Smart Lock Market with COVID-19 Impact by Lock Type (Deadbolt Locks, Lever Handles), Communication Protocol (Bluetooth, WiFi), Unlocking Mechanism (Keypad, Card Keys, Touch Based), Vertical (Residential, Commercial) and Region - Global Forecast to 2027

Smart Lock Market with COVID-19 Impact by Lock Type (Deadbolt Locks, Lever Handles), Communication Protocol (Bluetooth, WiFi), Unlocking Mechanism (Keypad, Card Keys, Touch Based), Vertical (Residential, Commercial) and Region - Global Forecast to 2027

The smart lock market is estimated to be valued at USD 2.1 billion in 2022 and reach USD 3.9 billion by 2027, registering a CAGR of 12.9% between 2022 and 2027. According to a United Nations report published in July 2018, the global urban population is expected to increase to 4.46 billion in 2021 and 6.68 billion by 2050. Urbanization is expected to increase in 600 large cities worldwide by 2025. Emerging nations are also witnessing rapid urbanization with the development of smart cities. In emerging nations, the concentration of industrial development in cities leads to a growing demand for improved infrastructure. This would ultimately lead to the development of several new and renovated educational and healthcare institutions, public administration offices, shopping malls, stores, and warehouses. Thus, infrastructure development would boost the demand for advanced biometric solutions and smart locks, particularly in technologically advancing countries such as India, China, and Brazil.

The increasing adoption of the Internet of Things has enabled the use of various cyber-physical devices such as smartphones, connected cars, and wearable devices. Smart locks can be operated through the remote servers of the manufacturers of smart locks.

All information regarding the properties of a smart lock and its virtual key is stored in the vendor’s cloud server. Smart locks allow for easy sharing of keys to other authorized persons and unauthorized entry and breakage of the lock to be monitored and reported. However, the vendor cloud server can be attacked through code injection, cross-site scripting, password eavesdropping, and other means. Data communication between a smartphone and a smart lock through the Bluetooth Low Energy (BLE) protocol can also be hacked through a man-in-the-middle (MITM) attack.

“Server locks & latches: The fastest lock type of smart lock market .”

Server locks and latches use server systems based on the cloud to access doors from a remote location. The server cover prevents unauthorized access to the user’s server. Locking the front door (available on some models) avoids unauthorized access to the installed drives. Noke is one of the startups working on this model. The Noke web-based portal provides users with a comprehensive tool to manage lock functions, track digital keys, share real-time data, and even integrate users’ existing platforms.

“Wi-Fi: The fastest communication platform of the smart lock market .”

Wi-Fi is one of the key technologies responsible for the increasing implementation of the IoT in smart locks. Wi-Fi can be accessed through various devices such as smartphones, personal computers, and tablets. These devices can be connected to the Internet through a wireless access point. The Wi-Fi Direct standard enables users to connect any 2 devices without a wireless router. The growth in the adoption of smartphones and tablets has increased the application scope of IoT in smart locks equipped with Wi-Fi connectivity. Key players offering Wi-Fi-based smart locks are LockState (US), Allegion (Ireland), Gate, and ASSA ABLOY (Sweden).

“Touch based: Fastest growing unlocking mechanism of smart lock market”

The touch-based unlocking mechanism in smart locks uses the fingerprint recognition technique. Fingerprint recognition is an effective and simple method for identifying and authenticating individuals. One technology that should be of particular interest to manufacturers in the smart home industry is biometrics. Biometric authentication can complement the new smart home trend and add real value to modern domestic security solutions. Unlike password-protected smart locks, biometric authentication uses personally identifiable information stored securely on-device (whether the lock itself or a fingerprint-secured access card) for maximum privacy. This makes biometrics difficult to hack and near-impossible to spoof, ensuring that homes stay considerably safer than using password-secured, internet-enabled, or traditional key locks.

“Residential: Fastest vertical of smart lock market”

Smart locks are increasingly used in individual houses to ensure security and safety. Controlled access to allow the entry of only authorized persons is considered the critical function of asset security. Smart locks have become an integral part of smart homes, as they help control the door locks remotely, protecting people and property. The growth of this market can be attributed to the increasing demand for smart homes and rising urbanization across the globe. The growing urban population is increasing the need for better infrastructure equipped with security systems to protect people and proper.

“North America: The largest region in the global smart lock market .”

North America is one of the most technologically advanced regions and is a large market for smart lock technology. The growing awareness about home security solutions, benefits provided by smart locks such as connectivity through smart devices, and their remote access features are driving the regional market’s growth. In addition, the recent upswing in the trend of smart homes, rising adoption of IoT-based services, and the large presence of smart lock vendors are the factors supporting the growth of the smart lock market in North America. The US, Canada, and Mexico are the key countries contributing to the growth of the smart lock market in this region.

The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:

By Company Type: Tier 1 – 55%, Tier 2 – 25%, and Tier 3 – 20%

By Designation: C-level Executives – 75%, and Managers – 25%

By Region: APAC – 40%, RoW – 30%, Europe – 20%, North America – 10%

Key players operating in the smart lock market are ASSA ABLOY AB (Sweden), dormakaba Group (Switzerland), Spectrum Brands, Inc. (US), SALTO Systems, S.L. (Spain), Allegion plc (Ireland), Honeywell International Inc. (US), Dahua Technology Co., Ltd (China), Samsung Electronics Co., Ltd. (South Korea), Vivint, Inc. (US), ZKTECO CO., LTD. (China), igloohome Pte Ltd (Singapore), RemoteLock (US), Onity (US), Master Lock Company LLC. (US), MIWA Lock Co. (Japan), SentriLock (US), Avent Security (China), HavenLock, Inc. (US), Shenzhen Vians Electric Lock Co., Ltd. (China), Anviz Global Inc. (US), CANDY HOUSE, Inc. (US), AMADAS (South Korea), Thekeywe (South Korea), Gate Video Smart Lock (US), and DESSMANN Schliessanlagen GmbH (Germany).

Research Coverage:

The report segments the smart lock market and forecasts its size, by value, based on lock type, communication protocol, unlocking mechanism, vertical, and region.

The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the smart lock market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.

Key Benefits of Buying the Report

The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the smart lock market and provides them information on key market drivers, restraints, challenges, and opportunities. The report also covers COVID-19 impact on smart lock market.