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, based on a recent report by Grand View Research, Inc. 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.
Related Press
Release@ Smart Lock Market Report
List of Key Players in the Smart Lock Market
- 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.
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
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Smart Lock Market Segmentation
Grand
View Research has segmented the global smart lock market based on type, application,
and region:
Smart Lock Type Outlook (Volume, Thousand Units; Revenue,
USD Million, 2018 - 2030)
- Deadbolt
- Lever
Handles
- Padlock
- Others
Smart Lock Application Outlook (Volume, Thousand Units;
Revenue, USD Million, 2018 - 2030)
- Residential
- Hospitality
- Enterprise
- Critical
Infrastructure
- Others
Smart Lock Regional Outlook (Volume, Thousand Units;
Revenue, USD Million, 2018 - 2030)
- North
America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Benelux
- Nordic
Countries
- Russia
- Asia Pacific
- China
- South Korea
- Japan
- India
- Australia
- Indonesia
- Latin
America
- Brazil
- Mexico
- Argentina
- Middle East
& Africa (MEA)
- UAE
- Saudi
Arabia
- Egypt
- South
Africa
- Nigeria
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
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Email: sales@grandviewresearch.com
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