Smart Lock Market To Grow Enormously with Size Worth .13 Billion By 2030 |Grand View Research, Inc.

Posted by Mrudula Anil Karmarkar on February 5th, 2024

San Francisco, 05 February 2024: The ReportSmart Lock MarketSize, Share & Trends Analysis Report By Type (Deadbolt, Lever Handle, Padlock), By Application, By Communication Protocol, By Authentication Method, By Region, And Segment Forecasts, 2024 - 2030

The global smart lock market size is expected to reach USD 8.13 billion by 2030, and is anticipated to register a CAGR of 19.6% from 2023 to 2030, based on a recent report by Grand View Research, Inc. Key factors driving the growth of the smart lock market globally 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. For instance, security solutions with passwords, ID codes, machine keys, and code names 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 with 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. 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 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 forecast period. In addition, the growing consumer awareness about the advantages and security offered by smart door locks is contributing to market growth. Their complexity and high efficiency have led to their deployment in various locations to strengthen security.

The growth in global smart home adoption and the influx of companies that come with home automation technology are also factors in the rising demand for smart locks. The players in the industry are focused on providing commercially viable products and developing advanced solutions, including remote locking/opening of doors and windows. In addition, as the number of homes with voice assistants grows steadily, manufacturers are integrating their offerings with such devices, enabling voice to control locks.

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Such innovations are expected to increase smart door locks with camera popularity as customers are progressively seeking advanced locking/unlocking systems. There is a growing need to safeguard various properties such as individual houses, hotels, supermarkets, banks, financial institutions, corporate buildings, smart lockers, and commercial buildings with advanced security solutions, which is expected to drive the market over the forecast period.

Smart lock Market Report Highlights

• The global market is driven by the increased global internet penetration, increased consumer awareness about advanced security systems, and a higher reliance on mobile applications to make daily processes easier. Growing usage of smart locks in residential security will propel the overall market in the forecast period
• Based on the type segment, the lever handle type of locks is anticipated to expand with the highest CAGR of 22.4% during the forecast period of 2023-2030. This is attributed to the modernizing operations in the hospitality sector to meet tourist security needs
• Based on applications, the hospitality segment is expected to exhibit the highest CAGR of 23.8% from 2023 to 2030, owing to the rapid implementation of smart locks to accommodate consumers' growing security concerns throughout their visits
•  The North American region contributed the largest revenue share in 2022 to the smart lock market owing to the advancements in technology across the region

Since its inception, smart locks have emerged to provide efficient and easy-to-use solutions. Increased security concerns are a significant factor in the rapid adoption of smart locks globally, especially in the residential environment. With the growth in the number of construction projects across North America and the Asia Pacific, the industry has benefited tremendously due to the increase in new installations. When connected to a smart home ecosystem, the smart lock is one of the most prominent parts of a connected home.

Another major use of smart locks is in the Hospitality industry. Various hotels have planned to use Wi-Fi or Bluetooth-enabled locks instead of RFID locks accessed by IC cards 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 these technologies can be installed on the same device. For instance, in March 2022, Schlage (Allegion Plc) launched the new Encode Plus, one of the first smart locks to leverage Apple’s Home Key standard. Encode Plus provides an option for tapping the user's watch or phone against the keypad for unlocking.

The COVID-19 outbreak significantly impacted the smart lock market due to the restrictions imposed by various governments. For instance, the reduced activities in production lines due to social distancing norms affected the market growth during the initial phase of the pandemic. However, the market also witnessed various opportunities due to the onset of the pandemic, as the demand for security solutions, which minimized the need for physical touch, increased.

Smart Lock Market Report Scope

Organizations focused on innovative technologies in the residential and commercial sectors, including artificial intelligence (AI), machine learning (ML), internet of things (IoT), and cloud computing, to implement contactless activities in the post-COVID-19 era. This is projected to spur growth for app-based smart lock systems that will promote global smart lock adoption.

The smart lock market is witnessing a moderate number of merger and acquisition (M&A) activities by the leading players underlying a dynamic industry landscape. Several key players have established themselves in regional as well as global market and earned the trust of consumers by continuously upgrading their smart lock offerings, making them more reliable.

The smart lock market is also subject to the moderate impact of regulations. There are various organizations and regulatory bodies across various nations that are engaged in developing smart lock technology and hardware standards to ensure the safety, security, and compliance of these products. Smart lock capabilities may raise concerns about privacy, and some countries have implemented regulations to address these concerns.

List of Key Players in the Smart Lock Market

• August Home, Inc. (ASSA ABLOY)
• Avent Security
• Cansec Systems Ltd.
• HavenLock, Inc.
• Kwikset (Spectrum Brands Holdings, Inc.)
• MUL-T-LOCK TECHNOLOGIES LTD. (ASSA ABLOY)
• Schlage (Allegion Plc)
• Zigbang Co., Ltd. (Previously Samsung SDS)
• Sentrilock, LLC
• Smart Locking Logic Proprietary Limited