Smart Locks Market is expected to reach US$ 4.10 Bn by 2027

Growing demand for home automation to lead smart locks market growth at 14.2% CAGR during 2019?2027

According to our latest market study on "Global Smart Locks Market to 2027 - Analysis and Forecast by Type (Padlocks, Deadbolt, Lever Handle, Others); Communication Technology (Wi-Fi, Bluetooth, NFC, Others); Application (Residential,Commercial, Industrial); and Geography," the market was valued at US$ 1.44billion in 2019 and is projected to reach US$ 4.10 billion by 2027; it is expected to grow at a CAGR of 14.2% from 2019 to 2027.The report highlights key factors driving the market growth, and prominent players and their developments in the market.

The growing adoption of smartphones in developing markets creates new and exciting opportunities for various ongoing technological developments. The smartphone adoption has an enormous impact on the smart lock technology industry. The rising smartphone penetration is stimulating the growth of connected devices, which allow users to remotely access their door locks and operate with the help of several connected mobile applications. Previously, security managers had only a choice between PIN codes and smart cards; however, smartphones proliferation to the point of ubiquity has offered a new option to the manufacturers; access to smartphones is more secure than traditional keys. Smart locks provide wireless connectivity, which can send security alerts to the user on smartphones,allowing them to remotely monitor the system. Smart locks integrated with IoT sensors help to collect valuable information into smartphones; the whole system helps to reduce risks and possibilities of any burglary or theft. Hence, huge adoption of smartphone across all the regions is fueling the growth of the global smart locks market.

IoT technology is increasing swiftly and is projected to comprise 18 billion connected devices by2022 worldwide. It comes in a broad spectrum of different ecosystems, with numerous requirements and capabilities. From the past few years, IoT has create da substantial impact on home security as it enables user to control their locks with the help of smartphone, from anywhere. Several manufacturers have embraced IoT and the desire for innovative smart home security to offer consumers with an advanced security for authorized and a guest user. Several businesses are introducing systems, which offer enhanced security systems in order to incorporate IoT in the overall smart home security environment. Smart locks leverage IoT-based sensors in order to run key less entry devices, which enables user to access doors remotely through a smartphone or any internet-connected device. Additionally, to remain competitive in the market, timely updates and advancements are made in the smart locks by the smart locks service providers to sustain in the market. For instance, Schlage introduced its new Schlage Encode Smart Wi-Fi Deadbolt, at the 2019 International Consumer Electronics Show that features built-in Wi-Fi connectivity.

COVID-19 Impact on Smart locks Market

According to latest situation report from World Health Organization (WHO), the US, Spain, Italy,France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are some of the worst affected countries due to COVID-19 outbreak. The outbreak first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. As per latest WHO figures of 25th June 2020, there are around 9.28 million confirmed COVID-19 cases globally with ~478,691 total deaths and the number is growing at varying rates in different countries. TheCOVID-19 crisis is affecting the industries worldwide and the global economy is anticipated to take a worst hit in the year 2020 and likely in 2021 as well. The global electronic and semiconductor industry is one of the major industries that is facing serious disruptions due to COVID-19 outbreak, which in turn is negatively impacting the growth of global smart locks Market. The factory shutdowns,travel bans, trade bans, and border lock downs to combat and contain the out break have impacted the smart locks market.

Smart Locks Market Breakdown byRegion, 2019

The report segments the global smart locks market as follows:

By Type

• Padlocks
• Deadbolts
• Lever Handle
• Others

By Communication Technology

• Wi-Fi
• NFC
• Bluetooth
• Others

By Application

• Residential
• Commercial
• Industrial

By Geography

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Rest of Europe
• Asia Pacific (APAC)
  • China
  • India
  • Japan
  • South Korea
  • Rest of APAC
• Middle East &Africa(MEA)
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA
• South America(SAM)
  • Brazil
  • Argentina
  • Rest of SAM

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