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

  • Single User License $3500

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

Status : October, 2021 | Semiconductor & Electronics

Report Digest


In the present technologically advanced era, the keyless lock system is one of the trends to simplify entry procedures. The concept of smart cities serves as a key factor to fuel demand in the smart lock market. The smart lock system is gaining traction because of its capability to strengthen remote accessibility and also boost connectivity.

The manufacturers from the smart lock market enable their consumers with mobile applications. These apps in the smart lock market allow owners of the home to lock and unlock the doors with the assistance of a simple tap icon. In addition, the smart lock eliminates the requirement for physical key sets. The solutions from the smart lock market also improve the security of residential and commercial space. Facilities such as visitor visual verification and intercom system are also boosting demand in the smart lock market.

The increasing adoption of digital locks instead of traditional locks in different commercial and residential space also create growth opportunities in the smart lock market. The facilities provided by the smart lock market prevent unauthorized access to official and personal belongings. These already mentioned factors are boosting growth in the smart lock market.

The manufacturers from the smart lock market are implementing innovative technologies to boost demand in the market. In addition, the onset of the Internet of Things also serves as the primary factor to fuel growth in the smart lock market. The smart lock devices incorporate technologies such as infrared, Wi-Fi, Bluetooth, near field communication, and some others. These connective technologies are expected to bolster demand in the smart lock market.  

The adoption of different cloud-based digital smart lock technology among different companies are creating lucrative opportunities in the smart lock market. In addition, the increasing consumer interest towards these smart lock appliances also bolster demand in the smart lock market.  

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

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?