Smart Lock Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

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Smart Lock Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

Status : October, 2020 | Semiconductor & Electronics | PPT format

Report Digest


A smart lock is an integral part of the truly smart, connected homes that offers safety, connectivity, convenience, and peace of mind to homeowners. Integration of keyless system in smart locks is one of the recent trends that strongly simplify the entry procedures. With penetration of smart cities across the globe and growing consumer interest towards new technologies, smart lock has been gaining rising demand for its ability to increase remote accessibility and boost connectivity. Most smart locks also offer mobile application that allows the homeowners to lock and unlock their doors with a simple icon tap. In addition, these digital locks eliminate the need for a physical sets of key, while improving security through intercom system and visual verification of the visitors. Replacement of traditional locks with digital ones in both residential and commercial space for preventing unauthorized access to personal and official belongings has been impacting the progress of smart lock market globally.

Smart Lock Market – Notable Developments

  • In March 2019, August Home, a key player in the smart lock market, announced the launch of ‘August View’, a new wireless doorbell cam that promises a wide variety of features such as enabling real-time conversation with visitors through two-way audio, high-performance video, and others. The new smart doorbell also pairs with the company’s smart locks, allowing customers to not only see and talk to visitors but also let them in, all from their mobile phones.
  • In January 2019, Kwikset introduced its first ever Wi-Fi enabled smart locks under the brand name – Halo. These locks are designed to connect directly to existing smartphones and Wi-Fi router of homeowners to create a simple smart home experience, without any subscription service.
  • In January 2019, Weiser Lock introduced its newest touchscreen deadbolt called ‘Premis’, a smart lock exclusive to Apple that works with HomeKit, Apple’s smart home platform.
  • In October 2018, Mul-T-Lock released a new eCLIQ access control system for large retailers, allowing organizations and companies to remotely manage access permissions. According to the company, the new system is useful for retailers suffering from high staff turnover, and also allows their high control over the security and ongoing maintenance costs.
  • In July 2018, UniKey Technologies formed a strategic partnership with VOXX Automotive, a company that designs, manufactures, and supplies electronic products for automakers. The partnership is aimed at bringing secure, keyless products, vehicle access solutions to the automotive industry.

Some of the most prominent competitors operating in the competitive landscape of global smart lock market include –

  • Cansec System
  • Haven
  • Okidokeys
  • SDS
  • Smart Locking
  • Yale
  • SentriLock
  • Schlage
  • Goji
  • Aventsecurity
  • Salto Systems
  • Master Lock
  • Onity

Smart Lock Market Dynamics

Technological Advancements and Penetration of Smart Cities to Foster Smart Lock Market Growth

Implementation of innovative technologies in various fields and emergence of Internet of Things (IoT) are the primary factors driving smart lock market. With such technological advancements, intelligent and connected devices are gaining rising applications in personal as well as commercial settings. These devices incorporate connective technologies such as near-field communication, Bluetooth, Wi-Fi, infrared, and others that help synchronize with smart locks. While growing consumer interest towards smart homes continues to generate significant market revenue growth, rising adoption of wireless cloud-based smart lock technology in various company is expected to present lucrative opportunities for manufactures of smart locks.

North America to Lead Gains in Smart Lock Market with Rising Construction of Smart Homes

Smart lock market is likely to witness a significant growth in North America, on the back of presence of tech giants and well-established market players along with government efforts to increase the construction of intelligent homes. In addition to easy availability of skilled workforce to operate these devices, population in the developed countries are more inclined towards adoption of new and advanced technologies, which in turn boost expansion of smart lock market in North America.

Although the smart lock market is likely to maintain a positive outlook, high cost associated with purchase and deployment of these devices may have a negative impact on the market growth. Moreover, with the perception of the unreliability of such security devices, people are reluctant to purchase them, which remains a key challenge for smart lock manufactures.

Smart Lock Market Segmentation

On the basis of type, the smart lock market can be segmented into:

  • Deadbolt
  • Padlock
  • Lever Handle
  • Others

On the basis of communication protocol, the smart lock market can be segmented into:

  • Bluetooth
  • Wi-Fi

On the basis of vertical, the smart lock market can be segmented into:

  • Residential
  • Commercial
  • Industrial
  • Institution
  • Government

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?