At 13.2% CAGR, Smart Lock Market Size is Expected to Reach USD 4351.3 Million in 2027, Says Brandessence Market Research

LONDON, May 27, 2022 /PRNewswire/ -- The Smart Lock Market Value is expected to record a valuation of USD 4351.3 Million by 2027, Registering to Accelerate at a 13.2% CAGR, According to the most recent study by Brandessence Market Research & Consulting Pvt Ltd.

The Global Smart Lock Market size was Valued at USD 1826.8 Million in 2020. Smart Lock Market Size, Share, Features, Companies & Trends Analysis Report By Lock Type (Deadbolts, Lever Handles, Padlocks, Footplate Locks, Rim Latch, Wall Mounted Locks), By Technology (Wi-Fi, Bluetooth, Other), By End-User (Commercial, Residential Sectors, Enterprises, Government Institutions, Research Labs, Other) Based On Region, And Segment Forecasts, 2022 - 2028

Increasing penetration of smartphones, rise in the number of criminal cases, and growing emergence of smart technologies such as 5G, Wi-Fi are anticipated to drive the growth of the Global Smart Lock Market.

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The major companies which are at the top in the Smart Lock market are:

The smart lock market is a fragmented, innovative, and competitive landscape. The increased manufacturing of smart locks globally, with low barriers to entry, thanks to limited investments in high-tech technology remain promising drivers of growth. The relatively low to medium investments in costs also open doors to new opportunities through collaborations, and acquisitions. Key players in the market continue to focus on integrated lock systems with features to complement technologies like Bluetooth, Wi-Fi, and IoT advancements like smart homes. Some key players in the global smart home market are Allegion (Ireland), Salto Systems (Spain), Spectrum Brands (US), Cansec Systems (Canada), Onity (US), and Master Lock (US) among others.

• Assa Abloy AB
• Samsung Group
• Dorma+Kaba Holding AG
• Carrier Global
• Fortune Brands Home & Security
• MIWA Lock Co.
• SALTO Systems, S.L.
• SentriLock, LLC

Smart Lock Market: Scope of Report:      

Smart locks are electromechanical lock which embeds authorization via wireless or Bluetooth protocols. The authorization process involves a cryptographic key to execute the authorization process. These devices are useful for a wide range of application apart from basic security to homes, similar to conventional locks. The additional applications include offering remote access to homes via apps, connect to home security to engage in real-time monitoring, automatically opening locks via Bluetooth as homeowner approaches the door, multiple keyless entry options including custom code numbers for guest entries, and auto locking when people forget to latch.  Apart from these, smart locks can also send smart alerts to homeowners as text messages; integrate with smart homes to offer additional features like automatic lighting when homeowner approaches, and syncing smart locks-door bells with video footage for security purposes. New technology in smart locks enable up gradation of conventional locks like deadbolts into smart locks. These smart locks are cheaper to upgrade, and offer most lucrative features like smartphone alerts when a door is improperly latched, or someone tries to open the door. The machinery of smart lock is similar to traditional locks, wherein a lock, and key is essential. However, in case of smart locks, the key is digital.

Smart lock Market: Key Drivers

The growing demand for smart locks in commercial premises for higher security, more connectivity, and convenience promise tremendous growth for smart locks. Smart locks are seen as a great alternative to traditional problems like letting guests in during emergencies, getting alerts when someone enters your property, getting video connectivity to monitor property in real-time. The smart locks also remain a major convenience for homeowners who wish to let guests, security and house help-in during odd hours. The growing demand for smart homes, increased appeal of digital connectivity, and growing status as a symbol of affluence remain key drivers of growth for the smart lock market.

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Smart Lock Market Key Trends:

A recent study by Columbia University points to a growing willingness to the idea of a smart home among consumers. The technology like smart locks seemed promising to most, and over 35% voted smart features as necessity for availing a new security lock. The other features most noted in the survey included security, durability, design and style of the locks, and ease of installation among others.

Thanks to the convenience of smart lock systems, increasingly these systems are used in commercial refrigerators, furniture items in stores, and even schools. The locks are ideally designed so only insiders get to know a code, which can open a utility item like a refrigerator in a commercial lobby.

The advancement in wireless technology have reached a new peak with sensor-based lock technology. New digital locks in the market use knock-based sensors, which can open a lock depending on the number, and type of knock they sense. These locks are ideal for homeowners, who live in guarded areas, and require a familiar and personalized touch to their lock systems.

Increasing advancements in RFID has increased the security quotient for smart locks. RFID tagged technology today can be seen in hospitals, wherein access to special areas is restricted for visitors. Similarly, entry with authorized cars also offers an easy way for staff members to enter restricted areas. Growing internet connectivity, increased advancements like IoT, and growing demand for convenient locking mechanisms in commercial properties remain a key driver of growth in the smart lock market.

Biometric locks remain most popular for ordinary and regular needs of commercial offices, and individuals alike. These locks are popular as they are a must-addition to the simple, and convenient locking mechanisms. A high-tech biometric lock can provide a personalized way to engage in safety, and security for children, and elder people alike. The high repair costs for digital or smart locks remains its biggest restraint to adoption. The appeal of smart locks continues to grow in new regions like Asia Pacific, wherein limited technical know-how among elderly and high-costs of repair remain key barriers to growth.

Reginal Analysis:

The smart lock market report is divided into various categories including North America, Europe, Asia pacific, Latin America, and Middle East & Africa. Among these, the smart lock market in North America is expected to occupy largest share of total revenues in the global landscape. The North America remains a key region to growth, thanks to growing appeal of smart technologies in this region including smart homes, IoT devices, due to tremendous awareness. Moreover, the region also promises robust adoption, thanks to increased advancements enabling up gradation of conventional locks into digital locks. The growing demand for smart locks with advancements like RFID technology, and biosecurity in commercial spaces also remains a major promise for growth in the North America region.

The Asia pacific also promises the fastest pace of adoption for smart locks market during the forecast period. Asia Pacific is home to a large population. The large young, and techno-savvy population, with tremendous positive attitude towards adoption of technology promises a robust growth of smart locks in the region.

On Special Requirement Smart Lock Market Report is also available for below region:

North America

• U.S, Canada

Europe

• Germany, France,U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

• South_Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

• Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

• Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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