Smart Locks - Global Market Trajectory & Analytics

Global Smart Locks Market to Reach $4 Billion by 2026

Smart locks are defined as electromechanical locks designed with wireless connectivity features and with cryptographic or virtual keys to execute authorization of the process of locking and unlocking. Smart locks can also be remotely controlled via smartphone mobile app. Mechanical locks are rapidly giving way to these smart electromechanical locks as undercurrents of technologies such as connected homes, home automation, and Internet of Things (IoT) get stronger by day. These technologies are quickly moving beyond just concepts into commercial reality and today are merging with mainstream consumer solutions supported by factors such as rapid penetration of mobile communication technologies like 4G and 5G; falling mobile internet tariffs; virtual saturation in smartphone penetration with over 50% of world population owing a smartphone; development of smart microprocessors and connected devices; falling costs and ubiquity of sensors; and innovations in embedded system design, among others. Amid the COVID-19 crisis, the global market for Smart Lock estimated at US$2.4 Billion in the year 2022, is projected to reach a revised size of US$4 Billion by 2026, registering a compounded annual growth rate (CAGR) of 13.9% over the period. The United States represents the largest regional market for Smart Lock and is projected to reach US$1.0 Billion by 2026. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 15.8% over the period.

As Industrial Internet of Things (IoT)/Industry 4.0; factory automation and smart factory gains momentum, equal emphasis will be placed on smart security system. As production and process machinery and equipment in plants and factories become increasingly intelligent, automated and data rich and data-driven, access control for these system also becomes equally important. Ensuring right authentication to the rightly credential employee becomes more important than ever to ensure asset protection and prevent asset mismanagement and damage. Industrial and manufacturing access control systems are growing in popularity in parallel to the smart factory trend. The importance of smart factory security cannot be undermined. In addition to cyber security of manufacturing IoT networks, physical access to manufacturing systems is also important to ensure safety of equipment, processing quality and final quality of finished products. Interestingly, physical security is the first line of defense in a manufacturing environment since some of the most severe damages occur when entry is gained inside the factory floor. In other words, not only data needs to be kept safe but also machines and physical equipment present on the factory floor. Authorized access to plant floor can result in inventory; data loss and lift from smart machines; intellectual property theft, among others.
Under this scenario, locks, key cards, and video surveillance, among others are witnessing robust demand. Smart locks especially are witnessing growing importance and prominence given their ability to scale to a digitalized factory environment and needs by offering synergistic digital and electric features and functions. For instance, in a smart factory environment where remote operation is popular, smart locks offer the capability to digitally ensure and validate authentication and authorization of the right personnel with the right machines. Also smart locks with fingerprint identification, facial recognition, and other biometric parameters provide higher levels of safety and security than traditional mechanical locks. And in an industrial environment where focus is shed on connecting data generated by factory systems with the enterprise database to facilitate big data analysis, smart locks can capture, store and transmit information and data on authentication requests and processes to the enterprise datapipe. Industrial control systems are the backbone of smart automation in a smart factory and therefore need to be protected. Smart locks can provide highly reliable and secure authentication to access and operate the same. In conclusion, reliable hardware based protection is still needed and in reality is as important as cyber security in helping secure smart factories of the future. Smart locks are a type of cyber-physical systems that integrate digital computing elements and components with physical components and processes. In addition to securing the physical environment, they also perform digital functions that ensure distributed intelligence across the environment to gain a deeper knowledge and better security outcomes. As a cyber-physical devices smart locks are rapidly replacing traditional door locks and cane be electronically controlled by mobile devices and/or by the company`s remote servers.

Select Competitors (Total 96 Featured)

• Allegion PLC
• Assa Abloy AB
• Cansec Systems Ltd.
• dormakaba International Holding AG
• Master Lock Company LLC
• Onity, Inc.
• SALTO Systems SL
• Spectrum Brands Holdings, Inc.

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