Smart locks are keyless electronic locks, which use Wi-Fi or Bluetooth connectivity to interact with other devices. The locking and unlocking operations can be done either with a keyless fob or through smart lock app that is installed on the user’s smartphone. These operate when they receive instructions from authorized devices, either by a wireless protocol or cryptographic key to authenticate the authorization process. The basic idea behind smart lock technology is to use the IoT and internet connectivity to identify users and provide remote control & access to users using a digital interface. Smart lock technology provides advanced methodology over traditional key-based locks. This technology is used to secure commercial and residential properties from theft and burglaries. It works on both, Wi-Fi and Bluetooth, which makes it beneficial in a variety of crucial applications such as government office security, residential security, surveillance in offices & enterprises, and others.
There is increase in adoption of smart locks in commercial and government sectors to overcome the concerns regarding safety and security of the public and enterprises. The use of smart locks increases globally to maintain a secure and viable economy. In the commercial sector, companies have started to deploy enhanced technology to promote lower liabilities, increase employee accountability, strengthen compliances, and increase efficiencies. Furthermore, increase in use of smartphones across the globe fuels the adoption of smart locks. Smart lock mobile applications give real-time notifications. These allow customers to access their locks through a smartphone app and grant access to anyone, if required. Thus, increase in the trend of using app-based locks across various commercial and residential sectors is expected to drive the growth of the smart locks market in the upcoming years. However, cyber vulnerabilities are one of the major concerns among consumers regarding smart locks, which are expected to hamper the growth of the market.
The smart locks market is segmented into product type, technology, end user, and region. On the basis of product type, it is segmented into the deadbolts, lever handles, padlocks, and others. Further, the others segment includes footplate locks, rim latches, and wall mounted locks. On the basis of technology, it is bifurcated into Wi-Fi and Bluetooth. On the basis of end user, it is segregated in to residential and commercial. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the global smart locks market include August Home, SALTO Systems, Haven Lock, Inc., Honeywell International Inc., Panasonic Corporation, Samsung SDS Co. Ltd., Schlage, Spectrum Brands, Inc., UniKey Technologies Inc., and Vivint, Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and others, which help to drive the growth of the market.
There is increase in adoption of smart locks in commercial and government sectors to overcome the concerns regarding safety and security of the public and enterprises. The use of smart locks increases globally to maintain a secure and viable economy. In the commercial sector, companies have started to deploy enhanced technology to promote lower liabilities, increase employee accountability, strengthen compliances, and increase efficiencies. Furthermore, increase in use of smartphones across the globe fuels the adoption of smart locks. Smart lock mobile applications give real-time notifications. These allow customers to access their locks through a smartphone app and grant access to anyone, if required. Thus, increase in the trend of using app-based locks across various commercial and residential sectors is expected to drive the growth of the smart locks market in the upcoming years. However, cyber vulnerabilities are one of the major concerns among consumers regarding smart locks, which are expected to hamper the growth of the market.
The smart locks market is segmented into product type, technology, end user, and region. On the basis of product type, it is segmented into the deadbolts, lever handles, padlocks, and others. Further, the others segment includes footplate locks, rim latches, and wall mounted locks. On the basis of technology, it is bifurcated into Wi-Fi and Bluetooth. On the basis of end user, it is segregated in to residential and commercial. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the global smart locks market include August Home, SALTO Systems, Haven Lock, Inc., Honeywell International Inc., Panasonic Corporation, Samsung SDS Co. Ltd., Schlage, Spectrum Brands, Inc., UniKey Technologies Inc., and Vivint, Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and others, which help to drive the growth of the market.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the smart locks market along with the current trends and future estimations to elucidate the imminent investment pockets
- Information about key drivers, restraints, and opportunities and their impact analysis on the smart locks market size is provided
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the smart locks market
- The quantitative analysis of the smart locks market from 2020 to 2030 is provided to determine the smart locks market potential
MARKET SEGMENTS
By Product
- Deadbolts
- Lever Handles
- Padlocks
- Others
By Technology
- Bluetooth
- Wi-Fi
By End User
- Residential
- Commercial
By Region
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South-Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
KEY MARKET PLAYERS
- AUGUST HOME
- HAVEN LOCK, INC
- HONEYWELL INTERNATIONAL INC
- PANASONIC CORPORATION
- SALTO Systems
- SAMSUNG SDS CO LTD
- SCHLAGE
- SPECTRUM BRANDS, INC
- UNIKEY TECHNOLOGIES INC
- VIVINT, INC
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Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Landscape
Chapter 4: Smart Locks Market, by Product
Chapter 5: Smart Locks Market, by Technology
Chapter 6: Smart Locks Market, by End-user
Chapter 7: Smart Locks Market, by Region
Chapter 8: Company Profiles
List of Tables
List of Figures
Executive Summary
According to a recent report titled, “Smart Locks Market Analysis by Product Type, Technology, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030,”The global smart locks market size was size was valued at $ 2,366.51 million in 2020, and is projected to reach $14,972.3 million by 2030, growing at a CAGR of 20.1% from 2021 to 2030.
