Smart Lock Market Size Report 2028

Summary

Report Description

The global smart lock market is anticipated to project robust growth in the forecast period due to the rising concern for security and safety, increasing standard of living and increasing penetration of smart phone and internet. Using smart connected technology is a prominent trend anticipated to affect new product launches throughout the projected period.

Smart locks are electromechanical devices that lock and unlock doors by receiving authorization instructions from an encrypted digital or mobile key. Smart locks enable users to enter their homes or provide others entry without the use of a traditional key. Instead, customers electronically check and mechanically unlock the door with their smartphone or other devices. Smart locks are a sort of home automation that is used to increase house security. Smart locks, as networked devices, can be thought of as an extension of the internet of things (IoT). Smart locks can also use mobile apps or websites to deliver a virtual key to third parties, allowing users to authorize access to third parties.

Companies are constantly more focused towards their R&D investment in order to capture the larger share of the market. For instance, Huawei has introduced the Smart Door Lock Pro, which features AI 3D face recognition. Huawei promises that the door will unlock in less than two seconds and that the device has only one false-positive result in a million. For further security, the smart lock is powered by HarmonyOS and employs a 3D deep-sensing camera from Huawei's top P50 Pro phone. It also includes TOPS, an AI processor, and an algorithm that dynamically learns to improve facial recognition over time.

Rising Concern for Security and Safety Will Fuel the Market Growth

The rising rate of crime and privacy intrusion has heightened people's and organizations’ concerns about protecting their assets and personal information. Smart door locks are more secure than traditional keys since mechanical key locks can readily be hacked into by outside forces. For example, Venezuela has the world's highest crime rate index of 84.36. Armed robberies, homicides, and kidnappings are all growing at a faster rate. In comparison to traditional security solutions such as mechanical locks and passwords, smart locks provide a more secure and long-term method of authenticating a person's identity. They provide leverage over traditional systems' limitations, such as losing or forgetting a key, or breaking a key, because smart locks rely on security procedures similar to those used in online banking. Smart locks have seen significant market adoption in order to provide uniform security using innovative technology.

Increasing Adoption of Connected Devices Will Fuel Market Growth

Wireless connectivity has been extended beyond smartphones and tablets to a wide range of consumer appliances and other electrical and electronic devices, allowing them to acquire and transmit data. The Internet of Things (IoT) facilitates the connection of people and devices over the Internet. Many smart appliances have undergone changes as a result of the growing popularity of IoT, which integrates digital and wireless technology. IoT is affecting many technology vendors. According to a USENIX Association report, there were around 83 million IoT devices in 16 million homes worldwide. In certain regions, the majority of houses now have at least one networked IoT device. These are some of the advantages that are driving smart lock adoption among End-Users.

Increasing Usage of Smart Locks in Government and Commercial Sector Will Fuel The Market Growth

Organizations in both the government and commercial sectors need to issue digital keys or pin numbers to employees for identification. Smart locks are enabled for scheduled entry and exit and automatically lock when the door is closed. Smart locks are seen to be the ideal replacement to traditional locks and security systems since they keep track of the flow of people in business facilities. To address public and company safety and security issues, the government and commercial sectors have begun to implement smart locks. Globally, the use of smart locks is expanding to maintain a secure and viable economy. Companies in the commercial sector have begun to apply upgraded technology in order to promote decreased liabilities, increased employee accountability, strengthened compliances, and increased efficiencies.

Increasing Penetration of Internet Will Fuel the Market Growth

The increasing global penetration of internet and smartphone devices encourages the use of smart locks. Furthermore, mobile data is becoming more affordable across the board. All regions of the world are seeing an increase in mobile internet users. Smart locks communicate with other devices over the internet. They may be watched and managed remotely via the internet using smartphones, tablets, or PCs. As of 2022, the internet was actively used by 69% of the world's population, or 4.9 billion people. According to trends, the number of internet users increases at a 4% annual rate, implying that approximately 196 million new individuals access the internet each year. This, in turn, drives the expansion of the smart lock market.

