USD 1861.15 million
Smart Lock Market Size, Share, Growth Analysis, By Lock Type(Deadbolt Locks, Lever Handles), By Communication Protocol(Bluetooth, WiFi), By Unlocking Mechanism(Keypad, Card Keys, Touch Based), By Vertical(Residential, Commercial), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45J2159 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
114
|Figures:
77
Smart Lock Market Insights
Smart Lock Market size was valued at USD 1861.15 million in 2019 and is poised to grow from USD 2077.24 million in 2023 to USD 4962.32 million by 2031, growing at a CAGR of 11.5% in the forecast period (2024-2031).
The growing global adoption of smart home architecture, which includes features such as remote access, voice control, and seamless connectivity, is driving the adoption of smart locks for residential premises. Furthermore, the elimination of the need to carry mechanical keys has drawn the attention of home owners.
The growing popularity of smartphones is also fueling the growth of connected devices, which allow users to remotely access and unlock their door locks via various connected mobile apps. According to Oberlo, an e-commerce company, there are currently 3.5 billion smartphone users worldwide, representing 45.4% of the global population of 7.7 billion people. Simply put, four out of every ten people on the planet now own a smartphone. Wi-Fi, Z-Wave, ZigBee, Thread, and Propriety communication technologies further enable smart home technology connectivity. All of these technologies can be found in the same device at times. For example, at CES 2020, Netatmo, a French smart home device manufacturer, announced the release of the Netatmo Smart Door Lock, a smart door lock with keys compatible with Apple's HomeKit standard. The company includes three physical keys that use NFC to instantly and securely unlock the door.
US Smart Lock Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Deadbolt Locks
Fastest Growth
Deadbolt Locks
Growth Rate
11.5% CAGR
Global Smart Lock Market, 2021-2028($ Bn)
Country Share for North America Region- 2021 (%)
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Smart Lock Market Segmental Analysis
The global smart lock market is segmented based on the lock type, communication protocol, unlocking mechanism, vertical and region. Based on the lock type, it is segmented into deadbolt locks, and lever handles. Based on communication protocol, it is segmented Bluetooth, and WiFi. Based on unlocking mechanism, it is segmented keypad, card keys, and touch based. Based on vertical, it is segmented residential, and commercial. Based on region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Smart Lock Market Analysis by Lock Type
The global smart lock market is segmented based on lock type into deadbolt locks, and lever handles. In 2021, the smart lock market for deadbolts accounted for the largest market share. The increasing applications in various verticals and ease of installation are driving the growth of this segment. Deadbolts are one of the most common types of exterior residential locks. Low installation costs, high durability, and effective protection against intense intrusion or attacks in residential, commercial, and other verticals are driving the growth of this segment.
Smart Lock Market Analysis by Communication Protocol
The global smart lock market is segmented based on communication protocol into Bluetooth, and WiFi. In 2021, the smart lock market for the Bluetooth communication protocol segment held the largest market share. Bluetooth is a communication protocol that works by balancing parameters like wide range, low power consumption, high reliability, bandwidth, and cost. This factor is driving market growth by increasing demand for smart locks based on this protocol.
Global Smart Lock Market By Lock Type, 2021(%)
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Smart Lock Market Regional Insights
The global smart lock market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America had the largest market share in 2021 and is expected to grow significantly over the next seven years as smart lock technology advances. This is primarily due to widespread technological adoption and the rapid growth of smart homes in the US. Customers' high spending power, combined with growing safety concerns, particularly in critical infrastructure and domestic applications, has resulted in a regulatory environment that encourages their adoption.
During the forecast period, the smart lock market in APAC is expected to grow at the fastest CAGR. The large population base, extensive ongoing research and development (R&D), and rising urbanisation are expected to drive the adoption of smart locks in APAC. Furthermore, rising terrorist threats and crime rates, as well as a low police-to-population ratio in APAC countries, are expected to drive up demand for smart locks.
