Global Smart Lock Market – Industry Trends and Forecast to 2029

Global Smart Lock Market, By Type (Deadbolt, Lever Handles, Padlock, Others), Communication Protocol (Bluetooth, Wi-Fi, Others), Unlocking Mechanism (Keypad, Card Key, Touch Based, Key Fob, Smartphone Based), Application (Commercial, Residential, Industrial, Government Institution, Others) – Industry Trends and Forecast to 2029

Market Analysis and Size

As per the FBI statistics, home burglaries accounted for 17.1% of all property crimes in 2020. By subcategorization, forcible entry was involved in 56.7% of burglaries, and burglary offenses victims suffered an estimated USD 3.4 billion in property losses in 2020. This suggests possibilities for more secure and advanced security systems. The increasing Internet penetration and popularity of IoT, combined with the benefits of connecting smart locks to the Internet, are among the major factors creating a significant opportunity for the smart lock market to grow. Therefore, the market is estimated to grow rapidly over forecasted period.

Global Smart Lock Market was valued at USD 2842.18 million in 2021 and is expected to reach USD 12302.56 million by 2029, registering a CAGR of 20.10% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behavior.

Report Scope and Market Segmentation

Market Definition

Smart lock are electromechanical devices that allow users to unlock their device remotely and come with inbuilt Wi-Fi or Bluetooth. It allows us to monitor our device at all times and have enhanced security features and tons of customizations. It also offers several customized entry and exit options through fingerprint, face unlock, through our smart phones or even gestures.

Smart Lock Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Growth in Security Concerns

The widespread adoption of smart home devices has minimized the concerns because consumers want data privacy and security in their homes, provided by smart locks. The individuals must simply pair the Bluetooth or Wi-Fi device with a deadbolt to gain access with a phone tap or voice command. They improve security by utilizing advanced presence detection, durability, and alert systems. Easy access and quick authentication have become the norm. As a result, the consumers' security concerns largely boost the overall market demand.

Furthermore, the rapid growth of home automation will further propel the growth rate of smart lock market. Additionally, the commercial and residential sectors adopt the app-based smart lock systems because they enable quick tracking and logging and increase efficiency over the forecast period.

Opportunities

• Awareness and Advent of Technologies

Furthermore, the growing consumer awareness regarding the benefits and convenience offered by these locks further extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the rising Internet of Things (IoT) penetration along with the advent of the various technologies such as Machine Learning (ML) and Artificial Intelligence (AI) will further expand the future growth of the smart lock market.

Restraints/Challenges

• High Costs of Smart Locks

Smart locks are significantly more expensive than traditional locks, which limits market growth. Furthermore, the switching cost of smart locks is high, making it less appealing for consumers to invest in, which will create hindrances for the growth of the smart lock market.

• Threat of Hackers

The threat of hackers also hampers consumers' perception of the dependability of smart locks. Smart locks can become vulnerable to hackers if they are not regularly updated. As they are electronic devices, they can be disrupted by cyber attackers who can generate bogus access codes using smartphones. Because many smart lock models run on battery or electricity, a power outage could disrupt their operation and make them vulnerable. As a result, the high cost and perceived unreliability act as market restraints. Therefore, this factor is anticipated to challenge the smart lock market growth rate.

This smart lock market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the smart lock market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Smart Lock Market

The recent outbreak of coronavirus had a huge impact on the smart lock market due to the restrictions imposed by various governments, the adoption of smart locks has increased. In the post-COVID-19 era, organizations are focusing on advanced technology such as artificial intelligence (AI), machine learning (ML), internet of things (IOT), and cloud computing in the residential and commercial sectors to perform contactless operations. This factor is expected to drive demand for app-based smart lock systems, which are expected to drive global adoption of smart locks. Furthermore, smart locks are used to provide security. The global smart lock market is expanding as a result of an increase in the use of security-related products such as digital and cloud-based locks in commercial, residential, and industrial settings.

On the brighter side, the companies in the commercial sector have begun to deploy enhanced technology in order to promote lower liabilities, increase employee accountability, strengthen compliances, and increase efficiencies, which is expected to drive the smart locks market growth following COVID-19.

Global Smart Lock Market Scope

The smart lock market is segmented on the basis of type, communication protocol, unlocking mechanism and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Deadbolt
• Lever Handles
• Padlock
• Others

 Communication Protocol

• Bluetooth
• Wi-Fi
• Others

Unlocking Mechanism

• Keypad
• Card Key
• Touch Based
• Key Fob
• Smartphone Based

Application

• Commercial
• Residential
• Industrial
• Government Institution
• Others

Smart Lock Market Regional Analysis/Insights

The smart lock market is analyzed and market size insights and trends are provided by country, type, communication protocol, unlocking mechanism and application as referenced above.

The countries covered in the smart lock market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the high spending capacity of customers and increase in the security concerns within the region.

Asia-Pacific, on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the rising number of residential and commercial projects as well as ongoing smart city initiatives in developing countries in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Smart Lock Market Share Analysis

The smart lock market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to smart lock market.

Some of the major players operating in the smart lock market are-

• ASSA ABLOY (Sweden)
• Allegion plc (Ireland)
• dormakaba Group (Switzerland)
• Spectrum Brands Holdings, Inc. (U.S.)
• Salto Systems S.L. (Spain)
• Carrier (U.S.)
• Cansec Systems Ltd. (Canada)
• GANTNER Group (UAE)
• Master Lock Company LLC (U.S.)
• Master Lock Company LLC (U.S.)
• Samsung (South Korea)
• SentriLock, (U.S.)
• Avent Security (Vietnam)
• DESSMANN Schliessanlagen GmbH (Singapore)
• Haven Lock, Inc., (U.S.)
• Dahua Technology Co., Ltd (China)