Austin, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Market size & Growth Analysis:
As per the S&S Insider Report,“The Smart Lock Market was valued at USD 2.38 Billion in 2023 and is expected to reach USD 8.71 Billion by 2032, growing at a CAGR of 15.58% over the forecast period 2024-2032.”
The smart lock sector has seen substantial growth in recent years, mainly due to the increasing popularity of home automation and the increased demand for improved security features in smart homes. Smart home technology adoption is increasing rapidly, with forecasts indicating that almost 60% of American consumers will have adopted this technology by 2025, up from 43% in 2023. Although there is an increase in this trend, worries about data privacy still present difficulties, as approximately 63% of users have concerns about possible data breaches, and nearly 75% of broadband households are hesitant about data security. In addition, 65% of American consumers are hesitant to utilize gadgets that gather personal data, even if presented with insurance discounts as motivation. The cost of smart home systems can range greatly, with an average installation price of about USD 927, while more expensive systems can go up to USD 150,000. With the advancement of smart home technology, smart locks have become essential, providing smooth connections with devices like video doorbells, security cameras, and virtual assistants such as Amazon Alexa and Google Assistant. These connections allow for controlling and monitoring from a distance, improving convenience and safety. Technology enthusiasts find smart locks appealing due to their advanced features like fingerprint recognition, voice command capabilities, and personalized access codes.
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Dominant Market Players with their Product Listed in this Report are:
- August Home (August Smart Lock Pro, August Doorbell Cam)
- Yale (Yale Assure Lock SL, Yale Real Living Touchscreen Deadbolt)
- Schlage (Schlage Encode Smart WiFi Deadbolt, Schlage Sense Smart Deadbolt)
- Kwikset (Kwikset Halo Smart Lock, Kwikset Kevo Smart Lock)
- Assa Abloy (Yale Linus Smart Lock, August Smart Lock)
- Level Home (Level Lock, Level Lock Plus)
- Ring (Ring Smart Lock, Ring Video Doorbell)
- Samsung SmartThings (Samsung Smart Lock, SmartThings Hub)
- Danalock (Danalock V3, Danalock V3 Bluetooth)
- Nuki (Nuki Smart Lock 2.0, Nuki Bridge)
- Lockly (Lockly Secure Plus, Lockly Vision)
- Eufy Security (Eufy Smart Lock, Eufy Security Doorbell)
- Honeywell (Honeywell Smart Lock, Honeywell Home Security System)
- ZKTeco (ZKTeco Smart Lock, ZKTeco Biometric Lock)
- Ultraloq (Ultraloq U-Bolt Pro, Ultraloq Bridge)
- Igloohome (Igloohome Smart Deadbolt 2, Igloohome Smart Keybox)
- CANDYHOUSE (CANDYHOUSE Sesame Smart Lock, CANDYHOUSE Door Sensor)
- Zebra Technologies (Zebra Smart Lock, Zebra Smart Keypad)
- Alfred (Alfred DB2, Alfred T10)
- FIBARO (FIBARO Smart Implant, FIBARO Door/Window Sensor)
"Comprehensive Segment Breakdown Highlights Emerging Opportunities in the Market"
By Type: Deadbolts led the smart lock market in 2023 with a 37% market share, due to their robust security features and widespread use in both residential and commercial applications. Known for their strength, deadbolts provide a high level of protection against break-ins, making them a preferred choice for homeowners and businesses alike. The demand for smart deadbolts has increased as they now come equipped with advanced features like keyless entry, remote access, and integration with smart home systems.
By Communication Protocol: Wi-Fi smart locks dominated in 2023 with a 35% market share, driven by the need for remote access and monitoring capabilities. These locks enable users to control and monitor access from anywhere, offering real-time alerts and integration with other smart devices. Wi-Fi connectivity allows for features like remote locking/unlocking, guest access management, and integration with virtual assistants. This makes Wi-Fi smart locks particularly popular among homeowners seeking enhanced convenience and control, and they are especially suitable for rental properties and Airbnb hosts who need to manage access remotely.
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Key Market Segments:
By Type
- Deadbolt
- Level Handlers
- Padlock
- Server Locks & Latches
- Knob Locks
- Others
By Communication Protocol
- Bluetooth
- Wi-Fi
- Z-Wave
- Zigbee
- Others
By Authentication Method
- Keypad
- Card Key
- Touch Based
- Key Fob
- Smartphone Based
- Biometric
By Application
- Residential
- Commercial
- Industrial
- Institutional & Government
- Transportation & Logistics
- Others
"Regional Market Breakdown: Identifying Growth Hotspots and Emerging Trends"
North America held a 41% market share in 2023 due to the presence of technologically developed infrastructure, high adoption of IoT devices, and rising trend for smart homes & offices. This dominance stems from the advantageous economic conditions and growing consumer spending in the area on home automation systems. Furthermore, the demand for smart lock technology is also driven by various smart city projects implemented in countries such as the U.S. and Canada.
The Asia-Pacific is anticipated to witness a higher CAGR throughout 2024-2032, owing to rapid urbanization, increasing disposable incomes as well as growing consumer awareness regarding the new security (smarter) systems. China, Japan, and South Korea are among the dominant players in the industry due to their strong technology manufacturing capacity and huge consumer base for smart home products. Market growth is driven by increasing investments in smart city initiatives and continued digital transformation adoption in the real estate sector.
Recent Developments:
| Date | Development / Product Launch |
| Aug-24 | The Xiaomi Smart Door Lock 2 Pro has been launched in China. The main highlight of the latest model is its AI 3D facial recognition technology, which unlocks the door upon detection of the user. |
| Jul-24 | Aqara recently released its newest smart lock, called the Smart Lock U50. The introduction of this latest product comes after the debut of the Smart Outlet H2 and the Hub M3. |
| Jun-24 | Philips introduced its inaugural smart deadbolt with integrated Wi-Fi (aptly called the Philips Smart Deadbolt with Built-In Wi-Fi), allowing users to remotely manage their front door. |
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Future Trends in the Smart Lock Market:
Technological advancements, as well as the growing integration of AI (artificial intelligence), are expected to shape the future of the smart lock market. Features powered by AI, including facial detection and predictive access control, will likely see wider adoption giving end-users better security and personalized access experiences. Additionally, demand for the Internet of Things (IoT) will increasingly integrate smart locks with other smart home devices to control all systems on one platform. In addition, growing consumer awareness in terms of energy saving is anticipated to encourage the demand for low power consuming smart locks. As consumers place more and more emphasis on convenience, in addition to security, support for inventive and easy-to-use smart lock solutions will remain in demand.
Table of Contents - Key Points Analysis
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Consumer Adoption Rates, by Region
5.2 Pricing Trends, by Region
5.3 Sales Channels
5.4 Supply Chain Metrics
6. Competitive Landscape
7. Smart Lock Market Segmentation, by Type
8. Smart Lock Market Segmentation, by Communication Protocol
9. Smart Lock Market Segmentation, by Authentication Method
10. Smart Lock Market Segmentation, by Application
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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