Global Smart Lock Market Size, Share & Trends Analysis Report by Type (Deadbolt Locks, Lever Handles, Padlocks, Others), by Connectivity (Bluetooth, Wi-Fi, Zigbee/Z-Wave, NFC/Key Cards), by Application (Residential, Commercial, Industrial, Institutional), by Installation Type (Retrofit, New Installation) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America) | Forecast [2024-2032]
The report offers the value (in USD Million) for the above segments.
Global Smart Lock Market size accrued earnings worth approximately USD 2.32 Billion in 2023 and is predicted to gain revenue of about USD 11.61 Billion by 2032, is set to record a CAGR of nearly 19.6% over the period from 2024 to 2032.
Worldwide adoption of smart home architecture, especially with features like remote access, voice control, and seamless connectivity, is driving the adoption of smart locks for residential premises even more. Moreover, the eliminated need to carry mechanical keys around has attracted the likes of residential owners.
Further factors in the rising demand for smart locks include the expansion of smart home adoption on a global scale and the rise of businesses that offer home automation technology. The industry's participants concentrate on developing cutting-edge techniques and commercially viable goods, such as remote locking and opening windows, doors, and doors.
Other things being equal, manufacturers also come with these products with other gadgets such as voice assistants where houses' numbers that install voice assistants have been steadily on the rise enabling voice lock controlling. These new inventions are going to make these gadgets more in use because more customers will look for complex and simplified locking / unlocking. Properties to be recognized and approved grow in their thousands, starting with individual homes, hotels, supermarkets, banks, financial houses, corporate houses, and other business premises.
Growing smartphone penetration is also driving the adoption of connected devices, which can be controlled to open the doors remotely from any location through related mobile applications. Oberlo, an e-commerce company, says that 3.5 billion people are currently using smartphones worldwide and that the smartphone penetration rate stands at around 45.4% of 7.7 billion people worldwide. Simply put, four out of every ten people in the world are currently equipped with a smartphone.
Among various driving factors, the growth of the smart locks market could face challenges, owing to the prevailing vulnerability to hacking and increasing threats of cybercrimes, as smart locks, in particular, is a popular target for cybercriminals. For instance, in July this year, According to security researchers with NCC Group, there were 11 security problems affecting Nuki intelligent lock systems, including ones that could let intruders unlock doors. Such instances instill a sense of insecurity among casual users.
The COVID-19 pandemic has led to a nosedive in investments in the ICT industry, particularly in the Internet of Things, 5G technologies, and other emerging technologies. This makes the players of the smart lock market reduce their operational expenditures. They also witnessed a reduction in hiring and capital budgets. Further, discretionary consumer expenditure in this situation has also brought down the sales of smart locks. The situation of this market does not seem too good and is expected to slowdown, which may continue up to the second quarter of the last year.
Increasing smart home acceptance is one primary factor that fosters the inclusion of smart locks into the automation schemes of a residence. Convenience, security, and ease of use over their house is the thing most people want. Being able to lock or unlock via a smartphone also helps, coupled with being compatible with many smart home hubs like Google Home, Amazon Alexa, or Apple HomeKit. This integration allows users to control and monitor their locks remotely through voice commands or mobile apps, offering unparalleled ease of access. These hubs also help smart locks communicate with other connected devices like security cameras, lights, and doorbells to form a connected, automated security network. The possibility of remotely granting visitor’s temporary access, tracking entry logs, and getting real-time alerts raises the bar for smart locks significantly and makes them a vital element of sophisticated home automation services.
Regions such as Asia-Pacific and Latin America are getting more and more favourable ground with an increase in disposable incomes and a rising consciousness toward smart technologies. This provides market players in the smart lock industry with substantial opportunities. Emerging alongside growing economies in these regions is an increasingly large middle class that can invest in sophisticated home security solutions. The ability to complement this is also the interest in smart home technologies, which is enhanced by the increase in urbanization, improved internet infrastructure, and proliferation of smartphones. Consumers in such markets are realizing the convenience, security, and efficiency afforded by smart locks and, therefore are good grounds for market growth. In addition, initiatives by governments that promote smart city projects and digital infrastructure development further accelerate adoption of smart home technologies, including smart locks. These factors are an unexploited opportunity for the manufacturer and the vendor to introduce custom, cost-effective solutions that meet the specific needs of these emerging markets.
Adoption will face significant barriers in terms of the cost, mainly comparing the smart lock with the traditional locking mechanism. Although the smart locks are advanced and provide remote access, real-time monitoring, and integration with home automation systems, the initial investment is a constraint and more than the budget for many households. Traditional locks are preferred because they are not very expensive or hard to access in developing markets, which has kept the pricing in check. Consumer acceptance may thus be limited when they prioritize such basic security over the advanced technical benefits of a smart lock that would cost much more. Adding to the gulf is also the installation cost and maintenance requirements, as well as compatibility up gradation to include other smart devices in the smart home. These actions by smart lock makers would help make these cost apprehensions more favourable by providing localized production, unique pricing strategies and budget-friendly variants to make such a product mainstream in those countries.
