The Smart Lock Market is estimated to be valued at USD 2.1 billion in 2022 and reach USD 3.9 billion by 2027, registering a CAGR of 12.9% between 2022 and 2027.
The growth of the market is projected to be driven by factors such as increasing security and safety concerns, rising adoption of smartphones and other connected devices, and their superior features compared to traditional lock systems.
Top 5 Key Market Players in Smart Lock Industry
ASSA ABLOY AB (Sweden),
dormakaba Group (Switzerland),
Spectrum Brands, Inc. (US),
SALTO Systems, S.L. (Spain), and
Allegion plc (Ireland).
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Rising adoption of smartphones and other connected devices
The ever-growing demand for tablets, smartphones, and connected devices acts as a strong driver for the smart lock market. Smartphones are witnessing rapid adoption in many developed economies. The demand from developing economies, such as China, India, Malaysia, and Indonesia, will continue to fuel the demand for smartphones in the near future. The explosion of Internet usage and the growing adoption of smartphones encourage companies to invest more in smartphone-based applications and mobile websites strategically.
Smart lock market for Bluetooth communication to hold the highest market share from 2022 to 2027
The market for the Bluetooth communication protocol segment accounted for the largest market share in 2021.
Bluetooth is a communication protocol that functions by maintaining the balance between parameters such as wide range, low power consumption, high reliability, bandwidth, and cost. This factor is fueling the demand for smart locks based on this protocol and driving market growth.
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Market for keypad unlocking mechanism to hold the highest market during the forecast period
The market for the keypad unlocking mechanism segment is expected to hold the largest market share during the forecast period.
A Wi-Fi-based smart lock equipped with a smart keypad is an excellent addition to a smart home system. The device can open door locks without using a smartphone. It is excellent for use in homes but is expected to be ideal for rentals and businesses.
Residential vertical to hold the largest market size of smart lock market during the forecast period
The residential vertical includes condominiums and individual houses. Residential is the largest vertical of the smart lock market. The growth of the market for the residential vertical can be attributed to various factors such as increasing demand for smart homes, growing urbanization, and rising adoption of security solutions. Some of the leading providers of smart locks to the residential vertical are ASSA ABLOY (Sweden), August Home (US), Spectrum Brands (US), and Gate (US).
Smart lock market in APAC to hold the highest CAGR during the forecast period
APAC is expected to witness an increase in the adoption of security systems as major countries in this region are the emerging economies with a growing number of manufacturing bases and exhibiting increasing demand for connected security devices. Further, the large population base, rising research and development (R&D) activities, and increasing urbanization are projected to fuel the adoption of smart locks in APAC.
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