Smart Lock Market

Smart Lock Market

Market Synopsis:

The global Smart Lock market is valued at USD 1,863.8 Million in 2021 and is projected to reach a value of USD 3,639.5 Million by 2028 at a CAGR of 11.8% over the forecast period.

The Smart Lock technology has the potential to make professionals' lives easier. The rising Internet of Things (loT) penetration along with the advent of technologies such as Machine Learning (ML) and Artificial Intelligence (Al) are expected to accelerate the mass adoption of Smart Locks over the forecast period. Furthermore, rising consumer awareness of the benefits and convenience offered by these locks is driving its demand, particularly in the residential and hospitality sectors throughout the world. The government's shift in attention to digitising public and private sector infrastructure is a major driver of Smart Lock sales.

The market is being pushed primarily by increased investment in smart city and industrial initiatives. The adoption of Smart Locks is predicted to be driven by a large population base, a considerable amount of continuing R&D, and expanding urbanization. Also, the growing terrorist threats and crime rates and a low police-population ratio, countries are expected to create high demand for Smart Locks for security purpose. Smart home architecture, which incorporates features like as remote access, voice control, and seamless communication, is accelerating the adoption of Smart Locks for residential properties throughout the world. The elimination of the necessity to carry mechanical keys around has also impressed residential owners.

Market Segmentation:

Based on Lock type:

Based on Type, the market is divided into four types: deadbolts, lever handles, padlocks, and others. The sector of deadbolts had the biggest market share. The rising usage of deadbolts in the residential and commercial sectors can be linked to the factors. Deadbolts' advantages in residential, commercial, and other applications, such as inexpensive installation costs, great durability, and excellent protection against intensive intrusion or attack, all contribute to the segment's growth. Furthermore, major market players like Kwikset are including innovative deadbolts with built-in features like low battery warning, one-touch locking, and configurable user codes into their portfolios, luring a large user base.

Based on Communication Protocol:

Based on Communication Protocol, the market is divided into Bluetooth, Wi-Fi, and Others based on Communication Protocol. Due to the high speed and wireless connectivity offered by the Smart Lock system, the Wi-Fi communication protocol sector is expected to grow at the fastest rate throughout the projection period. The growth of Wi-Fi communication can be attributed to the rising acceptance of loT and access through different devices like as cellphones, personal computers, and tablets. In 2021, the Bluetooth communication protocol segment of the Smart Lock market held the biggest market share. Bluetooth is a wireless communication system that works by maintaining a balance of criteria such as range, power consumption, dependability, bandwidth, and cost.

North America is projected to acquire the largest market share during the year 2021

North America holds more than 41.5% of the Smart Lock market share. During the foreseeable time, it will continue its supremacy. North America will have the highest pace of demand. In addition, the major players are making a lot of changes. In this region, smart-lock system prevalence will continue to grow. Also, the adoption rate of this technology will grow immensely as it offers added functionalities, like the capacity to lock and open the door, grant keyless access, and monitoring.

Furthermore, the majority of the infrastructure is Smart Lock compatible. These benefits are driving the Smart Lock market in North America to new heights. Customers' high buying power combined with growing security concerns, particularly in critical infrastructure and residential applications, has resulted in a favourable regulatory environment for their adoption.

Competitive Landscape:

Key players operating in the global Smart Lock market include ASSA ABLOY AB (Sweden), Dormakaba Group (Switzerland), Spectrum Brands, Inc. (US), SALTO Systems, S.L. (Spain), Allegion plc (Ireland), Honeywell International Inc. (US), Dahua Technology Co., Ltd (China), Samsung Electronics Co., Ltd. (South Korea), Vivint, Inc. (US), and ZKTECO CO., LTD. (China)

Smart Lock Market is Segmented as Follows: