Smart Lock Market Size, Share & Segmentation By Type (Deadbolt Locks, Lever Handles, Padlock, Server Locks & Latches, Knob, Locks, Others), By Technology (Bluetooth, Wifi, Z-Wave, Others), By Mechanism (Keypad, Card Key, Touch Based, Key Fob, Smartphone Based), By Application (Commercial, Residential, Hospitality, Enterprise, Critical Infrastructure, Institutional & Government, Industrial, Transportation & Logistic), By Regions And Global Forecast 2023-2030

Report Scope & Overview:

Smart Lock Market Size was valued at USD 2.04 billion in 2022 and is expected to reach USD 9.53 billion by 2030, and grow at a CAGR of 21.2% over the forecast period 2023-2030.

Smart locks are electronic keyless locks use Wi-Fi or Bluetooth connection to connect to other home appliances installed at home. Locks can be operated by a special power cord or by installing a smart lock app on the phone. The user can send temporary keys to people, giving them home access within a specified time. In addition, smart lock technology is unique and easy to use compared to conventional methods. Smart pre-lock technology includes the use of ID codes, passwords, machine keys, code names, and paper slips, which is tedious to take care of and that can potentially lead to theft or loss of data. Smart keys work on an IoT connection, which synchronizes the user's smartphone to gain control. This smart lock feature makes it unique, reliable, and easy to use and strengthens its market presence.

MARKET DYNAMICS:

KEY DRIVERS:

• Increasing security concerns.

• High efficiency and sophistication.

RESTRAINTS: 

• High cost for a single device.

• Unreliability perception.

OPPORTUNITIES: 

• Rise in IoT-based security systems.

• Innovation in the market.

CHALLENGES: 

• Cyberthreats via smart gadgets and IoT-enabled devices are a possibility.

• Awareness about the product.

IMPACT OF COVID-19: 

The COVID-19 epidemic has had a profound effect on businesses worldwide. It has had a positive impact on the adoption of smart locks due to the closure of local governments. In the post-COVID-19 scenario, organizations are focusing on advanced technologies such as artificial intelligence (AI), machine learning (ML), Internet of Things (IoT), and cloud computing across all residential and commercial sectors to perform unparalleled work. This feature is expected to create the need for an application-based smart lock system, which is predicted to drive the adoption of smart keys worldwide. In addition, smart locks are used to provide security. The global smart lock market is growing due to increased use of security-related products such as digital millions and clouds in the commercial, residential, and industrial areas. In addition, the commercial and government industries have begun to use smart locks to overcome concerns about public safety and security. The use of smart keys is increasing worldwide to create a secure and efficient economy. In the commercial sector, companies have begun to use advanced technology to promote low debt, increase employee accountability, strengthen compliance, and increase efficiency, which is expected to further the growth of the smart millions market behind COVID-19.

Based on Type, the deadbolt segment has registered a maximum revenue share of more than 50% and is expected to continue to dominate the industry in the forecast period. High productivity may be due to the growth of its exports across the residential sector due to many benefits such as ease of use and long-lasting locking mechanisms. Lever handles are expected to grow at a much faster CAGR of more than 25% during the forecast period due to significant growth in the construction sector. Modern activities across the tourism industry to meet the safety needs of tourists are expected to stimulate sector growth. The smart lever handles are widely used in interior doors in all commercial settings. They have simpler lock / lock mechanisms compared to their counterparts due to the style handle that pulls down instead of the button, which requires grip and rotation. The lock segment is expected to grow in a large CAGR in the coming years due to benefits such as high security and user performance management, ease of use, and compatibility of smartphones, which has resulted in its widespread use worldwide. In addition to living space, smart padlocks are increasingly used during travel to ensure the complete safety of the load.

By Application residential area dominated the smart lock market. holding more than 60% of its revenue share. It is expected to maintain its rule for the next seven to eight years. Its high productivity may be due in large part to the growth of smart housing in the world and a growing number of new projects and renovations across the industry over the past few years. In addition, increased access to advanced security tools, including door and window sensors, moving finders, and door locks, are expected to further the adoption of these devices. The development of millions of compatible technologies such as ZigBee, Z-Wave, and BLE technologies, especially for the purpose of staying in large markets, is at the forefront, thus attracting a large customer base. The hospitality industry has been sending smart locks to address growing customers' safety concerns during their stay. The need to increase home security measures in hotels is thought to strengthen the adoption of these unlockable access devices in the future. Leading market players offer new tourism industry solutions.

COMPETITIVE LANDSCAPE:

The Key players in the Smart Lock Market are Yale, Schlage, August Home, Kwikset, Goji, SDS Smart Locks, Mul-T-Lock, Unikey Technologies Inc., Haven Lock, Inc., Honeywell International Inc., Panasonic Corporations, Salto Systems, Samsung Sds Co. Ltd., Vivint, Inc. and Other.

MARKET SEGMENTATION:

BY TYPE

• Deadbolt Locks

• Lever Handles

• Padlock

• Server locks & Latches

• Knob Locks

• Others

BY TECHNOLOGY

• Bluetooth

• WiFi

• Z-Wave

• Others

BY MECHANISM

• Keypad

• Card Key

• Touch Based

• Key Fob

• Smartphone Based

BY APPLICATION

• Commercial

• Residential

• Hospitality

• Enterprise

• Critical Infrastructure

• Institutional & Government

• Industrial

• Transportation & Logistic

REGIONAL ANALYSIS:

North America owns more than 45% of the market share of smart locks. It will retain its rule during the forecast period. High demand will be recorded in North America. Also, powerful key players make a lot of progress. Growing security concerns High penetration of the smart-lock system will continue in this region. Also, the adoption rate of this technology will increase significantly. Consumer spending on smart locking systems is high in this region. The growing security concern in the region is another factor driving market demand. In addition, many infrastructures are compatible with intelligent lock technology. These benefits provide a unique growth for the smart lock market in North America. Second, Asia Pacific is the next major regional player. Demand for the smart lock is high in Asia pacific. Awareness of advanced technology is on the rise in the Asia Pacific region. All of these factors create promising growth opportunities in the smart lock market. Europe is another important player in the smart lock market. Also, growing security concerns drive a great need in the region. The Middle East and Latin America are a growing smart lock markets with much potential for growth.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

Frequently Asked Questions (FAQ) :