The Smart Lock Market is anticipated to develop at a compound annual growth rate (CAGR) of 12.9% between 2022 and 2027, reaching USD 3,900 million. The market for smart locks is expanding as smart homes are becoming more popular and home automation systems are in higher demand. The COVID-19 pandemic's effects on the market are also highlighted in the research, with touchless and contactless technology usage anticipated to rise as a result of health and safety concerns. The two most common lock types are deadbolt locks and lever handles, while the two most common connection protocols are Bluetooth and WiFi. The two main verticals for the smart lock industry, according to the report, are residential and commercial.

The adoption of Internet of Things (IoT) technology for security systems has increased, and rising economies are actively building out their urban infrastructure. For businesses that will be active in the industry during the projection period, this opens up lucrative chances. The effective monitoring, control, and management of diverse systems is made possible by the integration of IoT technologies into security systems. Additionally, developing countries' growing urban infrastructure will call for creative security solutions to deal with problems like crime, terrorism, and natural disasters. As a result, market participants offering IoT-based security solutions are anticipated to see substantial growth and success in the years to come.

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The smart lock market includes major Tier I and II players like ASSA ABLOY AB (Sweden), dormakaba Group (Switzerland), Spectrum Brands, Inc. (US), SALTO Systems, S.L. (Spain), Allegion plc (Ireland), and others. These players have a strong market presence for Smart lock across various countries in North America, Europe, APAC, and RoW.

Driver: Growing security concerns

The rapid use of smart locks, which have evolved over time to become more complex and user-friendly, is being driven by the rising demand for security. Smart locks are a great option for boosting security in a variety of settings, including private residences, hotels, retail establishments, financial institutions, and commercial structures because of their high efficiency and dependability. The implementation of smart locks for effective access control is a result of the quickly expanding requirement for identity and verification in these locations. In the upcoming years, it is anticipated that the usage of smart locks will expand even more as security concerns continue to develop.

Rising adoption of smartphones and other connected devices

The market for smart locks is being driven by the increasing use of smartphones and other linked devices. Tablets, smartphones, and other connected gadgets are in higher demand than ever before, both in developed and developing nations like China, India, Malaysia, and Indonesia. Future predictions indicate that this trend will persist, which motivates businesses to spend money developing mobile websites and apps. The two main causes of this trend are the extensive usage of the internet and the rising use of cellphones.

Deadbolt locks is expected to hold the highest market share during the forecast period

Deadbolt locks are anticipated to have the largest market share during the course of the projection period. With grades ranging from 1 to 3, deadbolts are frequently used as exterior residential locks and are categorised based on their strength and longevity. Because they frequently work with existing deadbolts, smart locks increase security. The deadbolt lock market is anticipated to expand in the near future as a result of this trend.

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Residential vertical to hold the largest market size of smart lock market during the forecast period

The smart lock market is anticipated to have the greatest market size throughout the projected period in the residential sector. Both single-family homes and condominiums are included in this vertical. The market's expansion can be ascribed to elements including the rising demand for smart homes, the expansion of metropolitan areas, and the expanding use of security measures. ASSA ABLOY, August Home, Spectrum Brands, and Gate are notable companies that are among the top suppliers of smart locks to the home market.

Smart lock market in APAC to hold the highest CAGR during the forecast period

The smart lock market is anticipated to expand at the greatest compound annual growth rate (CAGR) in the Asia-Pacific (APAC) region. The main causes of this development are the rising demand for connected security devices and the growing usage of security systems in emerging economies with expanding manufacturing bases. The adoption of smart locks in APAC is also anticipated to be fueled by the region's vast population, growing urbanisation, and increased research and development (R&D) activities.

Key players in the smart lock market are 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), ZKTECO CO., LTD. (China), igloohome Pte Ltd (Singapore), RemoteLock (US), Onity (US), Master Lock Company LLC. (US), MIWA Lock Co. (Japan), SentriLock (US), Avent Security (China), HavenLock, Inc. (US), Shenzhen Vians Electric Lock Co., Ltd. (China), Anviz Global Inc. (US), CANDY HOUSE, Inc. (US), AMADAS (South Korea), Thekeywe (South Korea), Gate Video Smart Lock (US), and DESSMANN Schliessanlagen GmbH (Germany).

News Covered:

https://www.globenewswire.com/news-release/2023/03/16/2628363/0/en/Securing-Smart-Cities-with-Smart-Locks-The-Next-Big-Thing.html

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