The standard of living of people across the globe, has increased due to increase in awareness of technology, higher disposable incomes, and developments in various industry verticals such as healthcare, government, and infrastructure. People can afford security and safety devices as they feel a need to protect their personal information and belongings from external entities. This factor is anticipated to impose a crucial impact over on the growth of the smart lock market during the forecast period. Smart lock technology is unique and provides easy access for the identification and validation of a person’s identity. These systems also allow the user to program multiple user codes, facilitating ease of creating and deleting unique codes for the guests. It also has tamper alarm and can grant access to the guest, simply by accessing the lock from smartphones and tablets. Such benefits accelerating the adoption of smart locks among end users.
On the basis of end user, the residential segment dominated the overall smart locks industry in 2020, and is expected to continue during the forecast period. The smart locks have contributed towards efficiency and security, thereby saving time and energy. In addition, it is very light-weight as it is small and tiny, thereby, adding to the convenience factor, which is expected to propel the growth of this segment during the forecast period. However, the commercial segment is expected to witness the highest growth in the coming years. The major factor that drives the growth of this segment is the increase in prevalence for data security at commercial spaces. Along with security, smart lock technology is used to make office access management simple and secure. In addition, these smart locks can be integrated with a range of various third-party apps, which ensures that all lights in office shut down automatically when the doors are locked, which is expected to drive the growth of this segment.
On the basis of product type, the lever handle segment garnered the largest share in 2020, and is expected to continue to grow during the forecast period. This is attributed to drive the growth of this market due to increase in penetration of smartphones and increase in use of 4G and 5G networks. In addition, rise in adoption of smart devices, technological advancements, and social media activities are expected to further supplement the growth of lever handle smart locks in the market. However, the deadbolt segment is expected to witness highest growth in the upcoming years. This is attributed to increase the need to address connectivity, which compels various users to adopt to smart deadbolt locks. In addition, increase in popularity of smart locks and smartphone usage is expected to provide an encouragement to players to develop application-specific products to meet the growing demand of consumers, which is predicted to drive the growth of this segment during the forecast period.
As per smart locks market forecast post COVID-19, the global smart locks market size was size was valued at $ 2,366.51 million in 2020, and is projected to reach $14,972.3 million by 2030, growing at a CAGR of 20.1% from 2021 to 2030.
The COVID-19 outbreak has a positive impact on the growth of the smart locks market due to security and safety reasons. However, the outbreak of COVID-19 has affected communities globally, while governments and other sectors are trying their best to respond faster to challenges posed by this pandemic. Furthermore, governments and businesses are increasingly asking employees to work from home or are shifting work to employees in less affected areas to maintain business continuity during the COVID-19 pandemic. However, the situation has accelerated the adoption of advanced technologies such as artificial intelligence (AI), machine learning (ML), automation, and IOT to control costs while improving the customer experience, which is expected to provide lucrative opportunities for the growth of the smart locks market. Further, industries such as public, banking & financial, government, and healthcare have shown increase in adoption of smart locks and are expected to continue to use them owing to the rise in focus on digitization, growing technological awareness, and need for better security systems. Increase in government initiatives to deploy advanced security solutions for better safety and convenience is anticipated to create significant growth opportunities for major players in the market.
Key Findings Of Study
- On the basis of product type, the deadbolts segment dominated the smart locks market in 2020 However, the others segment is expected to exhibit significant growth during the forecast period
- On the basis of technology, the Wi-Fi segment dominated the enterprise application market in 2020 However, the Bluetooth segment is expected to exhibit significant growth during the forecast period
- On the basis of end user, the commercial segment accounted for the highest revenue of market in 2020; however, the residential segment is expected to witness the highest growth rate during the forecast period
- On the basis of region, the market was dominated by North America However, Asia-Pacific is expected to witness significant growth in the coming years
- This report gives an in-depth profile of some key market players in the smart locks market, which include August Home, SALTO Systems, Haven Lock, Inc., Honeywell International Inc., Panasonic Corporation, Samsung SDS Co. Ltd., Schlage, Spectrum Brands, Inc., UniKey Technologies Inc., and Vivint, Inc This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets
Companies Mentioned
- AUGUST HOME
- HAVEN LOCK, INC.
- HONEYWELL INTERNATIONAL INC.
- PANASONIC CORPORATIONs
- SALTO Systems
- SAMSUNG SDS CO. LTD.
- SCHLAGE
- SPECTRUM BRANDS, INC.
- UNIKEY TECHNOLOGIES INC.
- VIVINT, INC.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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