Smart Lock Market to Reach Valuation of USD 3,639.5 Million by 2028 - Increasing Demand for Smart Lock in Retail Sector to Drive the Market Growth

Vantage Market Research

Apr 06, 2022

From the period 2022 to 2028, the Global Smart Lock Market is expected to reach USD 3,639.5 Million in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 11.8%. To address consumers' rising security concerns throughout their stays, the market has been aggressively introducing Smart Locks. The necessity to improve in-room security at hotels is anticipated to enhance the usage of these keyless access devices in the future.

Another contributing factor in the growth of the Global Smart Lock Market is that the technology has the capability to make life simpler for professionals as well as to crack the emerging last-mile delivery problem. Many new innovations today focus on making houses smarter and everyday living easier, which is now possible due to superior data analytics and the introduction of artificial intelligence. The increased prevalence of smart devices in residential and commercial premises is driving the Smart Lock Market's rise throughout the forecast period.

Key Highlights from the Report

  • Based on the vertical, the market is divided into residential, Institutional & Government, Industrial, and Transportation & logistics The residential segment is expected to hold the largest share during the projected period. Smart Locks are being developed by key market players to meet increased demand in residential areas.
  • Based on the unlocking mechanism, the market is divided into Keypad, Card Key, Touch-Based, Key Fob, and Smartphone-Based. During the forecast period, the keypad unlocking mechanism segment of the Smart Lock Market is estimated to have the biggest market share. A Smart Lock with a Wi-Fi connection and a smart keypad is a great addition to any smart home system. Without the need for a smartphone, the device can open door locks.
  • Asia Pacific is the fastest regional segment. Asia Pacific area is expected to be the highest growing region. The rise in spending on the development of security door locks in government and critical infrastructure sectors is to account for the increase. Furthermore, smart home usage has increased significantly across the globe, which is playing an important role in raising awareness about innovative devices and technology.

Some of the key players in the 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).

Market Dynamics:

Growing security concerns

A key aspect driving the increased use of Smart Locks is the growing concern for security. Due to their great efficiency and sophistication, they have been used in a variety of places to improve security. Smart Locks have progressed to deliver effective and user-friendly services since its beginnings. Individual homes, condominiums, hotels, retail establishments, banks and financial institutions, and corporate and commercial buildings all have an increasing demand for identification and authentication.

Increasing adoption of loT-based security systems

According to FBI reports, home burglary accounted for 17.1% of the estimated number of property crimes. This implies that more secure and sophisticated security solutions are possible. The increasing penetration of the Internet and the growing popularity of loT, coupled with the benefits of connecting Smart Locks to the Internet, are among the major factors creating a significant growth possibility for the Smart Lock industry.

North America holds more than 41.50% of the Smart Lock Market share. During the foreseeable time, it will continue its dominance. In addition, the major players are making a lot of changes. In this region, smart-lock system adoption will continue to grow. Furthermore, 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 monitor.