USD 1.9 billion
Report ID:
SQMIG45J2159 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
114
|Figures:
77
Global Smart Lock Market size was valued at USD 1.9 billion in 2022 and is poised to grow from USD 2.0 billion in 2023 to USD 4.9 billion by 2031, growing at a CAGR of 11.5% during the forecast period (2024-2031).
The growing global adoption of smart home architecture, which includes features such as remote access, voice control, and seamless connectivity, is driving the adoption of smart locks for residential premises. Furthermore, the elimination of the need to carry mechanical keys has drawn the attention of home owners.
The growing popularity of smartphones is also fueling the growth of connected devices, which allow users to remotely access and unlock their door locks via various connected mobile apps. According to Oberlo, an e-commerce company, there are currently 3.5 billion smartphone users worldwide, representing 45.4% of the global population of 7.7 billion people. Simply put, four out of every ten people on the planet now own a smartphone. Wi-Fi, Z-Wave, ZigBee, Thread, and Propriety communication technologies further enable smart home technology connectivity. All of these technologies can be found in the same device at times. For example, at CES 2020, Netatmo, a French smart home device manufacturer, announced the release of the Netatmo Smart Door Lock, a smart door lock with keys compatible with Apple's HomeKit standard. The company includes three physical keys that use NFC to instantly and securely unlock the door.
US Smart Lock Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1.9 billion
Largest Segment
Deadbolt Locks
Fastest Growth
Deadbolt Locks
Growth Rate
11.5% CAGR
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Global Smart Lock Market is segmented by Lock Type, Communication Protocol, Unlocking Mechanism, Vertical and region. Based on Lock Type, the market is segmented into Deadbolt Locks, Padlock, Lever Handles, Server locks & Latches, Knob Locks, Others. Based on Communication Protocol, the market is segmented into Bluetooth, WiFi, Z-Wave, Zigbee, Others. Based on Unlocking Mechanism, the market is segmented into Keypad, Card Key, Biometric (Face Recognition, Palm Recognition, Iris Recognition, Fingerprint Recognition, Others (Voice Recognition, etc.)), Touch Based, Key Fob, Smartphone Based. Based on Vertical, the market is segmented into Commercial, Residential, Institutional & Government, Industrial, Transportation & Logistic. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Smart Lock Market Analysis by Lock Type
The global smart lock market is segmented based on lock type into deadbolt locks, and lever handles. In 2021, the smart lock market for deadbolts accounted for the largest market share. The increasing applications in various verticals and ease of installation are driving the growth of this segment. Deadbolts are one of the most common types of exterior residential locks. Low installation costs, high durability, and effective protection against intense intrusion or attacks in residential, commercial, and other verticals are driving the growth of this segment.
Smart Lock Market Analysis by Communication Protocol
The global smart lock market is segmented based on communication protocol into Bluetooth, and WiFi. In 2021, the smart lock market for the Bluetooth communication protocol segment held the largest market share. Bluetooth is a communication protocol that works by balancing parameters like wide range, low power consumption, high reliability, bandwidth, and cost. This factor is driving market growth by increasing demand for smart locks based on this protocol.
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The global smart lock market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America had the largest market share in 2021 and is expected to grow significantly over the next seven years as smart lock technology advances. This is primarily due to widespread technological adoption and the rapid growth of smart homes in the US. Customers' high spending power, combined with growing safety concerns, particularly in critical infrastructure and domestic applications, has resulted in a regulatory environment that encourages their adoption.
During the forecast period, the smart lock market in APAC is expected to grow at the fastest CAGR. The large population base, extensive ongoing research and development (R&D), and rising urbanisation are expected to drive the adoption of smart locks in APAC. Furthermore, rising terrorist threats and crime rates, as well as a low police-to-population ratio in APAC countries, are expected to drive up demand for smart locks.
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Smart Lock Market Driver
Smart Lock Market Restraint
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The smart lock Market is consolidated because the market is still in its infancy, with fewer adoptions worldwide. However, due to the growing demand for home and building security, the market presents numerous growth opportunities for smart lock providers. As a result, market participants are constantly innovating to provide innovative products in the market in order to gain maximum market traction during the forecast period.
Smart Lock Market Top Players Company Profiles
Smart Lock Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global smart lock market analysis, in comparison to the adoption of other smart home devices, smart lock adoption remains low in the United States. According to a recent Consumer Technology Association (CTA) study, approximately 69% (or 83 million households) of U.S. households now own at least one smart home device. Smart speaker adoption in the country is high, at 28%, while smart lock adoption is only 10%—statistics like these highlight the opportunity for market players to capitalise on by implementing proper marketing strategies.
According to FBI statistics, home burglary accounted for 17.1% of all property crimes in 2020. Forcible entry was used in 56.7% of burglaries, and victims of burglary offences suffered an estimated USD 3.4 billion in property losses in 2020. This suggests possibilities for more secure and advanced security systems. The increasing Internet penetration and popularity of IoT, combined with the benefits of connecting smart locks to the Internet, are among the major factors creating a significant opportunity for the smart lock market to grow.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 1.9 billion |
Market size value in 2031 | USD 4.9 billion |
Growth Rate | 11.5% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Smart Lock Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smart Lock Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smart Lock Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Smart Lock Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45J2159
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