Smart locks refer to electromagnetic locks designed to operate using smartphones, laptops or similar mobile devices. These locks are typically operated through a mobile app, email or SMS using communication technologies such as Wi-Fi and Bluetooth Smart locks are also capable to monitor and send alerts for any skeptical events to the homeowners. The increasing installation of smart locks can be attributed to the growing popularity of home automation across different regions. Smart locks enable enhanced control enabling the users to lock/unlock the door remotely, irrespective of their location. Additionally, users can extend "digital keys" to friends, family, caregivers and anyone else who is a regularly visitor to the house. Thus, smart locks offer better flexibility as compared to the conventional locks along with improved security features.
The overall smart locks market is primarily driven by the increasing focus towards safety and security among residents as well as commercial spaces. Smart locks offers a plethora of features and thus, allow the users to have a better control over people accessing their homes/commercial spaces. Smart locks offer numerous advantages such as granting permission to others to control the locks with their phones and also the convenience to lock/unlock the door. Moreover, factors such as growing penetration of smartphones, mobile apps and internet usage too contribute significantly to the adoption of smart locks.
The report titled Global "Smart Locks Market" - Growth, Future Prospects and Competitive Analysis, 2022 - 2030 offers strategic insights into the global smart locks market along with the market size and estimates for the duration 2020 to 2030. The said research study covers in-depth analysis of market segments based on product type, application and cross-sectional study across different geographies and sub-geographical regions. The study covers the comparative analysis of different segments for the years 2021 & 2030. The report also provides a prolific view on market dynamics such as market drivers, restraints and opportunities. In addition, the report includes a section providing insights on the key trends followed in the market.
In order to help strategic decision makers, the report also includes competitive profiling of the leading smart locks vendors, their business strategy analysis, market positioning and key developments. Some of the major players profiled in the report are Cansec Systems Ltd., Allegion Plc., Dormakaba Holding AG, Assa Abloy AB, Spectrum Brands, Inc., Master Lock Company LLC, Onity, Inc., Salto Systems S.L., MIWA Lock Co., Ltd. and UniKey Technologies, Inc. among others. Apart from the company profiles, the report includes a section covering the competitive landscape wherein the market positioning of the companies has been discussed. The section also provides a view of key business strategies adopted by the leading market players. Other in-depth analysis provided in the report includes:
In 2021, the overall smart locks worldwide market was led by the residential segment. The segment contributed to over 1/4th of the total market revenue in 2021. Commercial and hospitality segments follow the residential segment, in terms of revenue and volume. The residential segment growth is primarily attributed to the rising popularity of smart homes worldwide. In addition, growing home automation industry is another prominent factor supporting the market growth. Advanced security tools such as remote door locking, motion detectors and window & door opening sensors have witnessed gradual price decline over the period of time. This in turn is expected to drive the adoption of smart locks in the residential applications in the following years.
The hospitality segment growth is expected to be significant during the forecast period. Hotels across the world are laying more focus towards improving their security standards. This in turn is expected to bolster the adoption of these keyless access devices in the hospitality sector. Moreover, installation of these systems in hotels are also beneficial in enhancing the brand value of the hotel, thereby favoring the adoption of smart locks.
The global smart locks market is dominated by North America contributing to more than 35% of the overall market revenue in 2021. The smart locks market growth here is majorly attributed to the strong home automation industry and rising spending over security systems. Factors such as sophisticated communication infrastructure, high penetration of smartphone and strong inclination towards smart technologies contribute heavily to the market growth here. Furthermore, growing investment in the IoT sector by major companies such as IBM Corporation, Amazon Web Services, Cisco Systems, Inc. and several others would ensure the region maintain its dominant position in the market over the forecast period.
Asia Pacific is estimated to witness a significant growth over the forecast period. The growth can be attributed to the rising inclination towards home automation in the region. Major markets for smart locks in the region include China, South Korea, Japan and some of the Southeast Asian countries. Rapidly growing penetration of smartphone and internet-based services is estimated to play a major role in smart locks market in the region.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
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The overall smart locks market is primarily driven by the increasing focus towards safety and security among residents as well as commercial spaces. Smart locks offers a plethora of features and thus, allow the users to have a better control over people accessing their homes/commercial spaces. Smart locks offer numerous advantages such as granting permission to others to control the locks with their phones and also the convenience to lock/unlock the door. Moreover, factors such as growing penetration of smartphones, mobile apps and internet usage too contribute significantly to the adoption of smart locks.
The report titled Global "Smart Locks Market" - Growth, Future Prospects and Competitive Analysis, 2022 - 2030 offers strategic insights into the global smart locks market along with the market size and estimates for the duration 2020 to 2030. The said research study covers in-depth analysis of market segments based on product type, application and cross-sectional study across different geographies and sub-geographical regions. The study covers the comparative analysis of different segments for the years 2021 & 2030. The report also provides a prolific view on market dynamics such as market drivers, restraints and opportunities. In addition, the report includes a section providing insights on the key trends followed in the market.
