The smart lock market is expected to grow at a compound annual growth rate of 16.03% over the forecast period to reach a market size of US$2,764.688 million in 2026 from US$976.459 million in 2019. A smart lock is an electromechanical device with built-in Wi-Fi or Bluetooth that enables users to remotely unlock their device. They offer improved security features as well as several customization options. It enables a user to monitor the devices at all times. It also allows users to customise entry and exit options via fingerprints, face recognition, or even motion.
The emergence of IoT, rising demand for services, and increased acceptance of smart and connected devices are all key drivers for the smart lock market expansion. The high initial cost of the gadget, as well as concerns regarding privacy invasion, are limiting the growth of the smart lock market.
The growing popularity of smart homes, as well as substantial investments in R&D by industry participants, would provide new possibilities for the smart lock market to expand over the forecast period. However, the market has to face challenges such as a lack of customer awareness and perspective on power outages or hacking.
The government, residential, and commercial sectors all benefit from smart lock technology. The use of smart lock technology in the government sector is driven by concerns regarding the safety and security of personal assets and information, as well as law enforcement. Smart locks are used by many governments and forensics departments for access control of sensitive information centres, personnel verification, and other purposes. In order to offer strong authentication and security procedures, commercial sectors, particularly banking and finance sectors and companies, have embraced smart lock technology for a variety of applications including PC/network access and physical access. Watermark Baton Rouge, a luxury hotel, installed VingCard Essence door locks from Assa Abloy Global Solutions in September 2019, to ensure the safety of its guests and employees. To prevent keycard cloning and illegal entry, the lock is equipped with sophisticated encryption technology.
Although smart locks provide a variety of technical advantages, the majority of customers are concerned about security and safety. In addition, the market growth is likely to be hampered by the high cost and lack of awareness regarding smart locks, particularly in underdeveloped countries. Other obstacles such as government laws and restrictions, as well as a lack of technological adoption, are likely to stifle industry growth.
During these unprecedented times, smart locks have acquired tremendous popularity due to the COVID-19 outbreak. Since the locking/unlocking operations can be carried out via speech recognition and smartphones/smart gadgets, thus minimising the need to physically touch the equipment, the industry is likely to see significant possibilities during the continuing crisis. These technologies enable manufacturers to meet consumer requests for touchless/contactless platforms to operate their products, giving them a competitive advantage in these difficult times. A majority of industry players are projected to adopt new product development and the inclusion of advanced/touchless technology as key tactics to grow their client base over the next several years.
The growing popularity of smart homes, as well as substantial investments in R&D by industry participants, would provide new possibilities for the smart lock market to expand over the forecast period. However, the market has to face challenges such as a lack of customer awareness and perspective on power outages or hacking.
Growth Factors
Increasing safety and security concerns
The government, residential, and commercial sectors all benefit from smart lock technology. The use of smart lock technology in the government sector is driven by concerns regarding the safety and security of personal assets and information, as well as law enforcement. Smart locks are used by many governments and forensics departments for access control of sensitive information centres, personnel verification, and other purposes. In order to offer strong authentication and security procedures, commercial sectors, particularly banking and finance sectors and companies, have embraced smart lock technology for a variety of applications including PC/network access and physical access. Watermark Baton Rouge, a luxury hotel, installed VingCard Essence door locks from Assa Abloy Global Solutions in September 2019, to ensure the safety of its guests and employees. To prevent keycard cloning and illegal entry, the lock is equipped with sophisticated encryption technology.
Restraints
Lack of awareness regarding smart locks
Although smart locks provide a variety of technical advantages, the majority of customers are concerned about security and safety. In addition, the market growth is likely to be hampered by the high cost and lack of awareness regarding smart locks, particularly in underdeveloped countries. Other obstacles such as government laws and restrictions, as well as a lack of technological adoption, are likely to stifle industry growth.
Covid-19 Impact
During these unprecedented times, smart locks have acquired tremendous popularity due to the COVID-19 outbreak. Since the locking/unlocking operations can be carried out via speech recognition and smartphones/smart gadgets, thus minimising the need to physically touch the equipment, the industry is likely to see significant possibilities during the continuing crisis. These technologies enable manufacturers to meet consumer requests for touchless/contactless platforms to operate their products, giving them a competitive advantage in these difficult times. A majority of industry players are projected to adopt new product development and the inclusion of advanced/touchless technology as key tactics to grow their client base over the next several years.
Competitive Insights
- October 2021 - Redfin collaborated with security company ADT for a program that allows buyers to tour houses without the assistance of an agent via direct access. After completing an identity and verification process, buyers can use an app to unlock a smart lock on a vacant house.
- September 2021 - ASSA ABLOY Opening Solutions announced that its Aperio wireless lock technology has been integrated with QxControl from Qumulex, Inc., a market leader in cloud-based, unified video surveillance and access management.
Market Segmentation:
By Type
- Deadbolt
- Lever Handle
- Padlocks
- Others
By Technology
- Wi-Fi
- Bluetooth
- Z-Wave
- Infrared
- Zigbee
By End-User Industry
- Commercial
- Residential
- Industrial
By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- UK
- Germany
- Italy
- Spain
- Others
- Middle East and Africa
- Israel
- Saudi Arabia
- Others
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Others
Table of Contents
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Smart lock Market Analysis, By Type
6. Smart lock Market Analysis, By Technology
7. Smart lock Market Analysis, By End-User Industry
8. Smart lock Market Analysis, By Geography
9. Competitive Environment and Analysis
10. Company Profiles
Companies Mentioned
- August Home
- Avent Security
- Cansec Systems Ltd.
- Haven Lock, Inc.
- Kwikset (Spectrum Brands Holdings, Inc.)
- Mul-T-Lock Technologies Ltd. (ASSA ABLOY)
- Schlage (Allegion plc)
- Samsung SDS
- SentriLock, LLC.
- Smart Locking Logic
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 125 |
| Published | October 2021 |
| Forecast Period | 2019 - 2026 |
| Estimated Market Value ( USD | $ 976.46 million |
| Forecasted Market Value ( USD | $ 2764.69 million |
| Compound Annual Growth Rate | 16.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
