Global Smart Lock Market Size Is Projected to Grow USD 8.0 Billion by 2030, At 20% CAGR During Forecast

Sarasota, FL, July 13, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Smart Lock Market By Type (Deadbolt, Padlock, And Lever Handle), By Application (Residential, Enterprise, And Hospitality), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Smart Lock Market size & share in terms of revenue was valued at USD 3.0 billion in 2022 and it is expected to surpass around USD 8 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 20% during the forecast period 2023 to 2030.”

What is Smart Lock? How big is the Smart Lock Industry?

Convenience, increased levels of security, and the ability to regulate access remotely are just a few of the benefits that come with using smart locks as opposed to conventional mechanical locks. Frequently, they include possibilities for remote monitoring, activity logs, integration with smart home systems, temporary access codes, and connectivity with smart home systems.

The number of businesses that deal in smart locks has been expanding at a consistent rate over the past few years. A growing knowledge about smart home technologies, the growing acceptance of IoT devices, and the need for increased security and convenience in residential and commercial spaces are all factors that are contributing to the rise of the business.

Smart Lock Report Coverage & Overview:

A smart lock is an electromechanical piece of equipment that allows users to remotely access and unlock the lock on the door to a building in order to gain entrance. In addition, a smartphone or other piece of smart equipment can be linked to a smart lock in order to gain access to its features. This can be accomplished using a variety of communication protocols, including Z-Wave, Wi-Fi, Zigbee, and Bluetooth. In addition, the development of new technologies such as linked devices and artificial intelligence is projected to assist in the acceleration of the demand for smart locks across the world. Aside from this, the widespread understanding of the advantages offered by smart locks has contributed to the rise in popularity of these locks. In addition, an increase in consumers' awareness of the benefits that may be obtained from using smart locks has been a significant factor in the product's meteoric rise in popularity.

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Global Smart Lock Market: Growth Dynamics

The idea of the smart home is gaining traction all around the world, which has increased the potential for market expansion.

It is anticipated that an increase in the number of smart homes as well as a growing demand for home automation systems will enrich the trends of the global smart lock market. In addition, companies that sell smart locks are concentrating their efforts on the development of innovative technological solutions, such as the ability to lock and unlock windows and doors remotely. Aside from this, there has been a notable uptick in the number of households that have voice assistants, and manufacturers of smart locks are working hard to develop products that will enable users to control the functionality of the locks using their voices. In the not too distant future, projects of this nature will speed up the demand for smart locks. The transformation brought on by Industry 4.0 and the introduction of next-generation technologies will hasten the expansion of the worldwide market by leaps and bounds over the course of the next decade.

In addition, the development of cutting-edge technologies such as artificial intelligence and internet of things will drive the expansion of the industry in every region of the world. In addition to this, the rising concern for the safety of houses, supermarkets, hotels, commercial and residential structures, and a variety of financial institutions will drive the expansion of the global smart locks market. Aside from this, product developments and the introduction of new products will be the primary drivers of growth in the global market in the years to come. For example, HavenLock Inc., a key corporation creating smart door-locking systems, announced the debut of a Power G type of smart lock system for commercial applications within the first half of the year 2023.

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Report Scope

Smart Lock Market: Segmentation Analysis

The smart lock market may be split into three categories: type, application, and geography.

In type terms, the global smart locks market can be broken down into three distinct submarkets: deadbolts, lever handles, and padlocks. In addition to this, it is anticipated that the segment of the market for deadbolts, which accounted for more than half of the global market share in 2022, will record the greatest CAGR over the course of the forecast period. The expansion of a certain market segment in the timeframe of the forecasting can be influenced by a number of factors, including the ease with which products can be deployed, the low prices of installation, the products' high strength, and their capacity to offer sufficient security against any form of intrusion. A few of the companies are actively working to broaden the range of products they offer. To give just one example, in June 2023, Kwikset, a major participant in the business of secured door locks, introduced new keyless electronic deadbolts. According to the reports, the purpose of the launch of these new items is to improve both the product value and the product pitch by incorporating newly developed features and technology. The need for deadbolts in smart locks is projected to increase as a result of initiatives of this nature.

On the basis of application, the home market, the enterprise market, and the hospitality market are the three divisions that make up the smart lock industry around the world. In addition, the residential sector, which accounted for a sizeable portion of the international market in 2022, is predicted to play a leading role in driving the expansion of the sector in the years to come. The enormous demand for smart locks in smart homes may be a factor in the segmental increase that is anticipated to occur over the next several years.

