Global Smart Lock Market will be US$ 5.80 Billion by 2027. Today’s world is an innovative world we live in, and smart technology significantly contributes to it. For decades, the world has been advancing towards automation, boosting the smart lock industry. With time, technological advancement has led to smart access to everyday objects through the Internet, solving daily life problems and bringing ease. Remarkably, the proposed development of the smart lock has network connectivity, devised to perform locking and unlocking functions on a door when it receives a signal to send and receive data.
Over the years, people have adopted smart lock systems with advanced security features embedded in their smart homes and consider it a value-added service for a better quality of living. Hence, the demand for smart locks has increased significantly in developed regions globally. In addition, the increasing use of smartphones and other smart devices are also propelling the smart lock market growth. Remarkably, the above factors further encourage electronic lock vendors to innovate their locking solutions, accelerating the development of the smart lock industry.
The global market for smart locks possessed a growth scenario during the pandemic. The rapid PMI index growth supported due to expansion of market demand and production staying sharp despite losing momentum supported the smart lock market growth. Moreover, in 2022 vaccine rollout at a good pace and low third wave impact, along with the limited effect of supply chain disruptions during the pandemic scenario, has also assisted the market expansion throughout the pandemic occurrence.
In our report, based on the type, the market is divided into the deadbolt, lever handles, padlock, and others. The deadbolt segment is anticipated to cover the enormous smart lock market share due to the rising demand for smart locks across residential buildings. Nevertheless, owing to the increasing integration of connectivity technologies such as Bluetooth, Zigbee, and others, the other components, such as lever handles and padlock, are set to grow substantially during the forecast period.
The market is classified into pin code, biometric, and RFID cards based on the product. The biometric door locks segment is envisioned to capture a significant share in the industry. The market evolution is attributable to the rising adoption of biometric applications such as face recognition, palm recognition, iris recognition, and fingerprint recognition. The pin code and RFID card segments are predicted to exhibit a substantial growth rate due to the rising enactment of Wi-Fi connecting technology.
The market is categorized as Wi-Fi and Bluetooth based on the connecting technology. The increasing investment by start-ups launching door locks enabled with Bluetooth technology is expected to hold the maximum share for the Bluetooth segment. Moreover, the Wi-Fi segment is projected to keep progressing with considerable growth owing to the rising adoption of cloud-based home automation applications across residential buildings rate during the forecast period.
The smart lock market is divided into residential, hospitality, enterprise, critical infrastructures, and others based on the application. Electronic access control was once the sole preserve of commercial buildings. Besides, now smart locks are quickly found a niche in hospitality. Moreover, it’s rare to find large hospitalities that still use mechanical keys. In addition, electronic access control has also become a fixture in critical infrastructures blocks, though typically only at main entrances with intercom systems. As per our analysis, the residential segment is expected to hold the largest share during the projected period.
Based on the region, the market in our report has been divided among prominent regions, namely, North America, Europe, and the Asia Pacific. According to our analysis, North America is expected to dominate a significant share in the market. The North American region is expanding owing to the rising demand for advanced smart door locks across countries like the United States, Canada, and Mexico. Further, Asia Pacific is predicted to be the highest growing region due to the rising number of smart city projects in India, Japan, China, South Korea, ASEAN, Oceania, and others. According to the publisher Analysis, Smart Lock Market Size will reach US$ 2.3 Billion by 2021.
The Global Smart Lock Market is consolidated as the market is still in its nascent stage with fewer adoptions across the globe. However, the market poses various growth opportunities to the smart lock providers due to the increasing need for home and building security. Hence, the market players are consistently innovating to provide innovative products to gain maximum market traction in the forecast period. The major players covered in our report include Assa Abloy, Allegion Plc, DormaKaba Holding AG, Spectrum Brands, Samsung Electronics Co Ltd, Avent Security, Fortune Brands Inc., Amadas Inc., Panasonic Corp., and Midea Group.
This latest research report “Smart Lock Market, Global Forecast by Type (Deadbolt, Lever Handles, Padlock, Others), Product Type (Pin Code, Biometric, RFID Cards), Technology (Wi-Fi, Bluetooth, Others), Application (Residential, Hospitality, Enterprise, Critical Infrastructures, Others), Regions (North America, Europe, Asia - Pacific and ROW), Companies (Assa Abloy, Allegion Plc, DormaKaba Holding AG, Spectrum Brands, Samsung Electronics Co Ltd, Avent Security, Fortune Brands Inc., Amadas Inc., Panasonic Corp., and Midea Group)” provides a detailed analysis of Smart Lock Industry.
The Growing Market for Smart Locks Is Projected to Expand with A CAGR of 16.7% During 2021-2027:
Over the years, people have adopted smart lock systems with advanced security features embedded in their smart homes and consider it a value-added service for a better quality of living. Hence, the demand for smart locks has increased significantly in developed regions globally. In addition, the increasing use of smartphones and other smart devices are also propelling the smart lock market growth. Remarkably, the above factors further encourage electronic lock vendors to innovate their locking solutions, accelerating the development of the smart lock industry.
Smart Locks Industrial Growth Amidst COVID-19 Pandemic:
The global market for smart locks possessed a growth scenario during the pandemic. The rapid PMI index growth supported due to expansion of market demand and production staying sharp despite losing momentum supported the smart lock market growth. Moreover, in 2022 vaccine rollout at a good pace and low third wave impact, along with the limited effect of supply chain disruptions during the pandemic scenario, has also assisted the market expansion throughout the pandemic occurrence.
