Smart Lock Market is anticipated to grow at a CAGR of 5.91 through 2031

The rising concern for security and safety and increasing living standards are the leading factors driving the global smart lock market during the forecast period.

According to TechSci Research report, “Smart Lock Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2021-2031F,” The Global Smart Lock Market will grow from USD 2.91 Billion in 2025 to USD 5.91 Billion by 2031 at a 12.53% CAGR in the forecast period due to the rising concern for security and safety, increasing penetration of smartphone and internet, increasing standard of living and increasing usage in government and commercial sector. Using smart connected technology is a prominent trend anticipated to affect new product launches throughout the forecast period.

Smart locks are electromechanical devices that receive authorization instructions from an encrypted digital or mobile key to lock and unlock doors. Smart locks allow people to access their houses or allow others to enter without using a traditional key. Customers instead use their smartphones or other gadgets to inspect electronically and mechanically unlock the door. Smart locks are a type of home automation used to improve home security. As networked devices, smart locks can be viewed as an extension of the internet of things (IoT).

The other segment comprises face recognition locks and wall-mounted locks etc. For instance, Xiaomi has introduced the Smart Door Lock Pro, which is now available for pre-order in China. The smart device is compatible with Apple HomeKit, allowing customers to use it to unlock doors and manage the product with Siri voice commands. There are seven ways to access the door, including using a password, fingerprint, or NFC.

The smart lock market is segmented based on product type, end-user, and distribution channel, regional analysis and competitive landscape. Based on product type, the market is segmented into deadbolts, lever handles, padlocks, others (face recognition locks, wall-mounted locks, etc. The market is further divided into residential, commercial and industrial based on end-user. Based on distribution channel, the market is fragmented into retailers, distributors/ dealers, home automation system dealers, online and others (direct sales, etc.).

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Among the product type, the deadbolt segment dominates the global smart lock market. A deadbolt is a type of lock in which the latch bolt is moved by turning a knob rather than using a spring.These doors do not have springs and cannot be jimmied open with a knife or other tool. Smart deadbolts provide greater control over the home because they do not require a key to unlock the door and instead rely on connectivity with the user's phone.

However, each category holds a specific feature. For instance, the lever handle is operated by a latch. Pushing the handle opens and closes the door, however it can also be locked with a key or a passcode. These locks are generally Bluetooth-enabled, recognizing the Bluetooth ID of the user's smartphone and opening the door when the consumer arrives. The consumer can offer complete access to two devices. Whereas Padlocks are locks that are not permanently affixed to a door or anything else. Smart padlocks do not require a mechanical key and provide an audit trail by recording the person, time, and location of each access. Padlocks exist in a variety of shapes and sizes, and they provide a wide range of security levels.

Key market players in the Global Smart Lock Market include:

• Assa Abloy Inc. (Yale)
• Schlage Lock Co LLC
• August Home, Inc.
• Spectrum Brands Holdings, Inc. (Kwikset)
• UniKey Technologies, Inc.
• dormakaba Group
• SALTO Systems, S.L.
• Honeywell International Inc.
• Vivint, Inc.
• Buildwall., Inc. (DESSMANN)

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"Using smart connect locks which are connected via Wi-Fi and Bluetooth is a significant trend expected to impact market growth over the forecast period. Rising concern for security and safety, increasing penetration of smartphone and internet, increasing standard of living and increasing usage in government and commercial sector are the leading factors that will positively impact the Global Smart Lock Market. Due to the wide range of products available to meet the specific needs of customers and the growing popularity of the internet channel, the market is witnessing a significant surge,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Smart Lock Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product Type (Deadbolts, Lever Handles, Padlocks, Others (Face Recognition Locks, Wall-Mounted Locks etc.)), By End-User (Residential, Commercial, Industrial), By Distribution Channel (Retailers, Distributors/ Dealers, Home Automation System Dealers, Online and Others (Direct Sales etc.)), By Region 2021-2031F,” has evaluated the future growth potential of smart lock products and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the Global Smart Lock Market.