Smart Lock Market Expected To Witness A Substantial Growth Of .13 Billion By 2030: Grand View Research Inc.

Posted by Mrudula Anil Karmarkar on August 10th, 2022

The global smart lock market size is predicted to hit USD 8.13 billion by 2030 and is anticipated to register a CAGR of 19.5% from 2022 to 2030, based on a recent report by Grand View Research, Inc. Key factors driving the growth include increased global internet penetration, increased consumer awareness about advanced security systems, and higher reliance on mobile applications to make daily processes easier. Smart locks without power locks use Wi-Fi or Bluetooth to connect to other home appliances installed. Locks can be operated by a special power cord or by installing a smart lock app on the phone.

The user can send temporary keys to people, giving them home access within a specified time. In addition, smart lock technology is easy to use and unique compared to conventional methods. Smart pre-lock technology includes passwords, ID codes, machine keys, paper clips, and code names which are tedious to take care of and can potentially lead to theft or loss of data. Smart keys work on an IoT connection, which synchronizes the user's smartphone to gain control. This smart lock feature makes it reliable, unique, and easy to use and strengthens its market presence.

During the first couple of quarters of 2020, the COVID-19 pandemic slowed the pace of new smart lock installations. During the last year, drastic changes such as cross-border trade prohibitions, economic uncertainty, restrictive standards necessitating temporary shutdowns of industrial facilities, and stay-at-home orders for the general public produced a difficult situation for the industry. Nonetheless, measures such as embedding touchless technologies into their products, developing mobile apps for performing operations, and offering products at lower pricing on the available modes have helped businesses increase their ROI during these essential lockdown instances.

The emergence of growing technologies like the Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML) are expected to boost the adoption of smart locks in the period forecasted. In addition, the growing awareness of consumers about the benefit and comfort offered by the locks is responsible for the ever-increasing demand for them, especially in all areas of accommodation and hospitality around the world. Their complexity and high efficiency have led to their deployment in various locations to strengthen security.

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The growth of global smart home adoption and the influx of companies that come with home automation technology are also factors in the growing demand for smart locks. The players in the industry are focused on providing commercially viable products and developing advanced strategies, including remote locking/opening of doors, doors, and windows. In addition, as the number of homes with voice assistants grows steadily, manufacturers combine their offerings with such devices, enabling voice to control locks. Such innovations are expected to increase customers' popularity as they progressively seek advanced and straightforward locking/unlocking systems. There is a growing need to identify and certify various properties such as individual houses, hotels, supermarkets, banks, financial institutions, corporate buildings, and commercial buildings.

Smart Lock Market Report Highlights

  • The market is driven by the increased global internet penetration, consumer awareness about advanced security systems, and higher reliance on mobile applications to make daily processes easier. Growing usage of smart locks in residential security will propel the overall market over the forecast period
  • Based on the type segment, the lever handle type of locks is anticipated to grow at the highest CAGR of 22.4% from 2022 to 2030
  • The residential segment held the largest market share of 63.9% in 2021, while the use of smart locks in the hospitality industry is poised to register the highest CAGR of 24.2% during the forecast period
  • North America held the largest revenue share in 2021, owing to the advancements in technology

Since their inception, smart locks have provided efficient and easy-to-use resources. Increased security concerns are a significant factor in the rapid adoption of smart locks. Smart keys have seen a great need in the global residential environment worldwide. With the growth in the number of renewals and emerging construction projects across North America and the Asia Pacific, the industry has gained tremendous strength due to the increase in new installations. When connected to a smart home ecosystem, the lock is the most prominent part of a connected home.

One primary use of smart locks is in the Hospitality industry. Hotel management ensures the stay of customers is a pleasant and good experience. Various hotels have planned to use Wi-Fi or Bluetooth-enabled locks instead of RFID locks accessed by IC cards for hotels to improve the security of their premises. In smart home technology, connectivity is enabled via communication technologies like Z-wave, Wi-Fi, Thread, ZigBee, etc. All of these technologies can be installed on the same device.

For instance, in 2020, Netatmo, a French home-based smart device manufacturer, announced the launch of a new Smart Door Lock, and keys that support Apple's HomeKit standard. The company accommodates three other portable keys that use NFC to open the door quickly and securely.

As we analyze the impact of COVID-19 on the industry, smart locks have gained tremendous momentum in these unprecedented times. The market is expected to witness many opportunities during ongoing violence as locking/unlocking processes can be performed using voice recognition and smartphones/gadgets, thus reducing the need for physical touch.

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The smart lock industry is going through rapid changes. It has continued to consolidate over a few years, with leading companies constantly pushing to hold the highest market share. Many companies take steps such as acquisitions, partnerships, investments, and R&D to be able to separate their portfolio from competitors and stand out with their market presence.

The implementation of IoT to improve the technology of non-contact locks gained momentum as leading companies introduced solutions that involved less human interaction. In March 2020, Kwikset unveiled its expanded product line that includes Microban SilverShield technology, which helps reduce viral growth in departmental platforms. The company is also focused on expanding its partnership with Microban by introducing key locks and smart locks developed by the end of 2021. Some prominent players in the global smart lock market include:

  • Yale
  • Schlage
  • August Home
  • Kwikset
  • Goji
  • SDS Smart Locks
  • Mul-T-Lock
  • UniKey Technologies Inc.

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Mrudula Anil Karmarkar

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Mrudula Anil Karmarkar
Joined: July 2nd, 2020
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