Smart Lock Market By Lock Type (Deadbolts, Lever Handles, Padlocks, and Others), By Communication Protocol (Wi-Fi, Bluetooth, and Others), By Vertical (Commercial, Residential, Institution and Government, Industrial), and By Region – Global Opportunities & Forecast, 2020-2027
A smart lock is an electronic and mechanical locking device that is designed to perform locking and unlocking operations with the instructions from an authorized device. Smart lock works using a wireless protocol and a cryptographic key to execute the authorization process. Smart Lock come in various shape and sizes and work with voice assistants, Wi-Fi, and Bluetooth among other communication technologies. These locks can be operated using android smartphones, iPhone, laptops, and Chromebook.
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The growing trend of Internet of Things (IoT) and rising adoption of smartphones and other connected devices are some of the prominent factors expected to propel the adoption of smart locks during the forecast period. Additionally, increasing incidence of burglary and theft along with the rising security and privacy concerns among consumers throughout the world has stimulated the demand for smart home security devices, thereby contributing to the growth of the smart lock market globally.
Moreover, smart lock also monitor access and send alerts for the critical events related to the status of the device. Various outstanding features including high security, ease of use, high durability, and remote operating system of smart locks are augmenting the popularity of smart locks. Furthermore, technological advancement in security system and the introduction of cloud-based locking management solutions and deployment of various technologies, including ZigBee, Near Field Communication (NFC), and Bluetooth Low Energy (BLE) for easy access of locking functions are accelerating the sales of smart locks over the forecast period. However, high cost of smart lock and lack of awareness among customers are the factors anticipated to hamper the growth of the market over the forecast period.
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Based on the lock type, the market is segmented into deadbolts, lever handles, padlocks, and others. Deadbolts segment is anticipated to hold a prominent share of the market during the forecast period. This can be attributed to the increasing use of deadbolts in the residential and commercial sector owing to their low installation cost, high durability, and effective security against forceful physical attack. Additionally, deadbolts smart locks can be enabled using the Bluetooth on a smartphone that helps in offering extra convenience and easy access to the users. This is expected to boost the growth of the market during the forecast period.
Based on communication protocol, the market is segmented into Wi-Fi, Bluetooth, and others. The Wi-Fi segment is projected to grow substantially over the forecast period owing to the numerous advantages including high speed, remote monitoring, and wireless connectivity offered by Wi-Fi to smart lock system. In addition, increasing number of smart homes, easy accessibility of smart locks through various devices, such as smartphones, personal computers, and tablets are contributing to the market growth.
Based on the vertical, the market is segmented into commercial, residential, institution and government, industrial. The residential vertical is expected to hold a notable share in the smart lock market over the forecast period. This is primarily due to the increasing demand for controlling invasion, unauthorized access, theft, and burglary in the residential buildings. Moreover, growing urbanization and rising demand for smart homes coupled with the increasing adoption of Internet-based home security solutions are further supporting the growth of the market during the forecast period.
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Based on the region, North America is projected to account for substantial share in the smart lock market owing to the rapidly expanding end-user sectors including commercial, industrial, and residential in the region. Moreover, rapid economic development, increased standard of living, growing number of smart homes, hotels, corporate offices, critical infrastructures, new constructions, and renovation activities are further supporting the market growth in the region. Asia-Pacific region is expected to witness a significant growth in the smart lock market during the forecast period. This is primarily due to the growing incidences of theft and burglary coupled with the increasing adoption of advance technology based security system in the region. Increasing number of residential buildings, commercial spaces, industries, government infrastructure in developing countries including China, Japan, India, and South Korea is also expected to escalate the demand for smart lock during the forecast period.
Various notable players operating in the global smart lock market, include, Assa Abloy AB, Allegion Plc, Dormakaba Holding AG, Spectrum Brands Holdings, Inc., Salto Systems, Onity, Inc., Cansec Systems Ltd., GANTNER Electronic GmbH, Master Lock Company LLC, and MIWA Lock Co. among other companies.
Key Developments:
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- In 2020, August Home, Inc. one of the leading providers of smart and secure front door solutions acquired by Assa Abloy AB launched the August Wi-Fi Smart Lock. It is one of the most advanced smart lock with compact design and built-in Wi-Fi connection that can be paired with August App by the customers to secure, monitor and manage access to their home from their phone and from anywhere in the world. This launch is expected to enhance the product portfolio of the company.
- In 2020, the Kwikset brand of Spectrum Brands Holdings, Inc. launched a Wi-Fi enabled Smart Lock named as Halo Touch Wi-Fi Smart lock. The Halo Touch Smart Lock provides homeowners access to their home via fingerprint and help in creating a convenient and secure smart home experience.
