Global Smart Lock Market

Global Smart Lock Market Size, Share, Growth Analysis, By Lock Type(Deadbolt Locks, Lever Handles), By Communication Protocol(Bluetooth, WiFi), By Unlocking Mechanism(Keypad, Card Keys), By Vertical(Residential, Commercial) - Industry Forecast 2024-2031

Report ID: SQMIG45J2159 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 114 | Figures: 77

Global Smart Lock Market Insights

Smart Lock Market size was valued at USD 1861.15 million in 2019 and is poised to grow from USD 2077.24 million in 2023 to USD 4962.32 million by 2031, growing at a CAGR of 11.5% in 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.

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Smart Lock Market size was valued at USD 1861.15 million in 2019 and is poised to grow from USD 2077.24 million in 2023 to USD 4962.32 million by 2031, growing at a CAGR of 11.5% in the forecast period (2024-2031).

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. 'August Home Inc.', 'ASSA ABLOY AB', 'Danalock International AS', 'Friday Home', 'Gate Labs Inc.', 'Haven Lock Inc.', 'Honeywell International Inc.', 'Kwikset Corporation', 'Lockitron', 'Nuki Home Solutions GmbH', 'Okidokeys', 'Panasonic Corporation', 'Samsung Group', 'Schlage', 'Securemote AG', 'Sesame Enable Ltd.', 'SimpliSafe Inc.', 'Ultraloq Inc.', 'Unikey Technologies Inc.', 'Yale Locks & Hardware'

A major factor driving the rapid adoption of smart locks is the growing concern for security. Smart locks have evolved to provide efficient and user-friendly services since their inception. Because of their high efficiency and sophistication, they have been deployed in a variety of locations to improve security. Individual homes, condominiums, hotels, retail stores, banks and financial institutions, corporate buildings, and commercial buildings all have an increasing need for identification and authentication.

The introduction of new products into the market may have a significant impact on the occurrence and nature of competitive reactions. Fortunately, a security technology company for homes, offices, and personal items based in California, United States, launched the Lockley Secure Pro in May 2019. The patented PIN Genie software was used to create this smart lock solution. The device also has a 3D biometric fingerprint sensor and is Alexa and Google Assistant compatible.

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.

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