Dublin, May 12, 2023 (GLOBE NEWSWIRE) -- The "Smart Lock Market Size, Share & Trends Analysis Report By Type (Deadbolt, Lever Handle, Padlock), By Application (Residential, Hospitality, Enterprise), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global smart lock market size is expected to reach USD 8.13 billion by 2030, and is anticipated to register a CAGR of 19.6% from 2023 to 2030.
Key factors driving the growth of the smart lock market globally include increased global internet penetration, increased consumer awareness about advanced security systems, and higher reliance on mobile applications to make daily processes easier.
Smart locks without power locks use Wi-Fi or Bluetooth to connect to other home appliances installed. Locks can be operated by a special power cord or by installing a smart lock app on the phone.
The user can send temporary keys to people, giving them home access within a specified time. In addition, smart lock technology is easy to use and unique compared to conventional methods.
For instance, security solutions with passwords, ID codes, machine keys, and code names are tedious to take care of and can potentially lead to theft or loss of data. Smart keys work on an IoT connection, which synchronizes with the user's smartphone to gain control. This smart lock feature makes it reliable, unique, and easy to use and strengthens its market presence.
During the first couple of quarters of 2020. The COVID-19 pandemic slowed the pace of new smart lock installations. Drastic changes such as cross-border trade prohibitions, economic uncertainty, restrictive standards necessitating temporary shutdowns of industrial facilities, and stay-at-home orders for the general public produced a difficult situation for the industry.
Nonetheless, measures such as embedding touchless technologies into their products, developing mobile apps for performing operations, and offering products at lower pricing on the available modes helped businesses increase their ROI during these essential lockdown instances.
Smart lock Market Report Highlights
- The global market is driven by the increased global internet penetration, increased consumer awareness about advanced security systems, and a higher reliance on mobile applications to make daily processes easier. Growing usage of smart locks in residential security will propel the overall market in the forecast period
- Based on the type segment. The lever handle type of locks is anticipated to expand with the highest CAGR of 22.4% during the forecast period of 2023-2030. This is attributed to the modernizing operations in the hospitality sector to meet tourist security needs
- Based on applications. The hospitality segment is expected to exhibit the highest CAGR of 23.8% from 2023 to 2030, owing to the rapid implementation of smart locks to accommodate consumers' growing security concerns throughout their visits
- The North American region contributed the largest revenue share in 2022 to the smart lock market owing to the advancements in technology across the region
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 132 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $1.95 Billion |
| Forecasted Market Value (USD) by 2030 | $8.13 Billion |
| Compound Annual Growth Rate | 19.6% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Market Variables, Trends & Scope
3.1 Market Lineage Outlook
3.2 Industry Value Chain Analysis
3.3 Market Dynamics
3.3.1 Market Driver Analysis
3.3.1.1 Growing Preference For Smart Home Ecosystems
3.3.1.2 Increasing Smartphone Penetration And Continued Rollout Of High-Speed Internet Networks
3.3.1.3 Widening Non-Residential Application Base
3.3.2 Market Restraint Analysis
3.3.2.1 Technological Challenges And Potential Vulnerabilities
3.3.2.2 Security Threats And System Compromise
3.4 Market Challenges
3.5 Market Opportunities
3.6 Industry Analysis Tools
3.6.1 Porter's Analysis
3.6.2 Macroeconomic Analysis
3.7 Smart Lock Market - Covid-19 Impact Analysis
Chapter 4 Type Estimates And Trend Analysis
4.1 Market Size Estimates & Forecasts And Trend Analysis, 2018-2030 (USD Million)
4.2 Type Movement Analysis & Market Share, 2022 & 2030
4.3 Smart Lock Market Estimates & Forecast, By Type (USD Million) (Thousand Units)
4.3.1 Deadbolt
4.3.2 Lever Handles
4.3.3 Padlock
4.3.4 Others
Chapter 5 Application Estimates And Trend Analysis
5.1 Market Size Estimates & Forecasts And Trend Analysis, 2018-2030 (USD Million)
5.2 Application Movement Analysis & Market Share, 2022 & 2030
5.3 Smart Lock Market Estimates & Forecast, By Application (USD Million) (Thousand Units)
5.3.1 Residential
5.3.2 Hospitality
5.3.3 Enterprise
5.3.4 Critical Infrastrucuture
5.3.5 Others
Chapter 6 Regional Estimates & Trend Analysis
Chapter 7 Smart Lock Market - Competitive Landscape
Companies Mentioned
- 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.
For more information about this report visit https://www.researchandmarkets.com/r/4wntpn
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