Global Smart locks Market 2022-2028

Global Smart locks Market 2022-2028

Global smart locks market was valued at $1.7 billion in 2021 and is projected to grow at CAGR of 11.6% during the forecast period (2022-2028). A smart lock is an electro-mechanical lock, designed for performing locking and unlocking operations on a door on receiving such instructions from an authorized device. The instructions are provided using a wireless protocol and a cryptographic key for executing the authorization process. In addition, it monitors access and sends alerts for the different events it monitors and some other critical events regarding the status of the device. The factors such as the growing adoption of smart devices such as smartphones, the rise of IoT based security solutions, growing home monitoring from a remote location, and increase in consumer awareness regarding security systems drives the growth of the global smart lock market. The rise in urbanization, growing demands for home automation further anticipated to boost the market growth. The privacy and security issues related to smart locks further hinders the growth of the market. However, the introduction of smart security systems by market players and growth in the IoT industry provides significant opportunity in the global smart lock market.

The Impact of COVID-19 on the global smart locks market. The global smart lock market has been disrupted by the COVID-19 global pandemic. The major economies implemented the lockdown due to social distancing norms, additionally, the transportation and other essential facilities were also put on hold. In the emerging economies such as China, India, and the US the residential and commercial construction projects were stopped due to which the decline in the smart lock in new buildings and commercial sector has been noticed. After COVID-19, the market will be expected to grow due to the growth of the construction sector in these major economies.

Segmental Outlook

The global smart locks market is analyzed based on type, communication protocol, and application. On the basis of type, the market is further classified into padlocks, lever handles, deadbolts, and others. On the basis of communication protocols, the market is further categorized into Bluetooth, Wi-Fi, and others. Among these, the Wi-Fi segment in the smart lock market is expected to grow at the highest CAGR during the forecast period owing to its accessibility from various devices such as smartphones, laptops, and tablets. Besides, the wireless connectivity and high-speed features of these systems increase their use in home automation systems. On the other hand, based on application, the market is sub-segmented into residential, government, and commercial.

The residential segment is projected to grow significantly in the global smart locks market

Based on application, the residential segment is projected to grow at a significant CAGR during the forecast period. The rising demand for home automation creates the demand for advanced and smart security solution such as smart locks which are incorporated with advanced communication protocols. These communication protocols such as Wi-Fi- Bluetooth, and ZigBee enables users to grant access to their locks directly from their phones and the convenience of automatically unlocking the door without having to reach for keys. The adoption of these communication protocols/ technologies used for building home automation systems will create the demand for smart lock in the market. With the increase in urbanization and demand for home, automation owing to the security features such as auto-locking, remote password setting, and unauthorized access coupled with them will lead to the growth of the global smart lock market.

Regional Outlook

Geographically, the global smart locks market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). Among these, North America is projected to have a significant market share in the global smart locks market. The regional growth is augmented by the increasing security concern in residential and commercial sectors. The advancement in technological infrastructure, rising awareness level, increasing IoT based security solution are other factors propelling the market growth in the region. The US is a dominant country in the region, which holds the largest share in the North American smart locks market.

Asia-Pacific is projected to have significant growth in the smart locks market

Geographically, Asia-Pacific is anticipated to grow at a significant CAGR during the forecast period. The increase in residential and commercial projects developments coupled with smart lock systems is anticipated to fuel the market growth. Further, the growing number of manufacturing units, growing R&D activities, huge population base and rapid urbanizations in the region drives the growth of the market. The adoption of home automation systems has to gain high popularity in the region, which is further enhanced the growth of the market. on the other hand, smart security solutions coupled with wireless technologies such as ZigBee, Wi-Fi, and Bluetooth are widely used for building home automation system, which is another major reason behind the regional growth.

Market Players Outlook

The key players in the global smart locks market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market are Assa Abloy AN, Allegion plc, Dormakaba Holding AG, Spectrum Brands Holdings, Inc, Salto Systems S.L, Onity, Inc., Cansec Systems Ltd., Master Lock Company LLC, Samsung Electronics Co., Ltd., among others. To remain competitive in the market and to generate major revenue, these market players adopt different marketing strategies such as mergers and acquisitions, R&D, product launches, partnership collaboration, and geographical expansions so on. For instance, in October 2020, SALTO Systems, a manufacturer in electronic access control solutions had acquired Gantner Electronic Austria Holding GmbH to expand its product portfolio in electronic access control systems.