Download Free Sample Report

Market Segmentation

The smart lock market is segmented based on product type, end-user, and distribution channel. 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, in terms of end-user. Based on distribution channels, the market is fragmented into retailers, distributors/ dealers, home automation system dealers, online and others (direct sales etc.))

Company Profiles

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. and BUILDWALL., Inc (DESSMANN) are among the major market players in the global platform that lead the market growth of the global smart lock market.

Attribute	Details
Base Year	2022
Historical Years	2018 – 2021
Estimated Year	2023
Forecast Period	2024 – 2028
Quantitative Units	Revenue in USD Billion and CAGR for 2018-2022 and 2023-2028
Report Coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends
Segments Covered	· Product Type · End-User · Distribution Channel · Region
Regional Scope	North America, Asia-Pacific, Europe, Middle East & Africa and South America
Country Scope	United States; Canada; Mexico; China; India; Japan; South Korea; Indonesia, Vietnam; Germany; France; United Kingdom; Italy, Spain; Saudi Arabia; UAE; South Africa; Turkey; Brazil; Argentina; Colombia
Key Companies Profiled	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. and BUILDWALL., Inc (DESSMANN)
Customization Scope	10% free report customization with purchase. Addition or alteration to country, regional & segment scope.
Pricing and Purchase Options	Avail of customized purchase options to meet your exact research needs. Explore purchase options
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

Report Scope:

In this report, the global smart lock market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Smart Lock Market, By Product Type:

Deadbolt
Lever Handles
Padlocks
Others (Face Recognition Locks, Wall-Mounted Locks etc.)

Smart Lock Market, By End-User:

Residential
Commercial
Industrial

Smart Lock Market, By Distribution Channel:

Retailers
Distributors/ Dealers
Home Automation System Dealers
Online
Others (Direct Sales etc.)

Smart Lock Market, By Region:

North America

United States
Canada
Mexico

Asia-Pacific

China
India
Japan
South Korea
Indonesia
Vietnam

Europe

Germany
France
United Kingdom
Italy
Spain

Middle East & Africa

Saudi Arabia
UAE
South Africa
Turkey

South America

Brazil
Argentina
Colombia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the global smart lock market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

It is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Introduction

1.1. Product Overview

1.2. Key Highlights of the Report

1.3. Market Coverage

1.4. Market Segments Covered

1.5. Research Tenure Considered

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Market Overview

3.2. Market Forecast

3.3. Key Regions

3.4. Key Segments

4. Voice of Customer Analysis (B2C Model Analysis)

4.1. Sample Size Determination

4.2. Respondent Demographics

4.2.1. By Gender

4.2.2. By Age

4.2.3. By Occupation

4.3. Brand Awareness

4.4. Factors Influencing Purchase Decision

4.5. Customer Satisfaction

4.6. Challenges Faced After Purchase

5. Global Smart Lock Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Product Type Market Share Analysis (Deadbolts, Lever Handles, Padlocks, Others (Face Recognition Locks, Wall-Mounted Locks etc.)

5.2.2. By End-User Market Share Analysis (Residential, Commercial, Industrial)

5.2.3. By Distribution Channel Market Share Analysis (Retailers, Distributors/ Dealers, Home Automation System Dealers, Online and Others (Direct Sales etc.))

