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The Global Smart Lock Market size is estimated to grow by USD 1,736.68 million at a CAGR of 11.61% between 2022 and 2027. The growth of the market depends on several factors, such as the growing number of smart cities worldwide, the integration of human-machine interface (HMI) technologies, and the increasing applications of smart security in residential and commercial sectors. These are high-tech security tools that can be used in place of conventional key-based locks. They use wireless connectivity, such as Bluetooth or WiFi, to let authorized devices, like smartphones, access and manage the system remotely. Keyless entry, remote locking and unlocking, activity monitoring, and interaction with smart home systems are just a few of the practical advantages offered. They improve accessibility and security while serving both residential and business customers.
The report also includes an in-depth analysis of drivers, trends, and challenges.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing number of smart cities worldwide is the key factor driving the growth of the global smart door lock market. Smart cities are designed to leverage technology and data to improve the quality of life for their residents. This includes the adoption that can help to ensure public and private safety. Smart security solutions can include advanced video surveillance systems, access control systems, and other technologies that can help detect and respond to security threats in real-time.
Moreover, the increasing adoption is also being driven by the growing use of Internet of Things (IoT) devices and other technologies. These technologies are making it easier to collect, analyze, and respond to data from these in real-time, allowing for more efficient and effective security operations. Overall, the growing number of smart cities worldwide is expected to drive significant growth in the global smart door lock market in the forecast period.
The growing prevalence of biometric authentication is the primary trend in the global market. In the global market, biometric technologies like fingerprint scanning and facial recognition are becoming increasingly popular. By doing away with the need for physical keys or personal identification number (PIN) numbers, these cutting-edge authentication techniques offer increased security and convenience. For instance, companies like August and Yale offer fingerprint-scanning that allows users to unlock doors using their individual biometric information.
Similarly, Latch offers facial recognition-capable that enables simple and secure access control. The market in focus emphasizes enhancing user experience and bolstering the overall security systems displayed in the incorporation of biometrics. Hence, the growing prevalence of biometric authentication is a trend that is expected to drive the growth of the smart door lock market in focus during the forecast period.
Lack of awareness among end-users is a major challenge to the growth of the global market. The awareness of the presence of such technologies can help people and organizations understand the security risks and threats that they could face and can help them take effective security measures in a cost-effective manner. Compromising on security can be detrimental to organizations. Currently, most organizations in developing regions are unaware of security breaches that may lead to the loss of confidential data.
Therefore, companies need to create awareness of upcoming technologies through trade fairs, seminars and webinars, and other promotional events. The lack of cost-effectively effective security measures of awareness adversely affects the widespread adoption of these solutions and inhibits market growth. Thus, the lack of awareness among end-users about smart security solutions will hinder the growth of the market in focus during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the WiFi segment will be significant during the forecast period. The market is significantly influenced by WiFi technology, which offers customers seamless connectivity and increased convenience. Wi-Fi-enabled locks are gaining popularity as smart home solutions become more widely used.
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The wifi segment was valued at USD 542.36 million in 2017 and continued to grow by 2021. Through smartphone apps or voice assistants, these locks enable customers to remotely control and monitor their doors while providing access to designated individuals. For instance, the Schlage Encode Smart WiFi Deadbolt and the August WiFi are popular options on the market in focus. WiFi is a crucial technology in the global smart door lock market because it allows users to manage access codes, receive real-time notifications, and interface with other smart devices. Hence, owing to the conveniences of WiFi technology in these products, the WiFi technology segment is expected to gain a growth momentum and hence, drive the growth of the smart door lock market during the forecast period.
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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market growth and trends and drivers that shape the market during the forecast period. The market's expansion is being driven by a number of well-established North American firms. For instance, August Home provides an array of these systems with cutting-edge capabilities like voice assistant integration and remote access control.
Moreover, manufacturers are being pushed to improve their product lines and implement reliable cybersecurity measures as a result of the government's emphasis on data security and privacy. Overall, the North American market is expected to expand rapidly during the forecast period due to manufacturers' innovative product lines and encouraging government programs that aim to increase security in the IoT environment. Such factors will increase the market growth during the forecast period.
The market report forecasts market growth by revenue at global, regional & country levels and provides market trends and analysis and market research and growth opportunities from 2017 to 2027.
The market is experiencing significant growth driven by Artificial Intelligence (AI) and Machine Learning (ML) advancements. The market is witnessing increased adoption of smart locks due to consumer awareness about their advantages in terms of security, complexity, and high efficiency. These locks are integral to home automation technology, particularly in the hospitality industry and residential environments. They are also becoming a standard feature in construction projects.
The market offers smart door locks with cameras, enhancing security in homes with a high degree of accuracy and precision. Connectivity technologies like Wi-Fi or Bluetooth enable remote access, while RFID locks provide contactless functionality. Innovative algorithms embedded within these locks further optimize their performance.
Furthermore, automated fingerprint identification technology ensures robust security measures, adding layers to the attack surface against potential burglaries. This technological integration is contributing to a paradigm shift in home security, where analytics play a crucial role in monitoring and enhancing safety measures.
Moreover, in the competitive landscape, companies like Amazon with its Alexa-enabled devices are driving innovation in this space. The market is also witnessing increased competitor analysis and M&A activities, led by chief executive officers striving for market dominance.
Regulatory bodies play a crucial role in ensuring standards and safety in the market, particularly in areas like biotechnology, biomaterials, and bioinformatics, where the accuracy of data and precision of technologies are paramount. The market is transitioning from traditional locks to smart locks, integrating seamlessly with other smart home devices and communication protocols. This transition is evident in various settings, including apartments, condominiums, and residential complexes, where the demand for advanced security measures is on the rise.
Smart Lock Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.61% |
Market growth 2023-2027 |
USD 1,736.68 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
10.89 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 36% |
Key countries |
US, Canada, United Arab Emirates, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ASSA ABLOY AB, Be Tech Asia Ltd., Carrier Global Corp., dorsetindia.com, Honeywell International Inc., I Leaf Buildpro Pvt Ltd., iF International Forum Design GmbH, iLockey, Jainson Locks, Napco Security Technologies Inc., Salto Systems SL, Samsung Electronics Co. Ltd., SOLITY Co Ltd., Spectrum Brands Holdings Inc., Tekno Electro Solutions Pvt Ltd, Vivint Inc., Yale India, Davcor Group Pty Ltd, Dormakaba Holding AG, and Allegion Public Ltd. Co. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market growth analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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