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The smart lock market was worth USD 1.29 billion in 2023 and is projected to be worth USD 5.39 billion by 2030, growing at a CAGR of 18.45% between 2023 and 2030.
Voice control, remote access, and constant connectivity are just a few of the cutting-edge technologies that are driving the global adoption of "smart home" architecture. As a result, more and more people are using electronic locks on their homes. The convenience of not having to carry bulky mechanical keys has also contributed to the rise in demand for smart locks. An in-depth analysis of the market is available in the Global Smart Lock Market Report. Key market segments, trends, drivers, restraints, competitive landscape, and other factors with significant impact are all dissected in detail in the report.
Demand for smart locks is increasing for a number of reasons, including the proliferation of smart homes around the world and the accompanying rise in home automation-related businesses. Industry participants are concentrating on delivering marketable products and creating cutting-edge solutions, such as remote door/window locking and opening. In addition, manufacturers are connecting their products with voice assistants, allowing users to manage locks simply by speaking to the device.
Customers are increasingly interested in high-tech locking and unlocking systems, thus it stands to reason that these advancements will boost the demand for smart locks. Over the projected period, the market is likely to be driven by the rising requirement to protect a wide range of assets, including homes, hotels, supermarkets, banks, financial institutions, corporate buildings, and commercial buildings, with cutting-edge security systems.
The fast spread of smart locks is due in large part to people's increasing anxiety about physical security. Smart locks have come a long way since they were first introduced, offering more efficiency and convenience for its users. Because of their effectiveness and sophistication, they are being used to increase safety in a wide variety of locations. There is a rising demand for identification and verification in a wide range of structures, from homes and apartments to hotels and shopping malls to offices and factories.
Since smart locks are more expensive than conventional ones, their high price is a major issue holding back the industry. Smart locks aren't as appealing to consumers because of the significant switching cost involved. Customers' confidence in smart locks is dented because of the possibility of hacking. Smart locks can be hacked if they aren't routinely updated. Due to their electronic nature, they can be compromised by cybercriminals using phony access codes generated on smartphones. Power outages are another potential security risk for homes with smart locks, as many models rely on batteries or electricity to function. As a result, the market is constrained by factors such as the high price and the perception of unreliability.
The widespread use of the smart home framework is the primary force propelling the smart lock market. This framework offers innovative features like connectivity, voice control, and remote access. By eliminating the requirement for standard keys, it saves time for its users. Market growth is being fueled by increased awareness of technological advancements and improving living conditions in developing economies. In this vein, companies are making concerted efforts to develop innovative products in an effort to attract a wider audience. For instance, a smart door lock by Netatmo, a company that makes smart home devices, is compatible with Apple's HomeKit standard.
Smartphones have had a profound impact on people's daily routines, leading to a rise in the popularity of home automation systems. Examples of companies updating their offerings include Yale and August Home by Assa Abloy. This is because Linus Smart Lock employs the DoorSense technique, which permits remote door unlocking via a mobile device. The August Home and Cloud app allows for the management of two-factor authentication and the use of two-layer encryption for the Wi-Fi Smart Lock. Danalock International ApS has recently created a location-based lock that can detect the user's location and unlock the door once the user is inside a predetermined GPS area. Because of this, the global Smart Lock market has seen a rise in its CAGR in recent years.
Report Coverage
Global Smart Lock research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Smart Lock report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Smart Lock competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Smart Lock market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Smart Lock market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Smart Lock market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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).
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Smart Lock market based on the below-mentioned segments:
Global Smart Lock Market, By Product
Deadbolts
Lever Handles
Padlocks
Others
Global Smart Lock market, By Technology
Bluetooth
Wi-Fi
Global Smart Lock Market, By End User
Residential
Commercial
Global Smart Lock market, Regional Analysis
Voice control, remote access, and constant connectivity are just a few of the cutting-edge technologies that are driving the global adoption of "smart home" architecture. As a result, more and more people are using electronic locks on their homes. The convenience of not having to carry bulky mechanical keys has also contributed to the rise in demand for smart locks. An in-depth analysis of the market is available in the Global Smart Lock Market Report. Key market segments, trends, drivers, restraints, competitive landscape, and other factors with significant impact are all dissected in detail in the report.
Demand for smart locks is increasing for a number of reasons, including the proliferation of smart homes around the world and the accompanying rise in home automation-related businesses. Industry participants are concentrating on delivering marketable products and creating cutting-edge solutions, such as remote door/window locking and opening. In addition, manufacturers are connecting their products with voice assistants, allowing users to manage locks simply by speaking to the device.
Customers are increasingly interested in high-tech locking and unlocking systems, thus it stands to reason that these advancements will boost the demand for smart locks. Over the projected period, the market is likely to be driven by the rising requirement to protect a wide range of assets, including homes, hotels, supermarkets, banks, financial institutions, corporate buildings, and commercial buildings, with cutting-edge security systems.
The fast spread of smart locks is due in large part to people's increasing anxiety about physical security. Smart locks have come a long way since they were first introduced, offering more efficiency and convenience for its users. Because of their effectiveness and sophistication, they are being used to increase safety in a wide variety of locations. There is a rising demand for identification and verification in a wide range of structures, from homes and apartments to hotels and shopping malls to offices and factories.
Since smart locks are more expensive than conventional ones, their high price is a major issue holding back the industry. Smart locks aren't as appealing to consumers because of the significant switching cost involved. Customers' confidence in smart locks is dented because of the possibility of hacking. Smart locks can be hacked if they aren't routinely updated. Due to their electronic nature, they can be compromised by cybercriminals using phony access codes generated on smartphones. Power outages are another potential security risk for homes with smart locks, as many models rely on batteries or electricity to function. As a result, the market is constrained by factors such as the high price and the perception of unreliability.
The widespread use of the smart home framework is the primary force propelling the smart lock market. This framework offers innovative features like connectivity, voice control, and remote access. By eliminating the requirement for standard keys, it saves time for its users. Market growth is being fueled by increased awareness of technological advancements and improving living conditions in developing economies. In this vein, companies are making concerted efforts to develop innovative products in an effort to attract a wider audience. For instance, a smart door lock by Netatmo, a company that makes smart home devices, is compatible with Apple's HomeKit standard.
Smartphones have had a profound impact on people's daily routines, leading to a rise in the popularity of home automation systems. Examples of companies updating their offerings include Yale and August Home by Assa Abloy. This is because Linus Smart Lock employs the DoorSense technique, which permits remote door unlocking via a mobile device. The August Home and Cloud app allows for the management of two-factor authentication and the use of two-layer encryption for the Wi-Fi Smart Lock. Danalock International ApS has recently created a location-based lock that can detect the user's location and unlock the door once the user is inside a predetermined GPS area. Because of this, the global Smart Lock market has seen a rise in its CAGR in recent years.
Report Coverage
Global Smart Lock research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Smart Lock report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Smart Lock competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Smart Lock market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | 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). |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Smart Lock Market from 2021 to 2030.
- Market Forecast for Smart Lock Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Smart Lock competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Smart Lock
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Smart Lock market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Smart Lock market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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).
Primary Target Market
- Market Players of Smart Lock
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Smart Lock market based on the below-mentioned segments:
Global Smart Lock Market, By Product
Deadbolts
Lever Handles
Padlocks
Others
Global Smart Lock market, By Technology
Bluetooth
Wi-Fi
Global Smart Lock Market, By End User
Residential
Commercial
Global Smart Lock market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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