Backed by Rising Adoption in Residential Applications Deadbolt Segment Market Continues to Grow:
In our report, based on the type, the market is divided into the deadbolt, lever handles, padlock, and others. The deadbolt segment is anticipated to cover the enormous smart lock market share due to the rising demand for smart locks across residential buildings. Nevertheless, owing to the increasing integration of connectivity technologies such as Bluetooth, Zigbee, and others, the other components, such as lever handles and padlock, are set to grow substantially during the forecast period.
Extending Adoption of Face, Iris, and Fingerprint Recognition Fosters Growth of Biometric Door Locks Segment:
The market is classified into pin code, biometric, and RFID cards based on the product. The biometric door locks segment is envisioned to capture a significant share in the industry. The market evolution is attributable to the rising adoption of biometric applications such as face recognition, palm recognition, iris recognition, and fingerprint recognition. The pin code and RFID card segments are predicted to exhibit a substantial growth rate due to the rising enactment of Wi-Fi connecting technology.
Increasing Investment by Start-ups to Launch Bluetooth-enabled Locks Drives the Segment:
The market is categorized as Wi-Fi and Bluetooth based on the connecting technology. The increasing investment by start-ups launching door locks enabled with Bluetooth technology is expected to hold the maximum share for the Bluetooth segment. Moreover, the Wi-Fi segment is projected to keep progressing with considerable growth owing to the rising adoption of cloud-based home automation applications across residential buildings rate during the forecast period.
The Residential Market Cusps for a Major Shift for Smart Locks as Technology Gains Traction:
The smart lock market is divided into residential, hospitality, enterprise, critical infrastructures, and others based on the application. Electronic access control was once the sole preserve of commercial buildings. Besides, now smart locks are quickly found a niche in hospitality. Moreover, it’s rare to find large hospitalities that still use mechanical keys. In addition, electronic access control has also become a fixture in critical infrastructures blocks, though typically only at main entrances with intercom systems. As per our analysis, the residential segment is expected to hold the largest share during the projected period.
North America Smart Lock Market is expected to Dominate the Industry Globally
Based on the region, the market in our report has been divided among prominent regions, namely, North America, Europe, and the Asia Pacific. According to our analysis, North America is expected to dominate a significant share in the market. The North American region is expanding owing to the rising demand for advanced smart door locks across countries like the United States, Canada, and Mexico. Further, Asia Pacific is predicted to be the highest growing region due to the rising number of smart city projects in India, Japan, China, South Korea, ASEAN, Oceania, and others. According to the publisher Analysis, Smart Lock Market Size will reach US$ 2.3 Billion by 2021.
Key Industry Players:
The Global Smart Lock Market is consolidated as the market is still in its nascent stage with fewer adoptions across the globe. However, the market poses various growth opportunities to the smart lock providers due to the increasing need for home and building security. Hence, the market players are consistently innovating to provide innovative products to gain maximum market traction in the forecast period. The major players covered in our report include Assa Abloy, Allegion Plc, DormaKaba Holding AG, Spectrum Brands, Samsung Electronics Co Ltd, Avent Security, Fortune Brands Inc., Amadas Inc., Panasonic Corp., and Midea Group.
This latest research report “Smart Lock Market, Global Forecast by Type (Deadbolt, Lever Handles, Padlock, Others), Product Type (Pin Code, Biometric, RFID Cards), Technology (Wi-Fi, Bluetooth, Others), Application (Residential, Hospitality, Enterprise, Critical Infrastructures, Others), Regions (North America, Europe, Asia - Pacific and ROW), Companies (Assa Abloy, Allegion Plc, DormaKaba Holding AG, Spectrum Brands, Samsung Electronics Co Ltd, Avent Security, Fortune Brands Inc., Amadas Inc., Panasonic Corp., and Midea Group)” provides a detailed analysis of Smart Lock Industry.
Type - Market has been covered from 4 viewpoints:
- Deadbolt
- Lever Handles
- Padlock
- Others
Product Type - Market has been covered from 3 viewpoints:
- Pin Code
- Biometric
- RFID Cards
Technology - Market has been covered from 3 viewpoints:
- Wi-Fi
- Bluetooth
- Others
Application - Market has been covered from 5 viewpoints:
- Residential
- Hospitality
- Enterprise
- Critical Infrastructures
- Others
Regions - Market has been covered from 4 viewpoints:
- North America
- Europe
- Asia - Pacific
- ROW
Company Insights:
- Overview
- Recent Development
- Revenue
Company Analysis:
- Assa Abloy
- Allegion Plc
- DormaKaba Holding AG,
- Spectrum Brands
- Samsung Electronics Co Ltd
- Avent Security
- Fortune Brands Inc.
- Amadas Inc.
- Panasonic Corp.
- Midea Group
Frequently Asked Questions about the Global Smart Lock Market
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| Report Attribute | Details |
|---|---|
| No. of Pages | 160 |
| Published | February 2022 |
| Forecast Period | 2021 - 2027 |
| Estimated Market Value ( USD | $ 2.3 Billion |
| Forecasted Market Value ( USD | $ 5.8 Billion |
| Compound Annual Growth Rate | 16.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
Table of Contents
1. Introduction2. Research & Methodology3. Executive Summary5. Global Smart Lock Market12. Merger & Acquisitions
4. Market Dynamics
6. Market Share - Global Smart Lock Market
7. Type - Global Smart Lock Market
8. Product Type - Global Smart Lock Market
9. Technology - Global Smart Lock Market
10. Application - Global Smart Lock Market
11. Regions - Global Smart Lock Market
13. Porters Five Forces
14. Company Analysis
List of Figures
List of Tables
Companies Mentioned
- Assa Abloy
- Allegion Plc
- DormaKaba Holding AG,
- Spectrum Brands
- Samsung Electronics Co Ltd
- Avent Security
- Fortune Brands Inc.
- Amadas Inc.
- Panasonic Corp.
- Midea Group
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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