Smart Locks Market Statistics, 2030
The global smart locks market size was valued at $ 2,366.51 million in 2020, and is projected to reach $14,972.3 million by 2030, growing at a CAGR of 20.1% from 2021 to 2030.
Smart locks are electronic keyless locks that use Wi-Fi or Bluetooth connectivity to interact with other electronic devices installed at home. The locks can be operated with a specific electric fob or by installing the smart lock app in the phone. The user can send temporary keys to people, giving them access in the home within a specific time frame. Moreover, smart lock technology is unique and easy-to-use as compared to conventional methods. The technologies before smart locks include the use of ID codes, passwords, mechanical locks, code words, and paper slips, which are tedious to maintain and have a high possibility of data theft or loss. Smart locks work on IoT connectivity, which synchronize with the user’s smartphone to access control. This characteristic of smart locks makes it unique, reliable, and user-friendly and strengthens its market presence.
Segment Review
The smart locks market is segmented on the basis of product type, technology, end user, and region. On the basis of product type, it is segmented into deadbolts, lever handles, padlocks, and others. Further, the others segment includes footplate locks, rim latches, and wall mounted locks. On the basis of technology, it is bifurcated into Wi-Fi and Bluetooth. On the basis of end user, it is segregated in to residential and commercial. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Component
Deadbolts segment is projected as one of the most significant segments.
On the basis of technology, the Bluetooth segment dominated the overall smart locks industry in 2020, and is expected to continue this trend throughout the forecast period. The Bluetooth-enabled smart locks technology is the most convenient smart lock technology available in the market. Almost every smartphone available in the market is equipped with Bluetooth, so it is convenient for homeowners to integrate their smart locks with their smartphones, and into their other home automation systems. In addition, Bluetooth-enabled smart locks are safer as there is no need for the devices to be always connected to the internet; this reduces the risk of hacking.
In addition, rise in awareness, reduction in costs of installing smart locks, low battery requirements, and device efficiency may also accelerate the adoption of Bluetooth-enabled smart locks, which are expected to drive the growth of this segment. However, the Wi-Fi segment is expected to grow the most, and this trend is expected to continue during the forecast period. The Wi-Fi-enabled smart locks can synchronize with other home devices connected to the network, to get daily updates. In addition, the Wi-Fi enabled system consists of solenoid lock and android application. The locking mechanism in the door can be activated and deactivated automatically by smartphone using Wi-Fi technology within specific range.. Such advanced and reliable features are expected to drive the growth of this segment.
On the basis of end user, the residential segment captured the largest share in 2020 and is expected to continue this trend during the forecast period. The smart locks have contributed towards efficiency and security, thereby saving time and energy. In addition, it is very light-weight as it is small and tiny, thereby, adding to the convenience factor, which is expected to propel the growth of this segment during the forecast period.
However, the commercial segment is expected to witness the highest growth in the upcoming years. The major factor that drives the growth of this segment is the increase in prevalence for data security at commercial spaces. Along with security, smart lock technology is used to make office access management simple and secure. In addition, these smart locks can be integrated with a range of various third-party apps, which ensures that all lights in office shut down automatically when the doors are locked, which is expected to drive the growth of this segment.
North America dominated the overall smart locks industry in 2020, and this trend is expected to continue during the forecast period. This is attributed due to rise in trend for smart homes, increase in penetration of IoT, and rise in real estate and hospitality areas in addition, increase in investment in the government and defence sector for security & access management and technological advancements in the telecommunication industry is expected to drive the smart locks market growth during the forecast period.
However, the Asia-Pacific region is expected to witness highest growth in the upcoming years. This is attributed due to advancements in technology, artificial intelligence, and availability of smart home devices such as smart locks, which have led to increase in demand for smart locks. In addition, the increase in use of internet, growth in security concerns in government offices & research canters, and rise in construction activities in India are the major factors responsible for the growth in Asia-Pacific region.
On the basis of product type, the lever handle segment garnered the largest share in 2020 and is expected to continue to grow during the forecast period. This is attributed to drive the growth of this market due to increase in penetration of smartphones and increase in use of 4G and 5G networks. In addition, rise in adoption of smart devices, technological advancements, and social media activities are expected to further supplement the growth of lever-handle smart locks in the market.
However, the deadbolt segment is expected to witness highest growth in the upcoming years. This is attributed to increase in the need to address connectivity, which compels various users to adopt smart deadbolt locks. In addition, increase in popularity of smart locks and smartphone usage is expected to provide an encouragement to players to develop application-specific products to meet the growing demand of consumers, which is predicted to drive the growth of this segment during the forecast period.
By Deployment Model
Bluetooth segment is projected as one of the most lucrative segments.
The report focuses on the growth prospects, restraints, and smart locks market analysis. The study uses Porter’s five forces analysis of the smart devices industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, the threat of new entrants, the threat of substitutes, and bargaining power of buyers on the smart locks market trends.
By Industry Vertical
Residential segment is projected as one of the most significant segments.
Top Impacting Factors
Factors such as the need for better security management has impacted both developed and developing economies to protect themselves from unknown entities such as cyber-attack, rivalry, or other disturbing activities. The need to adopt smart locks technology, which is a modernized locking platform, is anticipated to help regulate the security of residences or commercial spaces. Consumers in major countries have adopted the smart lock technology for protection from thefts, which is expected to drive the growth of the smart locks market.
Moreover, increase in adoption of cloud-based mobile application boosts the growth of market globally. Furthermore, rapid changing business model and geographic expansion of businesses create lucrative opportunities for rapid growth of the smart locks market. However, high initial cost and fear of privacy intrusion can hamper the growth of the market.
Increase in Trend for Internet of Things (IoT)
IoT is the networking of smart electronic devices or things to transmit data signals between them in the absence of human intervention. Evolution in the convergence of wireless technologies, internet, and micro-electromechanical systems has made IoT communication possible. 51% of the population lives in metro cities at present, hence, the IoT-enabled smart locks market has numerous opportunities to grow. Internet of Things (IoT) simplifies the access of real-time data and remote-control monitoring, which is expected to drive the growth of the smart locks market during the forecast period.
By Region
Asia-Pacific is projected as one of the most lucrative region.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the smart locks market share along with the current trends and future estimations to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the smart locks market size is provided.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the smart locks market.
- The quantitative analysis of the smart locks market share from 2020 to 2030 is provided to determine the market potential.
Smart Locks Market Report Highlights
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Analyst Review
The global smart locks market provides lucrative opportunities to market players. Prominent players in the market have developed and launched new and innovative designs in smart locks, in- built with hybrid technology (Wi-Fi + Bluetooth in single device) to cater to a wide customer base in various nations. The deadbolt segment has a major share in the global smart locks market, and is expected to maintain this trend during the forecast period. The demand for smart lever smart locks is expected to increase significantly during the forecast period. Increase in technological advancements such as smart sensors with built-in smart locks and smart cameras in the locks is expected to supplement the market growth. For instance, in July 2021, SALTO Systems launched the versatile locking and access control solution “SALTO Neoxx electronic padlock. This product allows users to take advantage of the benefits of electronic access control, where previously only mechanical locking solution was available. Surge in advanced and reliable technology is expected to drive the growth of smart lock market during the forecast period.
Nevertheless, prominent market players are exploring new technologies and applications to meet the increase in customer demands. Product launches, collaborations, and acquisitions are expected to enable them to expand their product portfolios and penetrate in different regions globally. Emerging economies provide lucrative opportunities to market players for growth and expansion.
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