The market scope is segmented because of by Type, by Connectivity, by Application, by Installation Type, by Region.
Based on the Type of the market is segmented into Deadbolt Locks, Lever Handles, Padlocks, Others.
Deadbolt locks are the most commonly used smart locks since they offer great security when forcing entry. They come with standard door frames and are suitable for both houses and offices. For example, August and Schlage offer smart deadbolts with remote access, keyless entry, and compatibility with Google Home and other smart home devices such as Amazon Alexa.
Especially for the spaces that need a way of easy access, like offices and healthcare facilities, lever handle smart locks are very suitable. They are highly ergonomic, making them very simple to operate by everybody. For instance, there is a Kwikset Halo Touch Lever that amalgamates a lever handle with biometric fingerprint access.
Padlocks will be ideal for portable and flexible applications, such as lockers, gates, or storage units. Some smart padlocks like the Master Lock Bluetooth Padlock can be used by unlocking through a mobile application and tracking them. Other types include mortise locks and knob locks, both of which are fewer in use but carry some applications, with mortise locks commonly applied to commercial sites for high-security purposes.
Based on the Connectivity of the market is segmented into Bluetooth, WI-Fi, Zigbee/Z-Wave, NFC/Key Cards.
Wi-Fi smart locks are in great demand since they allow users to control and monitor their locks from anywhere through mobile apps. For instance, the August Wi-Fi Smart Lock lets users lock and unlock their doors and track activity remotely, with voice assistance through Alexa or Google Assistant. This makes them very suitable for homeowners who require convenience and advanced security features.
Bluetooth smart locks such as the Ultraloq U-bolt Pro are popular for proximity-based access. Other advantages that make it reliable in areas with poor internet connectivity include a work-offline feature and ensure low power consumption thus extending battery life due to its Bluetooth connectivity.
Zigbee/Z-Wave smart locks are best for smart home enthusiasts because they are able to harmonize well with smart home hubs, such as Samsung Smart Things. The two protocols are energy-efficient and perfect for creating interconnected smart environments. For instance, the Yale Assure Lock SL works with Zigbee/Z-Wave hubs to enhance automation.
Key card/NFC-based smart locks are applied mainly in commercial setups, such as hotels and offices. A practical example of a door lock by Assa Abloy, based on RFID, gives users access while still keeping security; hence, managing various users effectively.
By region, Insights into the markets in North America, Europe, Asia-Pacific, Latin America and MEA are provided by the study. North America dominated the market in 2022 with volumes amounting to approximately 39%, and is anticipated to grow considerably during the forecast period due to advancing smart lock technology. It is attributed to extensive technology adoption and fast-paced expansion of smart homes in the United States. As such, for example, 30% of households in the United States with an internet connection express a desire for a smart lock for a sliding door by 2023. Customers' increased spending power with growing safety needs, especially related to key infrastructure and domestic installations, have created an enabling regulatory regime for their installation.
The volume for the Asia Pacific is expected to grow at a CAGR of more than 25% from 2023 to 2030. The growth might be witnessed because of a dramatic increase in the number of residential and commercial projects and on-going programs of smart cities in developing countries like India. In addition, door locks with keypads have higher penetration across the region and have seen significant growth, playing a vital role in spreading awareness about advanced gadgets and technologies. Several smart lock manufacturers in the APAC region are constantly developing new features for smart locks; in addition, many new start-up companies are testing new smart lock applications to improve safety. Increasing urbanization across various countries including India, Singapore, Indonesia, Australia and New Zealand among others in the in Asia Pacific region is creating opportunity for global smart lock manufacturers.
The report will cover the qualitative and quantitative data on the Global Smart Lock Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.
Study Period | 2024-32 |
Base Year | 2023 |
Estimated Forecast Year | 2024-32 |
Growth Rate | CAGR of 19.6% from 2024 to 2032 |
Segmentation | By Type, By Connectivity, By Application, By Installation Type, By Region |
Unit | USD Million |
By Type |
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By Connectivity |
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By Application |
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By Installation Type |
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By Region |
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North America accounted for the highest xx% market share in terms of revenue in the Smart Lock market and is expected to expand at a CAGR of xx% during the forecast period. This growth can be attributed to the growing adoption of Smart Lock. The market in APAC is expected to witness significant growth and is expected to register a CAGR of xx% over upcoming years, because of the presence of key Smart Lock companies in economies such as Japan and China.
The objective of the report is to present comprehensive analysis of Global Smart Lock Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.
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