Smart Lock Market to Witness Significant Growth Due to Advancements in IoT Technology

Posted March 15, 2023 by avinashgogawale14

With a projected CAGR of 12.9%, the Smart Lock Market is expected to grow from an estimated value of USD 2.1 billion in 2022 to USD 3.9 billion by 2027
The Smart Lock Market is anticipated to reach USD 3.9 billion by 2027, expanding at a CAGR of 12.9% between 2022 and 2027. According to a paper titled "Smart Lock Market with COVID-19 Effect," which analyses the COVID-19 pandemic's effects on the market, this is the case. According to lock type, communication protocol, unlocking mechanism, vertical, and geographic divisions in the study. The two types of locks examined are deadbolt locks and lever handles, and the communication methods are Bluetooth and Wi-Fi. The three unlocking mechanisms under study include keypad, card keys, and touch-based.

Smart lock market players can anticipate attractive prospects due to the rising usage of Internet of Things (IoT)-based security systems and the growth of urban infrastructure in emerging nations. ASSA ABLOY AB, dormakaba Group, Spectrum Brands, Inc., SALTO Systems, S.L., and Allegion plc are a few of the main Tier I and II industry participants examined in the paper.

According to the research, these players are well-established in a number of nations in North America, Europe, Asia-Pacific, and the rest of the world.

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Rising adoption of smartphones and other connected devices

The market for smart locks is being strongly stimulated by the growing popularity of smartphones and other linked devices. The market is being driven by the rising demand for tablets, smartphones, and connected gadgets, especially in developed economies. Also, the market for smartphones is anticipated to increase in the near future due to demand from rising nations like China, India, Malaysia, and Indonesia.

Companies are now strategically investing more in smartphone-based applications and mobile websites thanks to the rising smartphone adoption and skyrocketing internet consumption. In order to improve customer convenience and security, businesses are increasingly concentrating on creating smart lock solutions that can be quickly integrated with smartphones and other connected devices.

Deadbolt locks is expected to hold the highest market share during the forecast period

Over the forecast period, the deadbolt lock type is anticipated to have the largest market share. One of the most popular types of external residential locks is the deadbolt, and they are categorised into categories based on how long they last and how durable they are.

From 1 to 3, 1 being the highest and 3 being the lowest, are the grades. The majority of smart locks work with current deadbolts, enhancing the security of the systems.

Residential vertical to hold the largest market size of smart lock market during the forecast period

The smart lock market is anticipated to have the greatest market size throughout the projected period in the residential sector. The residential vertical, which comprises apartments and single-family homes, is the biggest vertical in the market for smart locks.

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Many causes, including increased urbanisation, rising acceptance of security systems, and expanding demand for smart houses, are responsible for the residential vertical market's expansion. The market for smart locks in the residential vertical is also expanding as a result of the rising popularity of home automation systems.

ASSA ABLOY, August Home, Spectrum Brands, and Gate are a few of the top manufacturers of smart locks for the home market. To satisfy the rising demand for smart home security solutions, these competitors are concentrating on creating innovative and user-friendly solutions.

Smart lock market in APAC to hold the highest CAGR during the forecast period

The Asia Pacific (APAC) region's smart lock market is anticipated to experience the greatest CAGR throughout the projected period. This development can be ascribed to a number of variables, including the rising use of security systems in important regional economies with expanding manufacturing sectors and rising consumer demand for linked security equipment.

The adoption of smart locks in APAC is also anticipated to be fueled by the region's vast population base, rising research and development (R&D) activities, and growing urbanisation. The region's increasing use of smartphones and other connected devices is also anticipated to fuel the APAC market for smart locks.

Key players in the smart lock market are ASSA ABLOY AB (Sweden), dormakaba Group (Switzerland), Spectrum Brands, Inc. (US), SALTO Systems, S.L. (Spain), Allegion plc (Ireland), Honeywell International Inc. (US), Dahua Technology Co., Ltd (China), Samsung Electronics Co., Ltd. (South Korea), Vivint, Inc. (US), ZKTECO CO., LTD. (China), igloohome Pte Ltd (Singapore), RemoteLock (US), Onity (US), Master Lock Company LLC. (US), MIWA Lock Co. (Japan), SentriLock (US), Avent Security (China), HavenLock, Inc. (US), Shenzhen Vians Electric Lock Co., Ltd. (China), Anviz Global Inc. (US), CANDY HOUSE, Inc. (US), AMADAS (South Korea), Thekeywe (South Korea), Gate Video Smart Lock (US), and DESSMANN Schliessanlagen GmbH (Germany).

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Last Updated March 15, 2023