5.2.4. By Regional Market Share Analysis

5.2.4.1. North America Market Share Analysis

5.2.4.2. Asia -Pacific Market Share Analysis

5.2.4.3. Europe Market Share Analysis

5.2.4.4. Middle East & Africa Market Share Analysis

5.2.4.5. South America Market Share Analysis

5.2.5. By Company Market Share Analysis

5.3. Global Smart Lock Market Mapping & Opportunity Assessment

5.3.1. By Product Type Market Mapping & Opportunity Assessment

5.3.2. By End-User Market Mapping & Opportunity Assessment

5.3.3. By Distribution Channel Market Mapping & Opportunity Assessment

5.3.4. By Regional Market Mapping & Opportunity Assessment

6. North America Smart Lock Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Product Type Market Share Analysis

6.2.2. By End-User Market Share Analysis

6.2.3. By Distribution Channel Market Share Analysis

6.2.4. By Country Market Share Analysis

6.2.4.1. United States Smart Lock Market Outlook

6.2.4.1.1. Market Size & Forecast

6.2.4.1.1.1. By Value

6.2.4.1.2. Market Share & Forecast

6.2.4.1.2.1. By Product Type Market Share Analysis

6.2.4.1.2.2. By End-User Market Share Analysis

6.2.4.1.2.3. By Distribution Channel Market Share Analysis

6.2.4.2. Canada Smart Lock Market Outlook

6.2.4.2.1. Market Size & Forecast

6.2.4.2.1.1. By Value

6.2.4.2.2. Market Share & Forecast

6.2.4.2.2.1. By Product Type Market Share Analysis

6.2.4.2.2.2. By End-User Market Share Analysis

6.2.4.2.2.3. By Distribution Channel Market Share Analysis

6.2.4.3. Mexico Smart Lock Market Outlook

6.2.4.3.1. Market Size & Forecast

6.2.4.3.1.1. By Value

6.2.4.3.2. Market Share & Forecast

6.2.4.3.2.1. By Product Type Market Share Analysis

6.2.4.3.2.2. By End-User Market Share Analysis

6.2.4.3.2.3. By Distribution Channel Market Share Analysis

7. Asia-Pacific Smart Lock Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Product Type Market Share Analysis

7.2.2. By End-User Market Share Analysis

7.2.3. By Distribution Channel Market Share Analysis

7.2.4. By Country Market Share Analysis

7.2.4.1. China Smart Lock Market Outlook

7.2.4.1.1. Market Size & Forecast

7.2.4.1.1.1. By Value

7.2.4.1.2. Market Share & Forecast

7.2.4.1.2.1. By Product Type Market Share Analysis

7.2.4.1.2.2. By End-User Market Share Analysis

7.2.4.1.2.3. By Distribution Channel Market Share Analysis

7.2.4.2. India Smart Lock Market Outlook

7.2.4.2.1. Market Size & Forecast

7.2.4.2.1.1. By Value

7.2.4.2.2. Market Share & Forecast

7.2.4.2.2.1. By Product Type Market Share Analysis

7.2.4.2.2.2. By End-User Market Share Analysis

7.2.4.2.2.3. By Distribution Channel Market Share Analysis

7.2.4.3. Japan Smart Lock Market Outlook

7.2.4.3.1. Market Size & Forecast

7.2.4.3.1.1. By Value

7.2.4.3.2. Market Share & Forecast

7.2.4.3.2.1. By Product Type Market Share Analysis

7.2.4.3.2.2. By End-User Market Share Analysis

