowledge of smart residences. Furthermore, a large number of research activities, a vast population base, and rising urbanization compels the acceptance of smart locks in this region.
Some of the extensive players all over the world in the smart locks industry are, Master Lock, Onity, Salto Systems, Allegion, Cansec systems, ASSA ABLOY AB, Honeywell, Haven Lock, Spectrum brands, Yale, UniKey Technologies and Samsung SDS Co. Ltd., among others.
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1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Lock Type
5.1.3 Lever Handles
5.1.5 Other Locks
5.1.6 Y-o-Y Growth Analysis, By Type
5.1.7 Market Attractiveness Analysis, By Type
5.1.8 Market Share Analysis, By Type
5.2.8 Other Protocols
5.2.9 Y-o-Y Growth Analysis, By Communication Protocol
5.2.10 Market Attractiveness Analysis, By Communication Protocol
5.2.11 Market Share Analysis, By Communication Protocol
5.3.4 Institution & Government
5.3.6 Y-o-Y Growth Analysis, By Vertical
5.3.7 Market Attractiveness Analysis, By Vertical
5.3.8 Market Share Analysis, By Vertical
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
22.214.171.124 By Geographical Area
126.96.36.199 By Lock Type
188.8.131.52 By Communication Protocol
184.108.40.206 By Verticals
6.1.4 Market Attractiveness Analysis
220.127.116.11 By Geographical Area
18.104.22.168 By Lock Type
22.214.171.124 By Communication Protocol
126.96.36.199 By Verticals
6.1.5 Market Share Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Lock Type
220.127.116.11 By Communication Protocol
18.104.22.168 By Verticals
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Assa Abloy AB
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Allegion PLC
8.3 Spectrum Brands Holdings Inc.
8.4 Onity Inc.
8.5 Master Lock Company LLC
8.6 MIWA Lock Co.
8.9 ADEL Group
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures