Smart Locks Market is Projected to Grow at a Robust CAGR of 21.4%, 2027

United States, New York, 2023-Feb-08 — /EPR Network/ —The global smart locks market size was valued at USD 1.38 billion in 2020. The demand was recorded at 8.9 million units and is expected to expand at a compound annual growth rate (CAGR) of 21.4% from 2021 to 2027. The rising Internet of Things (IoT) penetration along with the advent of technologies such as Machine Learning (ML) and Artificial Intelligence (AI) are expected to accelerate the mass adoption of smart locks over the forecast period. Furthermore, the growing consumer awareness regarding the benefits and convenience offered by these locks is responsible for their increasing demand, especially across the residential and hospitality sectors globally.

Smart Locks Market Dynamics

The number of individuals using a smartphone in 2020 has witnessed a significant surge of approximately 10% compared to that in 2019. This ever-increasing adoption has resulted in considerable dependency on smartphones and mobile apps to accomplish crucial tasks. Prominent market players incorporate various innovative techniques in smart lock models, such as Wi-Fi-enabled locking/unlocking and Bluetooth-based (BLE) locking/unlocking using smartphones and other devices. Touch panels are also being incorporated to facilitate the entry of passwords or pattern-based locking/unlocking.

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The rising smart home adoption across the globe and an influx of companies coming up with innovative home automation technologies are also responsible for the growing smart lock demand. Industry players focus on offering commercially viable products and developing advanced techniques, including remote locking/unlocking of entrances, doors, and windows. Moreover, since the number of households with voice assistants is continuously increasing, manufacturers are integrating their offerings with such devices, enabling the locks to be voice-controlled. Such innovations are expected to result in considerable traction among customers since they are increasingly seeking advanced and convenient locking/unlocking procedures.

Smart locks have witnessed significant demand across the residential area globally. With an increasing number of renovations and new construction activities across the Asia Pacific and North America, the industry has garnered immense potential in recent years due to a surge in new installations. When connected to a smart home hub, the lock acts as the most prominent element in a connected home. As a result, customers demand products that can suffice all their requirements and consider crucial factors such as battery life, size, design, and price when selecting a lock.

As per our analysis of the COVID-19 impact on the industry, smart locks have gained significant traction during these unprecedented times. The market is expected to witness numerous opportunities during the ongoing pandemic since the locking/unlocking procedures can be carried out using voice recognition and smartphones/smart gadgets, thereby reducing the need to physically touch the devices. Such technologies are enabling manufacturers to fulfill customer demands for touchless/contactless platforms to operate their devices, thus gaining an upper hand during these challenging times. New product development and incorporation of advanced/touchless technologies are the key strategies that a majority of the industry players are expected to adopt to expand their customer base over the next few years.

Scope of the Smart Locks Market

The study categorizes the smart locks market based on lock type, operating system, screen type, technology, authentication methods, and end users at the regional and global levels.

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By Lock Type

• Deadbolts
• Cylindrical Knob
• Padlocks
• Footplate Locks
• Rim Latch
• Wall Mounted Locks
• Others

By Operating System

• Apple OS
• Google OS
• Amazon OS

By Screen Type

• Touchscreen
• Password Disk

By Technology

• Bluetooth
• Wi-Fi
• Others

By Authentication Method

• Pin
• Biometric
  • Fingerprints
  • Facial
  • Iris
• Voice Recognition
• RFID Cards

By End-Users

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• Commercial
• Residential
• Enterprises
• Government Institutions
• Research Labs
• Other

By Region

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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Major Players

This research report contains a review of the key companies operating in the cardiovascular testing market and their winning strategies, as well as a study of their development and marketing strategies, which will contribute to the market growth. The profiles of such major corporations includes:

• August Inc. (ASSA ABLOY AB)
• Yale Locks & Hardware (ASSA ABLOY AB)
• Allegion PLC (Schlage)
• Salto Systems SL
• Hanman International Pte Ltd (Samsung)
• Dormakaba Group
• U-TEC Group Inc.
• Kwikset (Spectrum Brands Inc.)
• Lockly
• Master Lock Company LLC
• Nuki Home Solutions
• Netatmo
• Mul-T-Lock