7.2.4.3.2.3. By Distribution Channel Market Share Analysis

7.2.4.4. South Korea Smart Lock Market Outlook

7.2.4.4.1. Market Size & Forecast

7.2.4.4.1.1. By Value

7.2.4.4.2. Market Share & Forecast

7.2.4.4.2.1. By Product Type Market Share Analysis

7.2.4.4.2.2. By End-User Market Share Analysis

7.2.4.4.2.3. By Distribution Channel Market Share Analysis

7.2.4.5. Indonesia Smart Lock Market Outlook

7.2.4.5.1. Market Size & Forecast

7.2.4.5.1.1. By Value

7.2.4.5.2. Market Share & Forecast

7.2.4.5.2.1. By Product Type Market Share Analysis

7.2.4.5.2.2. By End-User Market Share Analysis

7.2.4.5.2.3. By Distribution Channel Market Share Analysis

7.2.4.6. Vietnam Smart Lock Market Outlook

7.2.4.6.1. Market Size & Forecast

7.2.4.6.1.1. By Value

7.2.4.6.2. Market Share & Forecast

7.2.4.6.2.1. By Product Type Market Share Analysis

7.2.4.6.2.2. By End-User Market Share Analysis

7.2.4.6.2.3. By Distribution Channel Market Share Analysis

8. Europe Smart Lock Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Product Type Market Share Analysis

8.2.2. By End-User Market Share Analysis

8.2.3. By Distribution Channel Market Share Analysis

8.2.4. By Country Market Share Analysis

8.2.4.1. Germany Smart Lock Market Outlook

8.2.4.1.1. Market Size & Forecast

8.2.4.1.1.1. By Value

8.2.4.1.2. Market Share & Forecast

8.2.4.1.2.1. By Product Type Market Share Analysis

8.2.4.1.2.2. By End-User Market Share Analysis

8.2.4.1.2.3. By Distribution Channel Market Share Analysis

8.2.4.2. France Smart Lock Market Outlook

8.2.4.2.1. Market Size & Forecast

8.2.4.2.1.1. By Value

8.2.4.2.2. Market Share & Forecast

8.2.4.2.2.1. By Product Type Market Share Analysis

8.2.4.2.2.2. By End-User Market Share Analysis

8.2.4.2.2.3. By Distribution Channel Market Share Analysis

8.2.4.3. United Kingdom Smart Lock Market Outlook

8.2.4.3.1. Market Size & Forecast

8.2.4.3.1.1. By Value

8.2.4.3.2. Market Share & Forecast

8.2.4.3.2.1. By Product Type Market Share Analysis

8.2.4.3.2.2. By End-User Market Share Analysis

8.2.4.3.2.3. By Distribution Channel Market Share Analysis

8.2.4.4. Italy Smart Lock Market Outlook

8.2.4.4.1. Market Size & Forecast

8.2.4.4.1.1. By Value

8.2.4.4.2. Market Share & Forecast

8.2.4.4.2.1. By Product Type Market Share Analysis

8.2.4.4.2.2. By End-User Market Share Analysis

8.2.4.4.2.3. By Distribution Channel Market Share Analysis

8.2.4.5. Spain Smart Lock Market Outlook

8.2.4.5.1. Market Size & Forecast

8.2.4.5.1.1. By Value

8.2.4.5.2. Market Share & Forecast

8.2.4.5.2.1. By Product Type Market Share Analysis

8.2.4.5.2.2. By End-User Market Share Analysis

8.2.4.5.2.3. By Distribution Channel Market Share Analysis

9. Middle East & Africa Smart Lock Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Product Type Market Share Analysis

