The global Smart Lock Market size is expected to reach USD 8.13 billion by 2030, and is anticipated to register a CAGR of 19.6% from 2023 to 2030, based on a recent report by Grand View Research, Inc. Key factors driving the growth of the smart lock market globally include increased global internet penetration, increased consumer awareness about advanced security systems, and higher reliance on mobile applications to make daily processes easier. Smart locks without power locks use Wi-Fi or Bluetooth to connect to other home appliances installed. Locks can be operated by a special power cord or by installing a smart lock app on the phone.
The user can send temporary keys to people, giving them home access within a specified time. In addition, smart lock technology is easy to use and unique compared to conventional methods. For instance, security solutions with passwords, ID codes, machine keys, and code names are tedious to take care of and can potentially lead to theft or loss of data. Smart keys work on an IoT connection, which synchronizes with the user's smartphone to gain control. This smart lock feature makes it reliable, unique, and easy to use and strengthens its market presence.
During the first couple of quarters of 2020, the COVID-19 pandemic slowed the pace of new smart lock installations. Drastic changes such as cross-border trade prohibitions, economic uncertainty, restrictive standards necessitating temporary shutdowns of industrial facilities, and stay-at-home orders for the general public produced a difficult situation for the industry. Nonetheless, measures such as embedding touchless technologies into their products, developing mobile apps for performing operations, and offering products at lower pricing on the available modes helped businesses increase their ROI during these essential lockdown instances.
Related Press Release@ Smart Lock Market Report
List of Key Players in the Smart Lock Market
- August Home, Inc. (ASSA ABLOY)
- Avent Security
- Cansec Systems Ltd.
- HavenLock, Inc.
- Kwikset (Spectrum Brands Holdings, Inc.)
- MUL-T-LOCK TECHNOLOGIES LTD. (ASSA ABLOY)
- Schlage (Allegion Plc)
- Zigbang Co., Ltd. (Previously Samsung SDS)
- Sentrilock, LLC
- Smart Locking Logic Proprietary Limited
- UniKey Technologies, Inc.
- Yale Locks (ASSA ABLOY)
- Goji
- Onity Inc. (Carrier Global Corporation)
- Honeywell International Inc.
Smart lock Market Report Highlights
- The global market is driven by the increased global internet penetration, increased consumer awareness about advanced security systems, and a higher reliance on mobile applications to make daily processes easier. Growing usage of smart locks in residential security will propel the overall market in the forecast period
- Based on the type segment, the lever handle type of locks is anticipated to expand with the highest CAGR of 22.4% during the forecast period of 2023-2030. This is attributed to the modernizing operations in the hospitality sector to meet tourist security needs
- Based on applications, the hospitality segment is expected to exhibit the highest CAGR of 23.8% from 2023 to 2030, owing to the rapid implementation of smart locks to accommodate consumers' growing security concerns throughout their visits
- The North American region contributed the largest revenue share in 2022 to the smart lock market owing to the advancements in technology across the region
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Smart Lock Market Segmentation
Grand View Research has segmented the global smart lock market based on type, application, and region:
Smart Lock Type Outlook (Volume, Thousand Units; Revenue, USD Million, 2018 - 2030)
- Deadbolt
- Lever Handles
- Padlock
- Others
Smart Lock Application Outlook (Volume, Thousand Units; Revenue, USD Million, 2018 - 2030)
- Residential
- Hospitality
- Enterprise
- Critical Infrastructure
- Others
Smart Lock Regional Outlook (Volume, Thousand Units; Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Benelux
- Nordic Countries
- Russia
- Asia Pacific
- China
- South Korea
- Japan
- India
- Australia
- Indonesia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- Egypt
- South Africa
- Nigeria
The Smart Lock market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The report also covers detailed competitive landscape including company profiles of key players operating in the global market.
An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.Get more information on "Global Smart Lock Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/Smart-Lock-market/download-sampleMarket DynamicsThe growing trend of home automation is one key factor driving market growth.
Increasing need of home security solutions, growing penetration of IoT and rising demand of smartphones are some of the factors accelerating the market growth.
Ongoing advancement for the development of innovative technologies is likely to foster the market growth in upcoming years.
On the other hand, the high cost of device and lack of awareness in developing economies may act as a challenge for market growth.This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis.
