Smart Lock Market Analysis
Smart Lock Market Size was valued at USD 1,143.45 million in 2022. The Smart Lock market industry is projected to grow from USD 1,325.95 Million in 2023 to USD 4,862.0 million by 2032, exhibiting a compound annual growth rate (CAGR) of 15.5% during the forecast period (2023 - 2032). Rise of IoT and the Use of Cutting-Edge Technology
Over the projected period, increased Internet of Things (IoT) penetration, as well as the introduction of technologies such as Machine Learning (ML) and Artificial Intelligence (AI), are expected to accelerate the widespread acceptance of smart locks. Furthermore, rising consumer awareness of the benefits and convenience provided by these locks is driving up demand, particularly in the residential and hospitality sectors around the world.
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Innovative Technology and Application
In comparison to traditional ways, smart lock technology is distinctive and simple to use. Prior to smart locks, technologies such as ID codes, passwords, mechanical locks, code words, and paper slips were used, which were time-consuming to maintain and had a significant risk of data theft or loss. Smart locks use the Internet of Things connectivity to synchronize with the user's smartphone for access control. This feature of smart locks distinguishes it as distinctive, dependable, and user-friendly, and it boosts its market presence.
Initial Investments to Act as Barrier for New Market Players
Core technological development is critical in the smart lock business, necessitating a strong RD department, which incurs additional costs for upkeep. Manufacturing physical components and technological advancement necessitate large initial investments in smart locks. This, to some extent, limits the entry of new market players.
Increasing Adoption of Smart Locks amid COVID-19 Pandemic
During these turbulent times, smart locks have acquired enormous traction. The market is projected to see significant prospects because locking/unlocking procedures can be performed utilizing voice recognition and smartphones/smart gadgets, decreasing the need to physically touch the devices. Such technologies enable manufacturers to meet customer demand for touchless/contactless platforms to control their devices, giving them a competitive advantage in these difficult times. The key methods that the majority of industry participants are projected to employ to expand their client base over the next few years are new product development and the adoption of advanced/touchless technologies.
Industry News
January 2020 – August Inc. (ASSA ABLOY) introduced the Wi-Fi Smart Lock, which features a revolutionary compact design and built-in Wi-Fi connection. The device is the size of a regular doorknob, 45% smaller in volume, and 20% slimmer than the August Smart Lock Pro. The new built-in Wi-Fi feature eliminates the need for an external bridge.
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Competitive Landscape
The smart lock business is consolidated since the market is still in its early stages, with fewer adoptions worldwide. However, because of the growing need for home and building security, the market presents numerous growth potential for smart lock providers. As a result, industry participants are constantly innovating to produce unique products to obtain maximum market traction during the projection period.
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Market Segmentation
Deadbolts Locks to Lead the Global Market
Deadbolts held the largest share of the market based on the lock type and are predicted to continue dominating the industry over the projection period. The high revenue generation can be ascribed to its increasing deployment in the residential sector as a result of several features such as ease of use and a long-lasting locking mechanism. Furthermore, market leaders such as Kwikset are expanding their line of innovative deadbolts with built-in features such as low battery warning, one-touch locking, and customized user codes, drawing a large user base.
Regional Analysis
North America to Gain the Largest Market Share
In terms of market share, North America is one of the world's top regions. The smart lock market in this region is in high demand due to increased security system sales, which is fueling market expansion to a considerable extent.
Key Players
Notable players in the global smart lock market are the Assa Abloy Group (Sweden), Allegion Plc (Ireland), Dormakaba Holding AG (Switzerland), Spectrum Brands Holdings, Inc. (U.S.), Salto Systems S.L. (Spain), Onity Inc. (U.S.), Cansec Systems Ltd. (Canada), Master Lock (U.S.), August, Inc. (U.S.), Kwikset (U.S.), Haven Holidays (U.K), and among others.
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