9.2.2. By End-User Market Share Analysis

9.2.3. By Distribution Channel Market Share Analysis

9.2.4. By Country Market Share Analysis

9.2.4.1. Saudi Arabia Smart Lock Market Outlook

9.2.4.1.1. Market Size & Forecast

9.2.4.1.1.1. By Value

9.2.4.1.2. Market Share & Forecast

9.2.4.1.2.1. By Product Type Market Share Analysis

9.2.4.1.2.2. By End-User Market Share Analysis

9.2.4.1.2.3. By Distribution Channel Market Share Analysis

9.2.4.2. UAE Smart Lock Market Outlook

9.2.4.2.1. Market Size & Forecast

9.2.4.2.1.1. By Value

9.2.4.2.2. Market Share & Forecast

9.2.4.2.2.1. By Product Type Market Share Analysis

9.2.4.2.2.2. By End-User Market Share Analysis

9.2.4.2.2.3. By Distribution Channel Market Share Analysis

9.2.4.3. South Africa Smart Lock Market Outlook

9.2.4.3.1. Market Size & Forecast

9.2.4.3.1.1. By Value

9.2.4.3.2. Market Share & Forecast

9.2.4.3.2.1. By Product Type Market Share Analysis

9.2.4.3.2.2. By End-User Market Share Analysis

9.2.4.3.2.3. By Distribution Channel Market Share Analysis

9.2.4.4. Turkey Smart Lock Market Outlook

9.2.4.4.1. Market Size & Forecast

9.2.4.4.1.1. By Value

9.2.4.4.2. Market Share & Forecast

9.2.4.4.2.1. By Product Type Market Share Analysis

9.2.4.4.2.2. By End-User Market Share Analysis

9.2.4.4.2.3. By Distribution Channel Market Share Analysis

10. South America Smart Lock Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Product Type Market Share Analysis

10.2.2. By End-User Market Share Analysis

10.2.3. By Distribution Channel Market Share Analysis

10.2.4. By Country Market Share Analysis

10.2.4.1. Brazil Smart Lock Market Outlook

10.2.4.1.1. Market Size & Forecast

10.2.4.1.1.1. By Value

10.2.4.1.2. Market Share & Forecast

10.2.4.1.2.1. By Product Type Market Share Analysis

10.2.4.1.2.2. By End-User Market Share Analysis

10.2.4.1.2.3. By Distribution Channel Market Share Analysis

10.2.4.2. Argentina Smart Lock Market Outlook

10.2.4.2.1. Market Size & Forecast

10.2.4.2.1.1. By Value

10.2.4.2.2. Market Share & Forecast

10.2.4.2.2.1. By Product Type Market Share Analysis

10.2.4.2.2.2. By End-User Market Share Analysis

10.2.4.2.2.3. By Distribution Channel Market Share Analysis

10.2.4.3. Colombia Smart Lock Market Outlook

10.2.4.3.1. Market Size & Forecast

10.2.4.3.1.1. By Value

10.2.4.3.2. Market Share & Forecast

10.2.4.3.2.1. By Product Type Market Share Analysis

10.2.4.3.2.2. By End-User Market Share Analysis

10.2.4.3.2.3. By Distribution Channel Market Share Analysis

11. Market Dynamics

11.1. Drivers

11.1.1. Rising concern for security and safety

11.1.2. Increasing standard of living

11.1.3. Increasing usage in government and commercial sectors

11.2. Challenges

11.2.1. Unreliability issues

11.2.2. Higher initial investment

12. Impact of COVID-19 on Global Smart Lock Market

12.1. Impact Assessment Model

12.1.1. Key Segments Impacted

12.1.2. Key Regions Impacted

12.1.3. Key Countries Impacted

12.1.4. Key Distribution Channel Impacted

13. Market Trends & Developments

13.1. Increasing penetration of smart phone and internet

13.2. Rapid technological and IOT advancement

13.3. Changing Lifestyle

13.4. Emergence of Easy Financing and Different Payment Methods

14. Porter’s Five Forces Model

14.1. Competitive Rivalry

14.2. Bargaining Power of Buyers

14.3. Bargaining Power of Suppliers

14.4. Threat of New Entrants

14.5. Threat of Substitutes

15. SWOT Analysis

15.1. Strengths

15.2. Weaknesses

15.3. Opportunities

15.4. Threats

16. Competitive Landscape

16.1. Company Profiles

16.1.1. Assa Abloy Inc. (Yale)

16.1.1.1. Company Details

16.1.1.2. Product & Services

16.1.1.3. Financials (As Per Availability)

16.1.1.4. Key Market Focus & Geographical Presence

16.1.1.5. Recent Developments

16.1.1.6. Key Management Personnel

16.1.2. Schlage lock Co LLC

16.1.2.1. Company Details