In order to help strategic decision makers, the report also includes competitive profiling of the leading smart locks vendors, their business strategy analysis, market positioning and key developments. Some of the major players profiled in the report are Cansec Systems Ltd., Allegion Plc., Dormakaba Holding AG, Assa Abloy AB, Spectrum Brands, Inc., Master Lock Company LLC, Onity, Inc., Salto Systems S.L., MIWA Lock Co., Ltd. and UniKey Technologies, Inc. among others. Apart from the company profiles, the report includes a section covering the competitive landscape wherein the market positioning of the companies has been discussed. The section also provides a view of key business strategies adopted by the leading market players. Other in-depth analysis provided in the report includes:
- Current and future market trends to justify the forthcoming attractive markets within the smart locks market
- Comparative analysis for different segments for the years 2021 & 2030
- Market fuelers, market impediments, and their impact on the market growth
- In-depth competitive environment analysis including the positioning of market players and their business strategy analysis
- Trailing 2-Year market size data (2020 - 2021)
- SRC (Segment-Region-Country) Analysis
In 2021, the overall smart locks worldwide market was led by the residential segment. The segment contributed to over 1/4th of the total market revenue in 2021. Commercial and hospitality segments follow the residential segment, in terms of revenue and volume. The residential segment growth is primarily attributed to the rising popularity of smart homes worldwide. In addition, growing home automation industry is another prominent factor supporting the market growth. Advanced security tools such as remote door locking, motion detectors and window & door opening sensors have witnessed gradual price decline over the period of time. This in turn is expected to drive the adoption of smart locks in the residential applications in the following years.
The hospitality segment growth is expected to be significant during the forecast period. Hotels across the world are laying more focus towards improving their security standards. This in turn is expected to bolster the adoption of these keyless access devices in the hospitality sector. Moreover, installation of these systems in hotels are also beneficial in enhancing the brand value of the hotel, thereby favoring the adoption of smart locks.
The global smart locks market is dominated by North America contributing to more than 35% of the overall market revenue in 2021. The smart locks market growth here is majorly attributed to the strong home automation industry and rising spending over security systems. Factors such as sophisticated communication infrastructure, high penetration of smartphone and strong inclination towards smart technologies contribute heavily to the market growth here. Furthermore, growing investment in the IoT sector by major companies such as IBM Corporation, Amazon Web Services, Cisco Systems, Inc. and several others would ensure the region maintain its dominant position in the market over the forecast period.
Asia Pacific is estimated to witness a significant growth over the forecast period. The growth can be attributed to the rising inclination towards home automation in the region. Major markets for smart locks in the region include China, South Korea, Japan and some of the Southeast Asian countries. Rapidly growing penetration of smartphone and internet-based services is estimated to play a major role in smart locks market in the region.
Historical & Forecast Period
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Smart Locks market are as follows:- Research and development budgets of manufacturers and government spending
- Revenues of key companies in the market segment
- Number of end users and consumption volume, price and value.
- Geographical revenues generate by countries considered in the report
- Micro and macro environment factors that are currently influencing the Smart Locks market and their expected impact during the forecast period.
Market Segmentation
Product
- Lever Handles
- Deadbolts
- Padlocks
- Others
Application
- Residential
- Commercial
- Hospitality
- Industrial
- Others
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Smart Locks market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2030.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Smart Locks market?
- Which is the largest regional market for Smart Locks market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Smart Locks market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Smart Locks market worldwide?
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Table of Contents
1. Preface
2. Executive Summary
3. Smart Locks Market: Business Outlook - Market Dynamics
4. Smart Locks Market: By Product, 2020-2030, USD (Million)
5. Smart Locks Market: By Application, 2020-2030, USD (Million)
6. North America Smart Locks Market, 2020-2030, USD (Million)
7. UK and European Union Smart Locks Market, 2020-2030, USD (Million)
8. Asia Pacific Smart Locks Market, 2020-2030, USD (Million)
9. Latin America Smart Locks Market, 2020-2030, USD (Million)
10. Middle East and Africa Smart Locks Market, 2020-2030, USD (Million)
11. Company Profile
List of Figures
List of Tables
Companies Mentioned
- Cansec Systems Ltd.
- Allegion Plc.
- Dormakaba Holding AG
- Assa Abloy AB
- Spectrum Brands Inc.
- Master Lock Company LLC
- Onity Inc.
- Salto Systems S.L.
- MIWA Lock Co. Ltd.
- UniKey TechnologiesInc
