[185 Pages Report] The Smart Lock Market size was estimated at USD 2.68 billion in 2023 and expected to reach USD 3.00 billion in 2024, at a CAGR 12.35% to reach USD 6.06 billion by 2030.
The smart lock industry is a diverse and rapidly evolving sector under smart home technology that designs, manufactures, and distributes advanced, digitally operated locking systems. Smart lock technology utilizes wireless protocols such as Bluetooth, Wi-Fi, and Z-wave to allow homeowners and business profiles to manage access to their premises via electronic unlocking and locking systems. Increasing inclination to smart homes products are surging demand for smart lock solutions. The increasing incidence of burglary increases the need for sophisticated security measures including smart lock solutions. The availability of a diverse range of smart locks through online channels has also increased the product availability & market adoption of smart lock solutions. However, complex installation and configuration issues of smart locks may limit the market adoption in upcoming years. The concerns associated with security breaches also pose challenges for market growth. The advancements in smart lock technologies with AI and ML integration create attractive market growth opportunities. Provision of energy-efficient and customized smart locks are also expected to create growth potential in the market.
Deadbolt smart locks have widespread usage in homesteads and businesses due to their robust security, remote control access, auto-locking features, and compatibility with variety of smart home systems. Lever handle smart locks are primarily used for interior doors in commercial settings due to the ease with which the lever handle can be pushed or pulled down to open the door. Lever handle smart locks encompass modern designs, keyless entry and it can be unlocked using security codes, biometric data or a smartphone app, providing management options for multiple users and increased accessibility. Padlock smart locks consist of a shackle that can be removed entirely or partially during operation. Padlock smart locks are best suited for securing outdoor structures, such as sheds or storage units, due to their versatility and high durability.
Bluetooth smart locks allow quick and convenient access without requiring the user to unlock or touch their device physically. The low-energy consumption of Bluetooth technology also appeals to many consumers concerned with sustainability and power usage. A significant part of the smart lock market pertains to Wi-Fi-based products typically offering remote access from virtually anywhere, expanding potential user convenience. The Z-Wave technology constitutes a unique niche in the smart lock market, frequently adopted by consumers keen on advanced home automation systems. The Z-Wave protocol is operable in larger vicinity, compared to Bluetooth, presenting opportunities among suburban home-owners or larger residential dwellers.
In the commercial sector, smart locks play an integral role in enhancing security and operational efficiency. Furthermore, commercial establishments use smart locks to restrict access to certain areas, securing valuable assets and sensitive information. Industries such as manufacturing, construction, warehousing, and logistics can greatly benefit from the implementation of smart locks by providing reassurance with their 24/7 monitoring capabilities. Smart locks are suitable for institutional environments such as schools, universities, hospitals, and government buildings as they help regulate access essential for maintaining safety and decorum. In residential settings, smart locks lead to enhanced convenience and security to unlock residential units using their smartphones or specific codes over traditional keys. Furthermore, smart locks offer the option of virtual keys, allowing homeowners to grant temporary access to guests or service providers.
In the Americas region, major countries such as the United States and Canada have high adoption rates due to increasing urbanization and the presence of main smart lock manufacturers. The Americas region also enjoys robust growth due to sophisticated infrastructure, the prevalence of smart homes and easy availability of advanced and affordable security systems. The smart lock market in Europe is characterized by its increased adoption in residential spaces due to growing security concerns. Countries such as Germany, the United Kingdom, and France continue to lead the way in the adoption of sophisticated, IoT-enabled security solutions, including smart locks. In the Middle East and Africa, the smart lock market is at a nascent stage with ample growth opportunities due to rising infrastructure development projects. The rising urbanization and increasing technological awareness show remarkable growth potential in the Asia-Pacific region. Players in the APAC region are focusing on R&D initiatives to improve their product offerings and significantly enhance the market demand for smart lock solutions in the region.