16.1.2.2. Product & Services

16.1.2.3. Financials (As Per Availability)

16.1.2.4. Key Market Focus & Geographical Presence

16.1.2.5. Recent Developments

16.1.2.6. Key Management Personnel

16.1.3. August Home, Inc.

16.1.3.1. Company Details

16.1.3.2. Product & Services

16.1.3.3. Financials (As Per Availability)

16.1.3.4. Key Market Focus & Geographical Presence

16.1.3.5. Recent Developments

16.1.3.6. Key Management Personnel

16.1.4. Spectrum Brands Holdings, Inc. (Kwikset)

16.1.4.1. Company Details

16.1.4.2. Product & Services

16.1.4.3. Financials (As Per Availability)

16.1.4.4. Key Market Focus & Geographical Presence

16.1.4.5. Recent Developments

16.1.4.6. Key Management Personnel

16.1.5. UniKey Technologies, Inc.

16.1.5.1. Company Details

16.1.5.2. Product & Services

16.1.5.3. Financials (As Per Availability)

16.1.5.4. Key Market Focus & Geographical Presence

16.1.5.5. Recent Developments

16.1.5.6. Key Management Personnel

16.1.6. dormakaba Group

16.1.6.1. Company Details

16.1.6.2. Product & Services

16.1.6.3. Financials (As Per Availability)

16.1.6.4. Key Market Focus & Geographical Presence

16.1.6.5. Recent Developments

16.1.6.6. Key Management Personnel

16.1.7. SALTO Systems, S.L

16.1.7.1. Company Details

16.1.7.2. Product & Services

16.1.7.3. Financials (As Per Availability)

16.1.7.4. Key Market Focus & Geographical Presence

16.1.7.5. Recent Developments

16.1.7.6. Key Management Personnel

16.1.8. Honeywell International Inc

16.1.8.1. Company Details

16.1.8.2. Product & Services

16.1.8.3. Financials (As Per Availability)

16.1.8.4. Key Market Focus & Geographical Presence

16.1.8.5. Recent Developments

16.1.8.6. Key Management Personnel

16.1.9. Vivint, Inc.

16.1.9.1. Company Details

16.1.9.2. Product & Services

16.1.9.3. Financials (As Per Availability)

16.1.9.4. Key Market Focus & Geographical Presence

16.1.9.5. Recent Developments

16.1.9.6. Key Management Personnel

16.1.10. Buildwall., Inc (DESSMANN)

16.1.10.1. Company Details

16.1.10.2. Product & Services

16.1.10.3. Financials (As Per Availability)

16.1.10.4. Key Market Focus & Geographical Presence

16.1.10.5. Recent Developments

16.1.10.6. Key Management Personnel

17. Strategic Recommendations/Action Plan

17.1. Key Focus Areas

17.2. Target Regions & Countries

17.3. Target End-User

17.4. Target Distribution Channel

18. About Us & Disclaimer

(Note: The companies list can be customized based on the client requirements.)

Figures and Tables

Frequently asked questions

What are the key factors driving the growth of the Global Smart Lock market?

The key factors driving the global smart lock market are the rising concern for security and safety, increasing standard of living, increasing usage of smart locks in government and commercial sector, and increasing penetration of smart phone and internet.

How long do smart locks last?

For a Bluetooth smart lock, one can expect a battery life of one to two years, up to three months for Wi-Fi, and 12 to 18 months for Z-Wave devices.

Which lock is most secure?

Deadbolt door locks are the most secure sort of key lock and are typically seen on the external door of a property. Deadbolts are available in single- and double-cylinder configurations and are graded from 1 to 3. A Grade 1 is the highest grade and offers the greatest level of security.

What are the disadvantages of a smart lock?

Smart locks typically communicate with phones via Bluetooth or Wi-Fi. Customers who do not have a backup plan (like logging in to account on another device) may be locked out if their phone is stolen, misplaced or its battery dies .

Related Reports

Parvati Sharma

Account Manager BD

Talk To Analyst

Press Release

Deadbolts Segment to Lead Smart Lock Market through 2028

Nov, 2022

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.

Buy Now