GVR Releases New Report on the Smart Lock Market

 

Smart Lock Industry Overview

The global smart lock market size was valued at USD 2.32 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 19.6% from 2023 to 2030.

The emergence of growing technologies like the Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML) are expected to boost the adoption of smart locks in the forecast period. In addition, the growing consumer awareness about the advantages and security offered by smart door locks is contributing to market growth. Their complexity and high efficiency have led to their deployment in various locations to strengthen security.

The growth in global smart home adoption and the influx of companies that come with home automation technology are also factors in the rising demand for smart locks. The players in the industry are focused on providing commercially viable products and developing advanced solutions, including remote locking/opening of doors and windows. In addition, as the number of homes with voice assistants grows steadily, manufacturers are integrating their offerings with such devices, enabling voice to control locks.

Gather more insights about the market drivers, restrains and growth of the Smart Lock Market

Such innovations are expected to increase smart door locks with camera popularity as customers are progressively seeking advanced locking/unlocking systems. There is a growing need to safeguard various properties such as individual houses, hotels, supermarkets, banks, financial institutions, corporate buildings, smart lockers, and commercial buildings with advanced security solutions, which is expected to drive the market over the forecast period.

Since its inception, smart locks have emerged to provide efficient and easy-to-use solutions. Increased security concerns are a significant factor in the rapid adoption of smart locks globally, especially in the residential environment. With the growth in the number of construction projects across North America and the Asia Pacific, the industry has benefited tremendously due to the increase in new installations. When connected to a smart home ecosystem, the smart lock is one of the most prominent parts of a connected home.

Another major use of smart locks is in the Hospitality industry. Various hotels have planned to use Wi-Fi or Bluetooth-enabled locks instead of RFID locks accessed by IC cards to improve the security of their premises. In smart home technology, connectivity is enabled via communication technologies like Z-wave, Wi-Fi, Thread, ZigBee, etc. All these technologies can be installed on the same device. For instance, in March 2022, Schlage (Allegion Plc) launched the new Encode Plus, one of the first smart locks to leverage Apple’s Home Key standard. Encode Plus provides an option for tapping the user's watch or phone against the keypad for unlocking.

The COVID-19 outbreak significantly impacted the smart lock market due to the restrictions imposed by various governments. For instance, the reduced activities in production lines due to social distancing norms affected the market growth during the initial phase of the pandemic. However, the market also witnessed various opportunities due to the onset of the pandemic, as the demand for security solutions, which minimized the need for physical touch, increased.

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The global Internet of Things (IoT) market size was valued at USD 605.69 billion in 2014 and is expected to grow at a compound annual growth rate (CAGR) of 15.2% from 2015 to 2022.

The global cloud computing market size was estimated at USD 602.31 billion in 2023 and is expected to grow at a CAGR of 21.2% from 2024 to 2030.

Key Companies profiled:

·         August Home, Inc. (ASSA ABLOY)

·         Avent Security

·         Cansec Systems Ltd.

·         HavenLock, Inc.

·         Kwikset (Spectrum Brands Holdings, Inc.)

·         MUL-T-LOCK TECHNOLOGIES LTD. (ASSA ABLOY)

·         Schlage (Allegion Plc)

·         Zigbang Co., Ltd. (Previously Samsung SDS)

·         Sentrilock, LLC

·         Smart Locking Logic Proprietary Limited

·         UniKey Technologies, Inc.

·         Yale Locks (ASSA ABLOY)

·         Goji

·         Onity Inc. (Carrier Global Corporation)

·         Honeywell International Inc.

Recent Developments

In April 2023, ASSA ABLOY Group, a global leader of access solutions, has carried out a distinctive South African assignment for securing businesses and homes worldwide through its smart lock solution.

In March 2023, HavenLock Inc., a Tennessee based veteran organization and developer of the innovative Haven Lockdown System, declared the launch of a Power G version of a smart locking system that is safe for school and commercial purposes.

In March 2023, Honeywell International Inc., an American multinational conglomerate organization, reported the successful implementation of Bengaluru safe city project with the aim to provide a safe environment for citizens through the organization’s smart lock and security technology.

In February 2023, Sentrilock, LLC, a leading provider of electronic lockbox solutions for the real estate sector, reported its latest partnership with Chesapeake Bay and Rivers Association of REALTORS (CBRAR) to create a smart electronic lockbox solution marketplace for the members of REALTORS.

Order a free sample PDF of the Smart Lock Market Intelligence Study, published by Grand View Research.