Smart Lock Market – By Lock Type (Deadbolts, Lever Handles, Padlocks, and Others), By Vertical (Commercial, Residential, and Industrial), By Technology (Bluetooth, Wi-Fi, And Others), and By Region - Global Opportunity Analysis and Industry Forecast, 2020 – 2030

Smart Lock Market size was estimated at USD 1.8 billion in 2020 and reach 6.3 billion by 2030 growing with a CAGR of 13% during the forecast period. The smart lock is an automatic electro-mechanical door locks system. It is built to perform the locking and unlocking function through cryptographic key and from commands, which is received from an authorized source using the wireless protocol to execute the authorization process. These commands are usually transmitted through smartphones, wearable devices or tablets using Wi-Fi or Bluetooth, which allows the owner of the house to grant access to a third party by sending the virtual key by email or text message. It can be monitored from any location and customized to restrict universal access.  Moreover, the lock provides monitoring features such as access notifications through e-mail, text message and video camera with recording capabilities, to provide visuals of the person at the door. They also have features such as auto-locking options that automatically lock a door if left unlocked for a specific period and perimeter auto-locking that automatically locks the door if the user's smartphone is outside the designated perimeter.

Market Segmentation:

On the basis of lock type, the smart lock market is classified into deadbolts, lever handles, padlocks, and others. On the basis of vertical, the market is segmented into commercial, residential, and industrial. On the basis of technology, the market is categorized into bluetooth, wi-fi, and others. On the basis of region, the smart lock market is divided into North America, Europe, Asia Pacific, and RoW.

Market Dynamics and Factors:

The growing importance of high-end technology and increased urbanization leads to a rising demand for smart homes and novel security systems, which further help to boosts the smart lock market in a positive manner. Whereas, the increasing popularity of the advanced technology and integration of smart devices like tablets and smartphones is also driving the smart lock market. Consequently, the device is rapidly replacing the traditional locking systems that included bulky locks with keys that are more prone to lose and theft. Lack of awareness among end-user and price fluctuation is expected to restrain the smart lock market. Further, low installation cost, high durability, and security from attacks or robbery incidents in residential and commercial places are considered as an opportunity to contribute to the smart lock market growth.

Geographic Analysis:

North America is dominating region across the world, and continue its dominance during the review period. The growth in this region is attributed to the emerging economies with a growing number of manufacturing bases and increasing demand for connected security devices. Followed by North America, Europe is the second-largest contributor across the words. Owing to the growing urbanization and huge tech-savvy population. Asia Pacific is estimated to grow significantly, due to a large number of research and development (R&D) activities, and increasing urbanization in APAC drive the adoption of locks in this region.

Competitive Scenario:

The major key player of the smart lock industry are Schlage, Honeywell International Inc., Panasonic Corporation, Vivint Inc., ASSA ABLOY AB, UniKey Technologies Inc., Haven Lock Inc., August Home, Spectrum Brand Inc., and Samsung SDS Co. Ltd.

Smart Lock Market Report Scope