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Smart Lock Market - Forecasts from 2021 to 2026

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  • 125 Pages
  • October 2021
  • Region: Global
  • Knowledge Sourcing Intelligence LLP
  • ID: 5457560
UP TO OFF until Jun 30th 2023
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.

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.


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
Frequently Asked Questions about the Smart Lock Market

What is the estimated value of the Smart Lock Market?

The Smart Lock Market was estimated to be valued at $976.46 million in 2019.

What is the growth rate of the Smart Lock Market?

The growth rate of the Smart Lock Market is 16.0%, with an estimated value of $2764.69 million by 2026.

What is the forecasted size of the Smart Lock Market?

The Smart Lock Market is estimated to be worth $2764.69 million by 2026.

Who are the key companies in the Smart Lock Market?

Key companies in the Smart Lock Market include 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) and Samsung SDS.

Table of Contents

1. Introduction
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
2.2. Assumptions
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Smart lock Market Analysis, By Type
5.1. Introduction
5.2. Deadbolt
5.3. Lever Handle
5.4. Padlocks
5.5. Others
6. Smart lock Market Analysis, By Technology
6.1. Introduction
6.2. Wi-Fi
6.3. Bluetooth
6.4. Z-Wave
6.5. Infrared
6.6. Zigbee
7. Smart lock Market Analysis, By End-User Industry
7.1. Introduction
7.2. Commercial
7.3. Residential
7.4. Industrial
8. Smart lock Market Analysis, By Geography
8.1. Introduction
8.2. North America
8.2.1. United States
8.2.2. Canada
8.2.3. Mexico
8.3. South America
8.3.1. Brazil
8.3.2. Argentina
8.3.3. Others
8.4. Europe
8.4.1. UK
8.4.2. Germany
8.4.3. Italy
8.4.4. Spain
8.4.5. Others
8.5. Middle East and Africa
8.5.1. Israel
8.5.2. Saudi Arabia
8.5.3. Others
8.6. Asia Pacific
8.6.1. China
8.6.2. Japan
8.6.3. India
8.6.4. Australia
8.6.5. South Korea
8.6.6. Others
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. August Home
10.2. Avent Security
10.3. Cansec Systems Ltd.
10.4. Haven Lock, Inc.
10.5. Kwikset (Spectrum Brands Holdings, Inc.)
10.6. Mul-T-Lock Technologies Ltd. (ASSA ABLOY)
10.7. Schlage (Allegion plc)
10.8. Samsung SDS
10.9. SentriLock, LLC.
10.10. Smart Locking Logic

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