Smart Lock Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Deadbolt, Lever Handle, Padlocks, Others), By Technology (Wi-Fi, Bluetooth, Z-Wave, Infrared, Zigbee), By End-User Industry (Commercial, Residential, Industrial), And By Geography - Forecasts From 2021 To 2026

The smart lock market is expected to grow at a compound annual growth rate of 16.03% over the forecast period to reach a market size of US$2,764.688 million in 2026 from US$976.459 million in 2019.

A smart lock is an electromechanical device with built-in Wi-Fi or Bluetooth that enables users to remotely unlock their device. They offer improved security features as well as several customization options. It enables a user to monitor the devices at all times. It also allows users to customise entry and exit options via fingerprints, face recognition, or even motion.

The emergence of IoT, rising demand for services, and increased acceptance of smart and connected devices are all key drivers for the smart lock market expansion. The high initial cost of the gadget, as well as concerns regarding privacy invasion, are limiting the growth of the smart lock market.

The growing popularity of smart homes, as well as substantial investments in R&D by industry participants, would provide new possibilities for the smart lock market to expand over the forecast period. However, the market has to face challenges such as a lack of customer awareness and perspective on power outages or hacking.

Growth Factors:

• Increasing Safety and Security Concerns:

The government, residential, and commercial sectors all benefit from smart lock technology. The use of smart lock technology in the government sector is driven by concerns regarding the safety and security of personal assets and information, as well as law enforcement. Smart locks are used by many governments and forensics departments for access control of sensitive information centers, personnel verification, and other purposes. In order to offer strong authentication and security procedures, commercial sectors, particularly banking and finance sectors and companies, have embraced smart lock technology for a variety of applications including PC/network access and physical access. Watermark Baton Rouge, a luxury hotel, installed VingCard Essence door locks from Assa Abloy Global Solutions in September 2019, to ensure the safety of its guests and employees. To prevent keycard cloning and illegal entry, the lock is equipped with sophisticated encryption technology.

Restrains:

• Lack of awareness regarding smart locks:

Although smart locks provide a variety of technical advantages, the majority of customers are concerned about security and safety. In addition, the market growth is likely to be hampered by the high cost and lack of awareness regarding smart locks, particularly in underdeveloped countries. Other obstacles such as government laws and restrictions, as well as a lack of technological adoption, are likely to stifle industry growth.

Impact of Covid-19:

During these unprecedented times, smart locks have acquired tremendous popularity due to the COVID-19 outbreak. Since the locking/unlocking operations can be carried out via speech recognition and smartphones/smart gadgets, thus minimizing the need to physically touch the equipment, the industry is likely to see significant possibilities during the continuing crisis. These technologies enable manufacturers to meet consumer requests for touchless/contactless platforms to operate their products, giving them a competitive advantage in these difficult times. A majority of industry players are projected to adopt new product development and the inclusion of advanced/touchless technology as key tactics to grow their client base over the next several years.

Competitive Insight:

• October 2021 - Redfin collaborated with security company ADT for a program that allows buyers to tour houses without the assistance of an agent via direct access. After completing an identity and verification process, buyers can use an app to unlock a smart lock on a vacant house.
• September 2021 - ASSA ABLOY Opening Solutions announced that its Aperio wireless lock technology has been integrated with QxControl from Qumulex, Inc., a market leader in cloud-based, unified video surveillance and access management.

Smart Lock Market Scope:

Market Segmentation

• By Type
  • Deadbolt
  • Lever Handle
  • Padlocks
  • Others
• By Technology
  • Wi-Fi
  • Bluetooth
  • Z-Wave
  • Infrared
  • Zigbee
• By End-User Industry
  • Commercial
  • Residential
  • Industrial
• By Geography 
  • North America 
    • United States
    • Canada
    • Mexico
  • South America 
    • Brazil
    • Argentina
    • Others
  • Europe 
    • UK
    • Germany
    • Italy
    • Spain
    • Others
  • Middle East and Africa 
    • Israel
    • Saudi Arabia
    • Others
  • Asia Pacific 
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others

Frequently Asked Questions (FAQs)

Q1. What is the size of the global smart lock market?
A1. Smart Lock Market was valued at US$976.459 million in 2019.

Q2. What will be the smart lock market size by 2026?
A2. The smart lock market is expected to reach a total market size of US$2,764.688 million by 2026.

Q3. What are the growth prospects for the smart lock market?
A3. The global smart lock market is expected to grow at a CAGR of 16.03% during the forecast period.

Q4. What factors are anticipated to drive the smart lock market growth?
A4. The rising smart home adoption across the globe and an influx of companies coming up with innovative home automation technologies are responsible for the growing smart lock demand.

Q5. How is the global smart lock market segmented?
A5. The smart lock market has been segmented by type, technology, end-user industry, and geography.