According to a report "Smart Lock Market by Lock Type, Communication Protocol, Unlocking Mechanism, Vertical, and Region," the global smart lock industry is anticipated to increase significantly in the upcoming years. The market is estimated to develop at a compound annual growth rate (CAGR) of 12.9% from 2022 to 2027, from a projected value of USD 2.1 billion in 2022 to USD 3.9 billion by 2027.

Urban infrastructure development in emerging nations and the increasing usage of Internet of Things (IoT)-based security solutions are anticipated to provide up attractive prospects for market players throughout the review period. The way security is managed and monitored has been transformed by the use of IoT technology. Advanced capabilities like real-time monitoring, remote access, and data analytics are offered by IoT-based security systems, which improve overall security measures. IoT-based security system adoption is particularly widespread in developing countries where urbanisation and infrastructure growth are on the rise. There is an increasing demand for cutting-edge security systems to protect public places, residential areas, and vital infrastructure as these nations invest in modernising their cities. Market participants now have a huge opportunity to provide their IoT-based security products and services. IoT-based security systems are becoming more popular across a variety of industries thanks to their advantages, which include better situational awareness, proactive threat detection, and quick incident response. IoT-based security solutions are being used more frequently in sectors like transportation, healthcare, retail, and manufacturing to improve safety, safeguard assets, and expedite operations.

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The smart lock market includes major Tier I and II players like ASSA ABLOY AB (Sweden), dormakaba Group (Switzerland), Spectrum Brands, Inc. (US), SALTO Systems, S.L. (Spain), Allegion plc (Ireland), and others. These players have a strong market presence for Smart lock across various countries in North America, Europe, APAC, and RoW.

Growing security concerns

The usage of smart locks is on the rise in large part due to the increased concern for security. These sophisticated lock systems have developed over time to provide effective and convenient security solutions.

Due to their great effectiveness and complex features, which help to increase security, smart locks have become increasingly popular. They are commonly used to strengthen security measures in a variety of locations. Particularly important are the requirement for trustworthy identification and authentication in a variety of locations, including private residences, condominiums, hotels, shops, banks and other financial institutions, office buildings, and commercial businesses.

Smart locks offer a more convenient and secure replacement for conventional mechanical locks by utilising technologies like biometrics, access codes, or mobile applications. They enable people and businesses to successfully protect their properties by providing features like keyless entry, remote access control, and interaction with smart home systems.

The need for advanced security solutions has increased as security breaches and unauthorised access attempts become more frequent. These issues are addressed by smart locks, which offer strong defence against break-ins and unauthorised entry. Moreover, they are a sensible option for both residential and commercial applications because to their user-friendly interfaces and simplicity of integration with current security systems.

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Increasing adoption of IoT-based security systems

The demand for more sophisticated and safe solutions in light of increased burglary rates is what is driving the growing adoption of IoT-based security systems. A considerable portion of property crimes in 2020, according to FBI reports, involved residential burglaries, which had a sizable financial toll on the victims. These figures demonstrate the need for better security measures and the potential for more advanced security solutions. The adoption of Internet of Things (IoT)-based security solutions, including smart locks, has benefited from the general accessibility of the Internet and the rising popularity of the IoT.

These systems, which link smart locks to the Internet, have a number of advantages that help explain their rising popularity. Remote access control, real-time monitoring, and connectivity with other smart systems and devices are all features offered by IoT-enabled smart locks. Using mobile applications or web interfaces, users can effortlessly manage and monitor their locks from any location. By enabling real-time notifications, access records, and the ability to give or deny access remotely, the ability to remotely manage and monitor locks improves security. Homeowners and property owners can feel at ease thanks to this level of control and visibility, which also serves to ward off prospective invaders.

Rising adoption of smartphones and other connected devices

The market for smart locks is expanding as a result of more people using smartphones and other linked devices. The market is expanding as a result of the rising demand for tablets, smartphones, and linked gadgets. Particularly in developed economies, smartphones have experienced tremendous acceptance. Smartphones are being used more and more by consumers for a variety of purposes, such as communication, entertainment, and internet access. The ubiquitous use of smartphones fosters an environment that is conducive to the market for smart locks expanding.

In addition, smartphone demand is rising in emerging markets including China, India, Malaysia, and Indonesia. More individuals can now buy cellphones and are eager to use its features as these nations' economies rise and their living conditions improve. In the near future, it is anticipated that this desire for smartphones in developing economies would continue to drive the market's expansion. Companies are encouraged to invest in smartphone-based applications and mobile websites by the growth of internet consumption and the adoption of smartphones. Businesses are aware of the need to accommodate smartphone users by offering them convenient and user-friendly websites and applications.

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Smart lock market in APAC to hold the highest CAGR during the forecast period

The Asia-Pacific (APAC) region's smart lock market is anticipated to develop at the greatest compound annual growth rate (CAGR) throughout the course of the forecast period. Several regionally specific causes are responsible for this increase.

Security system use is significantly increasing in APAC nations, including rising economies. There are more manufacturing facilities in the area, and the need for connected security equipment is expanding. The need to improve security measures across a variety of industries, including residential, commercial, and industrial, is what's driving this development.

The enormous population of the APAC area is a major factor in the spread of smart locks. There is a substantial market opportunity for makers and service providers of smart locks due to the high concentration of potential clients. The population's growing knowledge of and demand for cutting-edge security solutions is a factor in the market's expansion.

The adoption of smart locks is significantly influenced by R&D initiatives in the area. The creation of cutting-edge technologies and solutions is facilitated by the investment of several APAC nations in research and innovation. As a result, the adoption of smart locks as part of the changing security landscape is encouraged.

Key players in the smart lock market are ASSA ABLOY AB (Sweden), dormakaba Group (Switzerland), Spectrum Brands, Inc. (US), SALTO Systems, S.L. (Spain), Allegion plc (Ireland), Honeywell International Inc. (US), Dahua Technology Co., Ltd (China), Samsung Electronics Co., Ltd. (South Korea), Vivint, Inc. (US), ZKTECO CO., LTD. (China), igloohome Pte Ltd (Singapore), RemoteLock (US), Onity (US), Master Lock Company LLC. (US), MIWA Lock Co. (Japan), SentriLock (US), Avent Security (China), HavenLock, Inc. (US), Shenzhen Vians Electric Lock Co., Ltd. (China), Anviz Global Inc. (US), CANDY HOUSE, Inc. (US), AMADAS (South Korea), Thekeywe (South Korea), Gate Video Smart Lock (US), and DESSMANN Schliessanlagen GmbH (Germany).

News Covered:

https://www.globenewswire.com/news-release/2023/03/16/2628363/0/en/Securing-Smart-Cities-with-Smart-Locks-The-Next-Big-Thing.html

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