The global smart locks industry is driven due to a lot of factors such as the rising adoption of cloud-based mobile applications, low battery requirements, the growing use of security-based products, increasing awareness, and device efficiency. Furthermore, the spontaneously changing business model and the geographic expansion of businesses are the major factors expected to create expansive opportunities for the market. However, the high initial cost and fear of privacy intrusion restrain the growth of the market.
The global smart locks market is predicted to garner a revenue of $14,972.3 billion by 2030. The market accounted for $2,366.51 billion in 2020, rising at a CAGR of 20.1% during the analysis timeframe from 2021 to 2030.
Based on region, North America region held the highest market share in 2020, accounting for more than two-fifths of the global smart locks industry. This is mainly due to the rising penetration of IoT, the growing trends for smart homes, and the expanding real estate, and hospitality areas. On the other hand, the Asia-Pacific region would showcase the maximum CAGR of 21.8% during the analysis timeframe. This is mainly due to the increasing security concerns in government offices & research centers, the emergence of the internet, and growing construction activities in India and China which are likely to foster the smart locks market growth at the fastest rate.
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Based on product, the deadbolts segment generated the highest share, provided more than half of the global smart locks market share in 2020, and is predicted to hold the lion’s share throughout the analysis timeframe. This is mainly due to the growing requirement for addressing connectivity, which makes various users adopt smart deadbolt locks. On the other hand, the padlocks segment would manifest the fastest CAGR of 21.3% by 2030. The report also offers an analysis of lever handle segments.
By technology, the Wi-Fi segment generated the highest market share in 2020, accounting for more than three-fifths of the global smart locks market and is predicted to continue steady growth over the estimated timeframe. This is mainly because Wi-Fi-enabled systems offer various advanced and reliable features such as a locking mechanism in the door which can be activated and deactivated automatically by a smartphone using Wi-Fi technology within a specific range. This factor is predicted to drive the growth of this segment. On the other hand, the Bluetooth segment is anticipated to showcase a striking CAGR of 20.7% by 2030.
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On the basis of end user, the residential segment dominated the overall smart locks industry in 2020, and is expected to continue during the forecast period. The smart locks have contributed towards efficiency and security, thereby saving time and energy. In addition, it is very light-weight as it is small and tiny, thereby, adding to the convenience factor, which is expected to propel the growth of this segment during the forecast period. However, the commercial segment is expected to witness the highest growth in the coming years. The major factor that drives the growth of this segment is the increase in prevalence for data security at commercial spaces. Along with security, smart lock technology is used to make office access management simple and secure. In addition, these smart locks can be integrated with a range of various third-party apps, which ensures that all lights in office shut down automatically when the doors are locked, which is expected to drive the growth of this segment.
This report gives an in-depth profile of some key market players in the smart locks market, which include August Home, SALTO Systems, Haven Lock, Inc., Honeywell International Inc., Panasonic Corporation, Samsung SDS Co. Ltd., Schlage, Spectrum Brands, Inc., UniKey Technologies Inc., and Vivint, Inc.
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