- In 2019, Allegion plc, one of the leading global security products and solutions providers launched the Schlage Encode Smart WiFi Deadbolt that can work with Key by Amazon and Ring devices. This smart lock is easy to install, with a quick connection to in-home Wi-Fi and provides a convenient and secured lock system with remote access control.
The global smart lock market has been segmented on the basis of lock type, communication protocol, vertical, and region. On the basis of lock type, the market is segmented into deadbolts, lever handles, padlocks, and others. On the basis of communication protocol, the market is segmented into Wi-Fi, Bluetooth, and others. On the basis of the vertical, the market is segmented into commercial, residential, institution and government, industrial.
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Key questions answered in this research report:
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- At what pace is global Smart Lock market growing? What will be the growth trend in the future?
- What are the key drivers and restraints in Smart Lock market? What will be the impact of drivers and restraints in the future?
- What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Smart Lock market?
- Which lock type generated maximum revenues in 2019 and identify the most promising lock type during the forecast period?
- What are the various verticals of global Smart Lock market and how they are poised to grow?
- What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
Report Coverage |
Details |
Market Base Year |
2019 |
Market Forecast Period |
2020-2027 |
Market Revenues Currency |
USD Million |
Base Year & Forecast Units |
Revenues (USD Million) |
Market Segment | By Lock Type, By communication protocol, By Vertical, and By Region |
Regional Coverage | Asia Pacific, Europe, North America, and RoW |
Companies Profiled | Assa Abloy AB, Allegion Plc, Dormakaba Holding AG, Spectrum Brands Holdings, Inc., Salto Systems, Onity, Inc., Cansec Systems Ltd., GANTNER Electronic GmbH, Master Lock Company LLC, and MIWA Lock Co. among others; a total of 10 companies covered. |
25% Free Customization Available | We will customize this report up to 25% as a free customization to address our client’s specific requirements |
Market Segmentation
Global Smart Lock Market by Lock Type
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- Deadbolts
- Lever Handles
- Padlocks
- Others
Global Smart Lock Market by Communication Protocol
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- Wi-Fi
- Bluetooth
- Others
Global Smart Lock Market by Vertical
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- Commercial
- Residential
- Institution and Government
- Industrial
Global Smart Lock Market by Region
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- North America Smart Lock Market (Option 1: As a part of the free 25% customization)
- North America Smart Lock Market by Lock Type
- North America Smart Lock Market by Communication Protocol
- North America Smart Lock Market by Vertical
- US Smart Lock Market All-Up
- Canada Smart Lock Market All-Up
- Europe Smart Lock Market (Option 2: As a part of the free 25% customization)
- Europe Smart Lock Market by Lock Type
- Europe Smart Lock Market by Communication Protocol
- Europe Smart Lock Market by Vertical
- UK Smart Lock Market All-Up
- Germany Smart Lock Market All-Up
- France Smart Lock Market All-Up
- Spain Smart Lock Market All-Up
- Rest of Europe Smart Lock Market All-Up
- Asia-Pacific Smart Lock Market (Option 3: As a part of the free 25% customization)
- Asia-Pacific Smart Lock Market by Lock Type
- Asia-Pacific Smart Lock Market by Communication Protocol
- Asia-Pacific Smart Lock Market by Vertical
- China Smart Lock Market All-Up
- India Smart Lock Market All-Up
- Japan Smart Lock Market All-Up
- Rest of APAC Smart Lock Market All-Up
- RoW Smart Lock Market (Option 4: As a part of the free 25% customization)
- RoW Smart Lock Market by Lock Type
- RoW Smart Lock Market by Communication Protocol
- RoW Smart Lock Market by Vertical
- Brazil Smart Lock Market All-Up
- South Africa Smart Lock Market All-Up
- Saudi Arabia Smart Lock Market All-Up
- UAE Smart Lock Market All-Up
- Rest of world (remaining countries of the LAMEA region) Smart Lock Market All-Up
- North America Smart Lock Market (Option 1: As a part of the free 25% customization)
Global Smart Lock Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)
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- Assa Abloy AB
- Allegion Plc
- Dormakaba Holding AG
- Spectrum Brands Holdings, Inc.
- Salto Systems
- Onity, Inc.
- Cansec Systems Ltd.
- GANTNER Electronic GmbH
- Master Lock Company LLC
- MIWA Lock Co.
- Published Date: Jan - 2021
- Report Format: Excel/PPT
- Report Code: UP1131A-00-0620
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Smart Lock Market By Lock Type (Deadbolts, Lever Handles, Padlocks, and Others), By Communication Protocol (Wi-Fi, Bluetooth, and Others), By Vertical (Commercial, Residential, Institution and Government, Industrial), and By Region – Global Opportunities & Forecast, 2020-2027
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