The smart locks market was valued at US$ 1.44 billion in 2019 and is projected to reach US$ 4.10 billion by 2027; it is expected to grow at a CAGR of 14.2% during 2020–2027.
The increasing trend and implementation of the Internet of Things (IoT), and growing concern related to security and privacy are boosting the adoption of smart home security devices across the world. The escalating consumer awareness regarding the advantages of the advanced security solutions is anticipated to positively influence the product sales worldwide. Moreover, upsurge in the number of smartphone users worldwide is further boosting the deployment of smart locks in the last few years owing to enhanced benefits such as easy user interface and convenience to the users. The ever increasing awareness related to secure home solutions, the constant development of smart devices such as smartphones, rising disposable income of consumers, and booming internet services are some of the foremost factors driving the growth of the smart locks market
The smart locks offer comfort in their usage along with the integration of communication technology such as Bluetooth, Wi-Fi, and NFC. The usage of smartphones has become an integral part of today's routines across emerging economies, as large number of users are acquiring these smart devices to ease their daily routines, this factor is further contributing to the growth of the smart locks market at a significant pace. A steady growth in the adoption of portable security devices, a rise in security threats, and the development of smart cities are some of the other factors driving the smart locks market. Nevertheless, the high cost of devices, misplace of smartphones, and fear of privacy intrusion are expected to hinder the market growth. Additionally, the emerging popularity of smart technology is projected to offer new opportunities for the smart locks manufacturers during the forecast period. Various other technologies such as the code words, ID codes, mechanical locks, passwords, and paper slips are being used before the emergence of smart locks, thus maintaining these technologies was a tedious job and had a high possibility of data loss or theft. The smart locks work on the principle of IoT connectivity, which allows the easy synchronization with the user's smartphone for access control.
IMPACT OF COVID-19 ON SMART LOCKS MARKET
According to latest situation report from World Health Organization (WHO), the US, Spain, Italy, France, Germany, 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 for 25th June 2020, there are around 9.28 million confirmed COVID-19 cases globally with ~478,691total deaths and the number is growing at varying rates in different countries. The COVID-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 also. The global electronic and semiconductor industry is one of the major industry that is suffering serious disruptions due to coronavirus crisis is impacting the growth of global smart locks Market. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak have impacted the smart locks market.
Lucrative Regions for Smart Locks Market
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Market Insights–Smart Locks Market
Increasing Adoption of Smartphone
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 apps. Security managers had a choice between PIN codes and smart cards; however, smartphone’s 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 monitor the systems remotely. Smart locks integrated with IoT sensors help to collect valuable information into smartphones; the data collected helps to reduce risks and possibilities of any burglary or theft. Hence, huge adoption of smartphone across all the regions are fueling the growth of the global smart locks market.
Companies in the market are introducing advanced smart locks, which can be accessed via user’s smartphone at anytime, anywhere. The growing smartphone penetration across the world is empowering smart locks manufacturers to offer wireless connected solutions to their customers. Some of the developments are listed below:
In June 2019, Xiaomi, a Chinese electronics giant, announced the launch of its MIJIA smart door lock with a push-pull release. The company’s push-pull design incorporates the fingerprint module with the door handle; hence, one can unlock the door with the finger-based sensor by eliminating the need for physical keys. The smart lock is also connected with a smartphone, which sends alerts to the users if the door is unable to pulled out.
In January 2019, Kwikset, an American lock manufacturer, announced Wi-Fi-based smart locks called Halo. These smart locks are built to connect with the user’s existing Wi-Fi and runs without a third-party subscription service. The company offers an application, where users can remotely monitor lock status, handle guest user access, and remotely unlock and lock door from their smartphones.
In January 2020, Netatmo, a French company, announced a launch of a cylinder door lock, which can be used with the smartphone to open the door.
Type based Insights
Based on type, the smart locks market is segmented into padlocks, deadbolts, lever handle, and others. The standard padlocks are keyless, comprises an 8mm boron-hardened shackle that offers locking power from anywhere. The padlocks provided by the manufacturers are crafted with robust materials, severely tested, and certified, to simplify access control of the specific place. These padlocks are smart and powerful, which are manufactured in such a way that they offer tamper-resistant security, across many industries and are accessible from any smartphones. Initially, the padlocks were integrated with rotary or dial locks, but with technological advancement, the new wave of smart models were launched with enhanced features like fingerprint sensors. These smart padlocks are waterproof and are charged with a micro USB cable; once charged on standby, the battery will last for a month. In case of any technical issues, the user can easily unlock the door through the app, by inputting an emergency PIN on the lock, or by scanning a QR code.
Communication Technology-Based Insights
Based on communication technology, the smart locks market is segmented into Wi-Fi, Bluetooth, NFC, and Others. The smart locks can be locked and opened with the use of key code & turnkey; however, with an advanced Wi-Fi technology, the user can receive alerts in case of any unexpected entries in the home. The Wi-Fi-connected keypad locks permit the user to remotely unlock and lock the door with the help of a web-enabled device. Smart locks are easily installed and can be attached to the existing deadbolt lock on the door to keep the original keys along with the new key which has built-in Wi-Fi; thus, the locks do not require any additional bridge to connect it with the Wi-Fi. The integration of Wi-Fi technology into door lock offers full voice control along with remote access functionality. For instance, in 2020, Weiser (Spectrum Brands Holdings, Inc.) announced the addition of Wi-Fi enabled smart Locks called Halo Touch- a Wi-Fi Smart lock. This new smart lock offers a secured and convenient smart home experience, and also provides homeowners access to their home through fingerprint.
Application-Based Insights
Based on application, the smart locks market is segmented into residential, commercial, and industrial. The rising concern among the population regarding their safety and security, is the main factor leading to the adoption of smart locks globally. The increasing number of local thefts is encouraging the masses to integrate smart locks in their houses, which permit an advanced security system. The users are progressively adopting and integrating its smart locks with the smartphone functionalities to keep them interconnected via the internet to receive notifications and continuously monitor the entries and exits.
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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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The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
- In 2020, Vivint Smart Home, Inc. and MosaicAcquisition Corp. announced the completion of the previously announcedtransaction between Vivint and Mosaic, which results in Vivint becoming apublicly-traded company. The merger was valued at US$ 4.2 billion, includingadditional equity of $488 million.
- In 2019, Schlage’s new smart lock, the SchlageEncode Smart Wi-Fi Deadbolt, Brilliant’s Smart Home Control. This will providethe users with complete access control to lock and unlock their doors directlyfrom any wall-mounted Brilliant Control orby utilizing voice commands throughintegration with Amazon Alexa.
The Global Smart Locks Market has been segmented as Follows:
Smart Locks Market –By Type
- Padlocks
- Deadbolts
- Lever Handle
- Others
Smart Locks Market –By Communication Technology
- Wi-Fi
- NFC
- Bluetooth
- Others
Smart Locks Market –By Application
- Residential
- Commercial
- Industrial
By Geography
North America
- U.S.
- Illinois
- Ohio
- Michigan
- Indiana
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- Russia
- UK
- Rest of Europe
Asia Pacific (APAC)
- South Korea
- Australia
- China
- Taiwan
- Japan
- Rest of Asia-Pacific
Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
South America (SAM)
- Brazil
- Rest of MEA
Smart Locks Market- Companies Profiles
- Amadas, Inc.
- HAVENLock
- Honeywell International Inc.
- August Home
- SAMSUNG
- Vivint, Inc.
- Wyze Labs, Inc.
- U-tec Group Inc.
- Schlage
- GANTNER Electronic GmbH
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
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