The report "Smart Lock Industry 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 ", 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.
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The growing adoption of IoT-based security systems and developing urban infrastructure in emerging nations are expected to create lucrative opportunities for the market players during the review period.
The smart lock market includes major Tier I and II players like ASSA ABLOY AB (Sweden), dormakaba Group (Switzerland), Spectrum Brands, Inc. (US), SALTO Systems, S.L. (Spain), Allegion plc (Ireland), and others. These players have a strong market presence for Smart lock across various countries in North America, Europe, APAC, and RoW.
Rising adoption of smartphones and other connected devices
The ever-growing demand for tablets, smartphones, and connected devices acts as a strong driver for the smart lock market. Smartphones are witnessing rapid adoption in many developed economies. The demand from developing economies, such as China, India, Malaysia, and Indonesia, will continue to fuel the demand for smartphones in the near future. The explosion of Internet usage and the growing adoption of smartphones encourage companies to invest more in smartphone-based applications and mobile websites strategically.
Deadbolt locks is expected to hold the highest market share during the forecast period
The deadbolts are among the most commonly used exterior residential locks. They are grouped according to the grades that determine their relative strengths, based on their longevity and durability. The grades range from 1 to 3, with 1 being the highest and 3 the lowest. Most smart locks are compatible with the existing deadbolt specifically, making the systems more secure.
Residential vertical to hold the largest market size of smart lock market during the forecast period
The residential vertical includes condominiums and individual houses. Residential is the largest vertical of the smart lock market. The growth of the market for the residential vertical can be attributed to various factors such as increasing demand for smart homes, growing urbanization, and rising adoption of security solutions. Some of the leading providers of smart locks to the residential vertical are ASSA ABLOY (Sweden), August Home (US), Spectrum Brands (US), and Gate (US).
Smart lock market in APAC to hold the highest CAGR during the forecast period
APAC is expected to witness an increase in the adoption of security systems as major countries in this region are the emerging economies with a growing number of manufacturing bases and exhibiting increasing demand for connected security devices. Further, the large population base, rising research and development (R&D) activities, and increasing urbanization are projected to fuel the adoption of smart locks in APAC.
Key players 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).
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