Global Smart Lock Market By Geography, 2021 - 2028
- Largest
- Fastest
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Smart Lock Market Dynamics
Smart Lock Market Driver
- A major factor driving the rapid adoption of smart locks is the growing concern for security. Smart locks have evolved to provide efficient and user-friendly services since their inception. Because of their high efficiency and sophistication, they have been deployed in a variety of locations to improve security. Individual homes, condominiums, hotels, retail stores, banks and financial institutions, corporate buildings, and commercial buildings all have an increasing need for identification and authentication.
Smart Lock Market Restrain
- Smart locks are significantly more expensive than traditional locks, which limits market growth. Furthermore, the switching cost of smart locks is high, making it less appealing for consumers to invest in. Consumers' perception of the dependability of smart locks is also hampered by the threat of hackers. Smart locks can become vulnerable to hackers if they are not regularly updated. As a result, the high cost and perception of unreliability act as impediments to this market.
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Smart Lock Market Competitive Landscape
The smart lock Market is consolidated because the market is still in its infancy, with fewer adoptions worldwide. However, due to the growing demand for home and building security, the market presents numerous growth opportunities for smart lock providers. As a result, market participants are constantly innovating to provide innovative products in the market in order to gain maximum market traction during the forecast period.
Smart Lock Market Top Players Company Profiles
- August Home Inc.
- ASSA ABLOY AB
- Danalock International AS
- Friday Home
- Gate Labs Inc.
- Haven Lock Inc.
- Honeywell International Inc.
- Kwikset Corporation
- Lockitron
- Nuki Home Solutions GmbH
- Okidokeys
- Panasonic Corporation
- Samsung Group
- Schlage
- Securemote AG
- Sesame Enable Ltd.
- SimpliSafe Inc.
- Ultraloq Inc.
- Unikey Technologies Inc.
- Yale Locks & Hardware
Smart Lock Market Recent Developments
- In February 2022, Dormakaba has completed the acquisition of AtiQx Holding B.V., bolstering its core business and service activities in the Netherlands. In the relevant market, AtiQx is a major provider of electronic access control and workforce management.
- In February 2022, Vivint and New American Funding, one of the country's largest independent mortgage companies, have announced a strategic alliance to help homeowners and homebuyers protect their dream homes. Customers of New American Funding will be eligible for special offers from Vivint to protect and automate their homes as a result of the partnership.
Smart Lock Key Market Trends
- The introduction of new products into the market may have a significant impact on the occurrence and nature of competitive reactions. Fortunately, a security technology company for homes, offices, and personal items based in California, United States, launched the Lockley Secure Pro in May 2019. The patented PIN Genie software was used to create this smart lock solution. The device also has a 3D biometric fingerprint sensor and is Alexa and Google Assistant compatible.
- Factors such as the secure and easy management of various entry points via remote access, as well as the ability to track the security of the premises, have enabled the growth of smart lock adoption in these spaces, causing various stakeholders to invest significant sums. Furthermore, according to the non-profit Gun Violence Archive (GVA), there were 417 mass shootings in the United States by the end of 2019. In an age of mass shootings in public places, such statistics highlight the need for organizations in these spaces (primarily schools and churches) to seek the highest level of security possible.
Smart Lock Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global smart lock market analysis, in comparison to the adoption of other smart home devices, smart lock adoption remains low in the United States. According to a recent Consumer Technology Association (CTA) study, approximately 69% (or 83 million households) of U.S. households now own at least one smart home device. Smart speaker adoption in the country is high, at 28%, while smart lock adoption is only 10%—statistics like these highlight the opportunity for market players to capitalise on by implementing proper marketing strategies.
According to FBI statistics, home burglary accounted for 17.1% of all property crimes in 2020. Forcible entry was used in 56.7% of burglaries, and victims of burglary offences suffered an estimated USD 3.4 billion in property losses in 2020. This suggests possibilities for more secure and advanced security systems. The increasing Internet penetration and popularity of IoT, combined with the benefits of connecting smart locks to the Internet, are among the major factors creating a significant opportunity for the smart lock market to grow.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 1861.15 million |
| Market size value in 2031 | USD 4962.32 million |
| Growth Rate | 11.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Smart Lock Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Smart Lock Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Smart Lock Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smart Lock Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smart Lock Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Smart Lock Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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