Smart Locks Market Report (2021-2031) | The Insight Partners
The smart locks market size is projected to reach US$ 7.21 billion by 2031 from US$ 2.43 billion in 2023. The market is expected to register a CAGR of 14.6% in 2023–2031. The rising security concern among consumers worldwide is likely to remain a key smart locks market trend.
Smart Locks Market Analysis
The smart locks market is growing at a rapid pace due to the growing demand for connected devices among consumers, growing urbanization, and increasing utilization of smart devices among consumers. The market is expanding steadily, driven by the shifting consumers' preference towards the adoption of enhanced feature smart locks over traditional locks and rising smart city projects. Moreover, the development of technologically advanced smart locks and the growing adoption of IoT-based security devices are providing lucrative opportunities for market growth.
Smart Locks Market Overview
A smart lock is a Bluetooth or Wi-Fi-enabled smart home device that allows users to open and lock doors with their finger or a simple voice command. It is a more advanced version of the classic lock. The smart door lock is remotely actuated by a cryptographic key upon authentication, allowing access to only authorized staff. The smart lock system is being widely used in residential and commercial buildings to provide a novel approach to locking systems by improving usability. Furthermore, the development of advanced technologies such as AI, IoT, Big Data, and cloud-based applications are generating significant growth opportunities in the smart door lock market.
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Smart Locks Market: Strategic Insights
Market Size Value in US$ 1.44 billion in 2019 Market Size Value by US$ 4.10 Billion by 2027 Growth rate CAGR of 14.2% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Smart Locks Market: Strategic Insights
| Market Size Value in | US$ 1.44 billion in 2019 |
| Market Size Value by | US$ 4.10 Billion by 2027 |
| Growth rate | CAGR of 14.2% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Smart Locks Market Drivers and Opportunities
Growing Demand for Connected Devices Among Consumers is Driving the Market
The constantly increasing demand for connected devices among consumers, such as tablets, smartphones, and other connected devices, is driving the smart lock market. These devices are capable of receiving and transmitting data, which is used to control smart locks. Smart locks do not require a physical key, and the virtual keys can be accessed using smartphones, portable devices, and other linked devices. Thus, the operability of smart locks via smartphones and linked devices is fueling the market.
Development of Technologically Advanced Smart Locks – An Opportunity in the Smart Locks Market
Expanding smart city projects across the globe increases the need for smart devices, such as smart locks, to provide greater security for city residents. The demand for advanced smart home devices such as smart door locks and smart alarm systems among consumers to improve their home security is creating opportunities in the market. Major industry companies, including August Home, ASSA ABLOY AB, DESSMANN, Godrej Group, and others, are focusing on manufacturing emerging door lock devices and technologies for residential, commercial, and government use. These companies expand their product offerings by adopting business techniques such as acquisitions, mergers, and partnerships. For instance, In October 2022, ASSA ABLOY acquired Bird Home Automation GmbH (“DoorBird”) to expand its offering of smart home security solutions.
Smart Locks Market Report Segmentation Analysis
Key segments that contributed to the derivation of the smart locks market analysis are type, streaming type, communication technology, and application.
- Based on type, the smart locks market is divided into padlocks, deadbolt, lever handle, and others. The padlocks segment held a larger market share in 2023.
- In terms of communication technology, the smart locks market is divided into Wi-Fi, NFC, Bluetooth, and others. The Wi-Fi segment held a larger market share in 2023.
- On the basis of application, the market is segmented into residential, commercial, and industrial. The residential segment held the largest share of the market in 2023.
Smart Locks Market Share Analysis by Geography
The geographic scope of the smart locks market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. In terms of revenue, North America accounted for the largest smart locks market share, due to the growing adoption of smart home devices among consumers.
The market in Asia Pacific is expected to grow at a significant CAGR during the forecast period, due to rising smart city projects in countries including China, India, Japan, South Korea, and other countries in Asia. Increasing demand and adoption of advanced devices among consumers encourages manufacturers to develop new devices that improve home security. For instance, in December 2022, Xiaomi introduced an automatic smart door lock ‘E10’, in China. E10 is the cheapest smart door lock featuring NFC, a fingerprint scanner, and a keypad that provides multiple ways to unlock the door. The fingerprint scanner in this smart door lock can connect through Bluetooth and opens the door with a smartphone or smartwatch.
Smart Locks Market Report Scope
Smart Locks Market News and Recent Developments
The smart locks market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for smart locks and strategies:
- In March 2023, HavenLock, Inc. announced that it had patented its new and innovative locking system from the United States Patent and Trademark Office (USPTO). (Source: HavenLock, Inc., Press Release, 2023)
- In February 2023, SentriLock announced its new partnership with the Chesapeake Bay & Rivers Association of REALTORS (CBRAR) to make SentriLock the association’s marketplace electronic lockbox solution for its REALTOR members. (Source: SentriLock, Press Release, 2023)
Smart Locks Market Report Coverage and Deliverables
The “Smart Locks Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Communication Technology, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The global smart locks market was estimated to be US$ 2.43 billion in 2023 and is expected to grow at a CAGR of 14.6% during the forecast period 2023 - 2031.
The growing demand for connected devices among consumers, growing urbanization, and increasing utilization of smart devices among consumers are the major factors that propel the global smart locks market.
The rising security concerns among consumers worldwide are anticipated to play a significant role in the global smart locks market in the coming years.
The key players holding majority shares in the global smart locks market are HAVENLock, Honeywell International Inc., August Home, SAMSUNG, and Vivint, Inc.
The incremental growth expected to be recorded for the global smart locks market during the forecast period is US$ 4.78 billion.
The global smart locks market is expected to reach US$ 7.21 billion by 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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