Smart Lock Market Report

Market Overview:

The global smart lock market size reached US$ 1.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.41 Billion by 2028, exhibiting a growth rate (CAGR) of 19.8% during 2023-2028. The growing popularity of the internet of things (IoT), technological advancements, and rising mergers and acquisition (M&A) among key players represent some of the key factors driving the market.

Technological Advancements Augmenting Market Growth

Technological advancements in smart locks currently represent one of the primary drivers resulting in the increasing sales of smart locks across the globe. In addition, the rapid integration of the internet of things (IoT) to provide remote monitoring and controlling of smart locks is propelling the growth of the market. Apart from this, there is a rise in the demand for convenient and reduced manual labor work door solutions among the masses around the world. This, coupled with the introduction of cloud storage and computing technologies for enhanced security and efficiency of smart locks, is contributing to the growth of the market.

Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is fragmented with the presence of a large number of players operating in the smart lock industry. The volume of new entrants is medium in the smart lock industry due to the low product differentiation and switching costs. However, high capital investments and consumer preference for branded products act as a barrier for new entrants in the smart lock market.

What is Smart Lock?

A smart lock refers to an electro-mechanical door lock system that is designed to perform the locking and unlocking function upon receiving commands from an authoritative source. It relies on various electronic devices, such as smartphones, wearable devices, tablets, and laptops, through Wi-Fi or Bluetooth technology. It is easily monitored through remote locations and can be customized to restrict universal access. It also provides several monitoring features, such as access notifications through SMS and e-mail, a video camera with recordings to offer visuals of a person at the door, and auto-locking options that automatically lock a door if left unlocked. Besides this, it assists in maintaining a safe working environment by reducing the risk of thefts and burglaries. As a result, the smart lock is widely utilized in the residential, commercial, and industrial sectors across the globe.

COVID-19 Impact:

The COVID-19 pandemic outbreak has caused a severe problem for the smart lock industry and imposed unprecedented challenges on numerous countries. Several manufacturers in the industry had to temporarily slow down their production capacities due to the lockdown and stringent curfew norms across the globe. Additionally, they faced huge financial losses on account of the shortage of labor and raw materials. Besides this, there was a decline in the construction of various residential and commercial activities due to the fear of widespread viruses and low-income levels of individuals around the world. Moreover, there was a sharp decline in the supply and demand of smart locks due to stringent rules on on-road movement. In addition to this, governing agencies of various countries have imposed bans on the imports and exports or foreign trade of products due to the social distancing norms. However, post-pandemic, the reopening of manufacturing plants, reduction in coronavirus cases, and consumer awareness about a safe and secure environment, the demand for smart locks is anticipated to rise in the forecast period.

Smart Lock Market Trends:
At present, the increasing number of threat incidents, thefts, and burglaries around the world represents one of the key factors supporting the growth of the market. Besides this, the escalating demand for smart locks due to the growing development of smart cities worldwide is positively influencing the market. Additionally, the rising popularity of the internet of things (IoT) in smart locks that offer enhanced convenience and safety to individuals across the globe is impelling the growth of the market. Apart from this, various benefits offered by smart locks, such as high durability, low installation costs, and improved security, are propelling the growth of the market. In addition, various technological advancements in smart locks to provide remote monitoring and controlling and reduce manual work is offering lucrative growth opportunities to industry investors. In line with this, the increasing awareness about maintaining a safe working environment among individuals around the world is contributing to the growth of the market. Furthermore, rising consumer preferences for smart-technology-based assistance for managing daily life activities as compared to traditional solutions is bolstering the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global smart lock market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on lock type, communication protocol and end-user.

Lock Type Insights:

• Deadbolts 
• Lever Handles
• Padlocks
• Others
   

The report has provided a detailed breakup and analysis of the smart lock market based on the lock type. This includes deadbolts, lever handles, padlocks, and others. According to the report, deadbolts represented the largest segment, as they are easy to use, durable, and have low installation costs. In line with this, the integration of Wi-Fi and Bluetooth technology in deadbolt smart locks to offer high accessibility and convenience to the consumers is propelling the growth of the market. Apart from this, key players are introducing customizable user code, low battery warning, and one-touch locking in deadbolt smart locks, which is bolstering the growth of the market.

Communication Protocol Insights:

• Bluetooth
• Wi-Fi
• Others
   

A detailed breakup and analysis of the smart lock market based on the communication protocol has also been provided in the report. This includes Bluetooth, Wi-Fi, and others. According to the report, Bluetooth accounted for the largest market share as it allows individuals to operate the lock through smartphones or tablets without the requirement for a hub. Besides this, the rising utilization of smartphones with the integration of advanced technologies is impelling the growth of the market.

End-User Insights:

• Commercial
• Residential
• Institution and Government
• Industrial
   

A detailed breakup and analysis of the smart lock market based on the end-user has also been provided in the report. This includes commercial, residential, institution and government, and industrial. According to the report, residential accounted for the largest market share on account of the increasing demand for safe and secure options to prevent theft and burglary in homes. In addition, the rising adoption of web-based home security solutions that offers convenience to customers is supporting the growth of the market.

Regional Insights:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. According to the report, North America was the largest market for smart lock. Some of the factors driving the North America smart lock market included the growing adoption of web-based security solutions, increasing awareness about better security options, technological advancements, etc. Besides this, the rising preference for smart homes on account of the changing living standards of individuals is contributing to the growth of the market in the region.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global smart lock market. Some of the companies covered in the report include:

• Assa Abloy
• Allegion Plc
• Dorma+Kaba Holding AG
• Spectrum Brands Holdings, Inc.
• Salto Systems S.L.
• Onity, Inc.
• Cansec Systems Ltd.
• Gantner Electronic GmbH
• Master Lock Company LLC
• MIWA Lock Co.
• Samsung Electronics Co., Ltd.
• Amadas Inc.
• Sentrilock, LLC
• Avent Security
• Dessmann
   

Please note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the smart lock market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global smart lock market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the smart lock industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.