Apart from this, In the years to come, the sectoral growth will be fueled by an increase in the number of construction projects and restoration endeavours. The segmental expansion will be guided by the easy availability of security solutions such as door and window opening sensors, remote door locking and unlocking technology, and motion detectors. It has been reported that smart locks are compatible with new systems like as ZigBee and Z-Wave, which are the two systems that are most popular in the residential market. Because of this, the market share of this sector will continue to grow over the next several years. In addition, during the first three months of 2023, Schalage, a leading provider of home security services, released a domestic smart lock that was marketed under the name Schlage EncodeTM Smart Wi-Fi Lever. These types of strategic actions have contributed to an increase in the acceptance of smart locks in the home market.

The global Smart Lock market is segmented as follows:

By Type

• Deadbolt
• Padlock
• Lever Handle

By Application

• Residential
• Enterprise
• Hospitality

Browse the full “Smart Lock Market By Type (Deadbolt, Padlock, And Lever Handle), By Application (Residential, Enterprise, And Hospitality), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/smart-lock-industry

Competitive Landscape

Some of the main competitors dominating the global Smart Lock market include - 

• Zigbang Co. Ltd.
• August Home Inc.
• Onity Inc.
• Avent Security
• Cansec Systems Ltd.
• UniKey Technologies Inc.
• HavenLock Inc.
• Kwikset
• Smart Locking Logic Proprietary Limited
• MUL-T-LOCK TECHNOLOGIES LTD.
• Allegion Plc
• Sentrilock LLC
• Yale Locks
• Goji
• Honeywell International Inc

Key Insights from Primary Research:

• As per the analysis shared by our research analyst, the global smart lock market is projected to expand annually at the annual growth rate of around 20% over the forecast timespan (2023-2030)
• In terms of revenue, the global smart lock market size was evaluated at nearly $3000 million in 2022 and is expected to reach $8000 million by 2030.
• The global smart lock market is anticipated to record massive growth over the forecast period owing to an increase in the number of smart homes and growing demand for home automation systems.
• In terms of type, the deadlock segment is slated to register the fastest CAGR over the forecast period.
• On the basis of application, the residential segment is slated to dominate the segmental surge over the forecast period.
• Region-wise, the Asia-Pacific smart lock market is projected to register the highest CAGR during the assessment period.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Smart Lock industry?
• What are the main driving factors propelling the Smart Lock Market forward?
• What are the leading companies in the Smart Lock Industry?
• What segments does the Smart Lock Market cover?
• How can I receive a free copy of the Smart Lock Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Type, By Application, and By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

The smart lock market in North America is expected to develop a leading standing in the global market over the course of the projected year.

It is estimated that North America, which accounted for more than two-fifths of the revenue generated by the worldwide smart lock market in 2022, will experience a substantial increase throughout the course of the anticipated period. The growth of the market in North America from 2023 to 2030 may be attributable to the fact that there has been an increase in demand for smart locks in both the commercial and residential sectors in countries such as the United States of America and Canada. The existence of massive manufacturing companies in the area will lead to an even greater expansion of the regional market. In addition to this, the growing popularity of mobile devices such as iPhones and smartphones in nations such as the United States has resulted in an enormous increase in the demand for smart locks in the area. To set the record straight, more than 11 million houses in the United States have already installed smart locks because they are aware of the benefits provided by goods of this kind.

In addition, it is expected that the smart locks market in the Asia-Pacific region would record the highest CAGR during the course of the evaluation period. It is anticipated that the development of smart city concepts in countries such as India, China, Japan, Philippines, Singapore, Taiwan, Thailand, Indonesia, South Korea, and Malaysia will be one of the elements that will favourably leverage the expansion of the regional sector. In addition to this, the existence of a significant number of start-ups in these countries will stimulate the demand for products in the sub-continent. In addition, a huge number of industry participants in the Asia-Pacific zone are working on the development of new devices and the incorporation of new features into smart locks. This is done with the intention of expanding the scope of demand for the product in the Asia-Pacific zone.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

February of 2022 - The acquisition of AtiQx Holding B.V. by dormakaba bolsters the latter's main business as well as its service activities in the Netherlands. Within the relevant market, AtiQx is recognised as one of the most prominent providers of electronic access control as well as labour management.

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