Global Smart Lock Market: Emergence of IoT-based Security Exhibiting Healthy Rise in Smart Lock Adoption

Global Smart Lock Market

Smart lock is a type of locking mechanism which is equipped with various connectivity features such as Wi-Fi, Bluetooth or other connectivity protocols. These locks provide locking, unlocking access upon the authorization it receives from a device connected to the lock with the help of various wireless connectivity protocols. These locks also include a back-up key insertion/text/code authorization system. These locks are utilized for automation of security and helps in developing more secure smart homes. These locks generally require users to install certain apps or utilize the manufacturers website to gain access. These locks keep a log of all the accesses, even taking virtual captures of users gaining access.

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The main factors behind the growth of the market are:

  • Growing demand in hospitality management: The demand for smart locks from the hospitality management sector has been caused by a rise of making the sector more secure and safe for guests who visit various hotels and restaurants. These locks help keep unique authorization mechanism for each guests that visit a particular facility which is generate upon their check-in. This helps reduce the chances of thieves gaining unauthorized access with the help of duplicate keys
  • Increasing demand in the field of mobile computing devices and telecommunication networks: The demand for effective and efficient locking mechanisms from the telecommunications and IT sector is increasing exponentially due to the concerns from this sector regarding data privacy, breaches and hacks. These locks find their application for the computing devices or telecommunication devices as they can remotely lock the device upon detection of whether the user is operating the device or not. These locking mechanisms operate on their own resulting in greater effectiveness in security of devices

The market is segmented on the basis of market type as deadbolt, lever/knob, padlocks, others; unlocking mechanism as keypad, app based, hybrid/integrated, touch to open; communication is based on Bluetooth, Wi-Fi, other protocols; application is segmented into industrial, residential, institution & government, commercial.

Some of the recent market developments are as follows:

  • In January 2019, Kwikset announced the launch of three new locks for smart homes providing a connection for individuals that prefer traditional locking systems. The products inclusive of a Wi-Fi enabled smart locks which will be connected with the user’s own Wi-Fi and not requiring any third-party additional service, this product will be marketed under the company’s “Halo” brand. These locks will be integrated with the company’s proprietary app through which users can manage the access and security status of the locks. The launch also includes a new Bluetooth enabled smart lock marketed under the “Aura” brand which is compatible with any smartphone, at an affordable price
  • In September 2018, August Home in collaboration with Yale, announced the launch of a new keypad smart lock line equipped with August’s technological features, branded as “Yale Assure Locks – Connected by August”. These locks will be able to provide users with auto-unlock, remote access, DoorSense, universal voice assistant support and secure virtual keys. This collaboration will also provide users with upgradation of their existing locks with the help of integration of August app

“According to Data Bridge Market Research, global smart lock market is growing at a healthy CAGR of 13.46% during the forecast period of 2018 to 2025”

Some of the major players operating in the market are ASSA ABLOY, Allegion plc, dormakaba Holding, Spectrum Brands, Inc., Onity, Cansec Systems Ltd., Master Lock Company LLC. , Safewise. , Spectrum Brands, Inc., Schlage, Havenlock Inc., Home Inc., Kwikset, Vivint Inc., Apigy Inc.,Schlage, Samsung Sdsco. Ltd and many more.

The market is undergoing growth at a healthy rate caused by the expansion of IoT-based security infrastructure and solutions. This essentially means that the traditional locks that many of the individuals were utilizing are being replaced with modern, more secure connected offerings. These locks exhibit connectivity features and characteristics which help the users gain access with the help of their smartphones while also keeping a log of all the users/individuals gaining access.