The FPNV Positioning Matrix is pivotal in evaluating the Smart Lock Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Smart Lock Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Yale Launches Assure Lock 2 Models with Fingerprint and Apple Home Key Access
Yale Home launched two new models of the Assure Lock 2 equipped with a fingerprint scanner and the other allowing Apple Home Key access. The Assure Lock 2 Touch variant has a built-in fingerprint reader, providing enhanced security. On the other hand, the Assure Lock 2 Plus model is designed to be compatible with Apple's Home Key feature, offering seamless access control. These innovative lock models provide users with advanced security features and convenient access options. [Published On: 2023-09-21]
Fortune Brands Completes Acquisition of Emtek and Schaub Premium Hardware Brands and the U.S. and Canadian Yale and August Residential Smart Lock Brands
Fortune Brands Innovations, Inc. (FBIN) successfully acquired Emtek and Schaub, renowned manufacturers of high-end door and cabinet hardware, and Yale and August's residential smart locks business in the United States and Canada. The acquisition is projected to contribute significantly to FBIN's financial performance. This strategic move solidifies FBIN's position as a major player in the industry, allowing it to capitalize on the growing demand for premium hardware and smart lock solutions. [Published On: 2023-06-20]
Level Partners with Rejuvenation to Bring Invisible Smart Lock Technology To Timelessly Designed Door Sets
Level Home Inc. and Rejuvenation partnered to integrate Level's acclaimed invisible smart lock technology with timeless designs. This partnership brings forth a remarkable lineup, including the Level Bolt, an interior smart lock that seamlessly blends with the exterior design without compromise. The Level Bolt is designed to preserve the integrity of your home's design while providing top-notch smart lock functionality. It's the perfect solution for those who prioritize both style and safety. [Published On: 2023-05-10]
The report delves into recent significant developments in the Smart Lock Market, highlighting leading vendors and their innovative profiles. These include Allegion PLC, Assa Abloy AB, August Home, Inc., Avent Security, Be-Tech Asia Limited, Cansec Systems Ltd., Dorma+Kaba Holding AG, Gantner Electronic GmbH, Guangdong AP Tenon Sci.& Tech. Co., Ltd., Hune Lock, Igloohome Inc., iLockey, Kaadas Group, Klevio, Latch Inc., Master Lock Company LLC, MIWA Lock Co., Motorola Solutions, Inc, Nuki Home Solutions, ONE-LOCK, Onity, Inc., PDQ Locks, RemoteLock, Salto Systems S.L., Samsung Electronics Co., Ltd., Sentrilock, LLC, Shenzhen Omni Intelligent Technology Co., Ltd., Spectrum Brands Holdings, Inc., U-Tec Group Inc., and Zhejiang Desman Intelligent Technology Co., Ltd..
This research report categorizes the Smart Lock Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Type
- Deadbolt
- Lever Handles
- Padlocks
- Communication Protocol
- Bluetooth
- Wi-Fi
- Z-Wave
- Application
- Commercial
- Industrial
- Institutional
- Residential
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
- What is the market size and forecast of the Smart Lock Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Smart Lock Market?
- What are the technology trends and regulatory frameworks in the Smart Lock Market?
- What is the market share of the leading vendors in the Smart Lock Market?
- Which modes and strategic moves are suitable for entering the Smart Lock Market?
- Preface
- Research Methodology
- Executive Summary
- Market Overview
- Market Insights
- Smart Lock Market, by Type
- Smart Lock Market, by Communication Protocol
- Smart Lock Market, by Application
- Americas Smart Lock Market
- Asia-Pacific Smart Lock Market
- Europe, Middle East & Africa Smart Lock Market
- Competitive Landscape
- Competitive Portfolio
- List of Figures [Total: 22]
- List of Tables [Total: 288]
- List of Companies Mentioned [Total: 30]
Smart locks are more than just a convenient way to unlock your doors. They have various features that make them an excellent addition to your home security system. Firstly, smart locks enable and remotely unlock doors using a mobile app. This feature is particularly helpful when people have guests coming over and they are not home to let them in. Additionally, many smart locks have cameras and speakers that let people see and communicate with visitors.
Another noteworthy feature of smart locks is their compatibility with other smart home devices. With the help of a smart home hub, people can integrate their smart locks with other smart home devices, such as security cameras, voice assistants, and smart lighting. This makes it easy to customize and develop their home security system to match the needs and preferences.
Smart locks are also an excellent choice for individuals constantly on the go. Instead, people can use a personal identification code, a fingerprint, or a facial recognition feature to unlock their door. This convenience saves time and reduces the chances of being locked out of their home.
Another significant advantage of smart locks is their ability to monitor people entering and leaving their homes. Some smart locks enable users to set up alerts that send notifications to their mobile devices when someone enters or leaves their home. This feature is particularly useful for kids or elderly family members.
Smart locks have become a significant part of the scope of smart home technologies worldwide. They offer an extra layer of security and convenience and enhance user experience. Smart locks are witnessing increased adoption worldwide with their many features and benefits.
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