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2022
Smart Locks Market

Smart Locks Market by Product Type (Deadbolts, Lever Handles, Padlocks, and Others), Technology (Wi-Fi and Bluetooth), and End User (Residential and Commercial) Global Opportunity Analysis and Industry Forecast, 2021-2030.

A01930
Pages: 171
Feb 2022 | 29495 Views
Author(s) : Vikas Gaikwad & Rachita Rake
Tables: 131
Charts: 56
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COVID-19

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Smart Locks Market Statistics: 2030

The global smart locks market 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.

In the post COVID-19 situation, organizations are focusing on advanced technology such as artificial intelligence (AI), machine learning (ML), internet of things (IOT), and cloud computing across residential and commercial sectors to perform contactless operation. This factor is expected to create a demand for app-based smart lock system, which are predicted to drive the adoption of smart locks globally.

Smart locks are electronic keyless locks that use Wi-Fi or Bluetooth connectivity to interact with other electronic devices installed at home. The locks can be operated with a specific electric fob or by installing the smart lock app in the phone. The user can send temporary keys to people, giving them access in the home within a specific time frame. Moreover, smart lock technology is unique and easy-to-use as compared to conventional methods. The technologies before smart locks include the use of ID codes, passwords, mechanical locks, code words, and paper slips, which are tedious to maintain and have a high possibility of data theft or loss. Smart locks work on IoT connectivity, which synchronize with the user’s smartphone to access control. This characteristic of smart locks makes it unique, reliable, and user-friendly and strengthens its market presence.

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Segment Review

The smart locks market is segmented on the basis of product type, technology, end user, and region. On the basis of product type, it is segmented into 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.

On the basis of technology, the Bluetooth segment dominated the overall smart locks industry in 2020, and is expected to continue this trend throughout the forecast period. The Bluetooth-enabled smart locks technology is the most convenient smart lock technology available in the market. Almost every smartphone available in the market is equipped with Bluetooth, so it is convenient for homeowners to integrate their smart locks with their smartphones, and into their other home automation systems. In addition, Bluetooth-enabled smart locks are safer as there is no need for the devices to be always connected to the internet; this reduces the risk of hacking. In addition, rise in awareness, reduction in costs of installing smart locks, low battery requirements, and device efficiency may also accelerate the adoption of Bluetooth-enabled smart locks, which are expected to drive the growth of this segment. However, the Wi-Fi segment is expected to grow the most, and this trend is expected to continue during the forecast period. The Wi-Fi-enabled smart locks can synchronize with other home devices connected to the network, to get daily updates. In addition, the Wi-Fi enabled system consists of solenoid lock and android application. The locking mechanism in the door can be activated and deactivated automatically by smartphone using Wi-Fi technology within specific range.. Such advanced and reliable features are expected to drive the growth of this segment.

Smart Locks Market
By Component

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Deadbolts segment is projected as one of the most significant segments.

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On the basis of end user, the residential segment captured the largest share in 2020 and is expected to continue this trend 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 upcoming 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. 

The report focuses on the growth prospects, restraints, and smart locks market analysis. The study uses Porter’s five forces analysis of the smart devices industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, the threat of new entrants, the threat of substitutes, and bargaining power of buyers on the smart locks market trends.

Smart Locks Market
By Deployment Model

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Bluetooth segment is projected as one of the most lucrative segments.

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Impact of COVID-19 on Smart Locks Market Trends

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 pandemic has drastically affected businesses globally. It has affected positively on the adoption of smart locks due to lockdown imposed by governments of different countries. In the post COVID-19 situation, organizations are focusing on advanced technology such as artificial intelligence (AI), machine learning (ML), internet of things (IOT), and cloud computing across residential and commercial sectors to perform contactless operation. This factor is expected to create a demand for app-based smart lock system, which are predicted to drive the adoption of smart locks globally. Furthermore, smart locks are used to provide security. The global smart lock market is expanding as a result of the increase in use of security-related products such as digital and cloud-based locks in commercial, residential, and industrial space. Moreover, the commercial and government sectors have started adopting smart locks to overcome concerns regarding safety and security of the public and enterprises. The use of smart locks is increasing globally to have 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, which is expected to drive the smart locks market growth post COVID-19. 

Smart Locks Market
By Industry Vertical

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Residential segment is projected as one of the most significant segments.

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Top Impacting Factors    

Factors such as the need for better security management has impacted both developed and developing economies to protect themselves from unknown entities such as cyber-attack, rivalry, or other disturbing activities. The need to adopt smart locks technology, which is a modernized locking platform, is anticipated to help regulate the security of residences or commercial spaces. Consumers in major countries have adopted the smart lock technology for protection from thefts, which is expected to drive the growth of the market. Moreover, increase in adoption of cloud-based mobile application boosts the growth of market globally. Furthermore, rapid changing business model and geographic expansion of businesses create lucrative opportunities for rapid growth of the smart locks market. However, high initial cost and fear of privacy intrusion can hamper the growth of the market.

Increase in Trend for Internet of Things (IoT)

IoT is the networking of smart electronic devices or things to transmit data signals between them in the absence of human intervention. Evolution in the convergence of wireless technologies, internet, and micro-electromechanical systems has made IoT communication possible. 51% of the population lives in metro cities at present, hence, the IoT-enabled smart locks market has numerous opportunities to grow. Internet of Things (IoT) simplifies the access of real-time data and remote-control monitoring, which is expected to drive the growth of the smart locks market during the forecast period.

Smart Locks Market
By Region

2030
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific is projected as one of the most lucrative region.

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Key Benefits For Stakeholders

  • The study provides an in-depth analysis of the smart locks market share 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 share from 2020 to 2030 is provided to determine the market potential.

Key Market Segments

  • By Product
    • Deadbolts
    • Lever Handles
    • Padlocks
    • Others
  • By Technology
    • Bluetooth
    • Wi-Fi
  • By End User
    • Residential
    • Commercial
  • By Region
    • North America
      • U.S.
      • 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
  • By Key Market Players
    • 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.
 

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The global smart locks market provides lucrative opportunities to market players. Prominent players in the market have developed and launched new and innovative designs in smart locks, in- built with hybrid technology (Wi-Fi + Bluetooth in single device) to cater to a wide customer base in various nations. The deadbolt segment has a major share in the global smart locks market, and is expected to maintain this trend during the forecast period. The demand for smart lever smart locks is expected to increase significantly during the forecast period. Increase in technological advancements such as smart sensors with built-in smart locks and smart cameras in the locks is expected to supplement the market growth. For instance, in July 2021, SALTO Systems launched the versatile locking and access control solution “SALTO Neoxx electronic padlock. This product allows users to take advantage of the benefits of electronic access control, where previously only mechanical locking solution was available. Surge in advanced and reliable technology is expected to drive the growth of smart lock market during the forecast period.

Nevertheless, prominent market players are exploring new technologies and applications to meet the increase in customer demands. Product launches, collaborations, and acquisitions are expected to enable them to expand their product portfolios and penetrate in different regions globally. Emerging economies provide lucrative opportunities to market players for growth and expansion.

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