Smart Lock Market Business Scope, Share Leaders, Trends And Forecast to 2029

Smart Lock Market revenue is expected to grow at 12.6 % through 2022 to 2029, reaching nearly USD 4.83 Bn.

Smart Lock Market Report Scope and Research Methodology

The comprehensive analysis report offers valuable insights into the dynamics, trends, and future prospects of the Smart Lock industry during the forecast period. It covers key market drivers, challenges, and recent developments, along with demand trends, growth stimulators, spending patterns, and modernization trends across different regions.

The research is based on extensive research and analysis, incorporating inputs from industry experts, government agencies, and market participants, providing a reliable and accurate assessment of the market dynamics and future trends.

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What are Smart Lock Market Dynamics?

Market Drivers:

Smart Locks Transform Hospitality: The adoption of smart locks in the hospitality sector has become a major trend, driven by the digitalization of customer and business operations. Mobile app-based check-in has simplified the guest experience, providing convenience and security. Smart locks have become the preferred choice for hotel security, with over 5 million rooms in the United States adopting this technology.

Increased Use in Apartments: Smart locks are gaining popularity among multifamily property managers due to their convenience and remote access capabilities. According to the NMHC, 59.4% of renters express interest in having smart locks in their units, reducing the need for changing locks when tenants move out.

Security and Convenience: Smart locks provide enhanced security and convenience, especially in urban areas and among higher-income consumers. The rising crime rate worldwide has driven the adoption of smart locks, offering robust protection and user-friendly features.

Rise of Internet of Things (IoT): The growing number of smartphone users and the popularity of IoT have created opportunities for smart lock market growth. Remote control and real-time monitoring, made possible by IoT connectivity, have fueled the market's expansion.

Smart Lock Market Segmentation?

In 2022, the deadbolts sector had the largest market share by lock type. This category is growing because of its ease of installation and growing applicability across many industries. One of the most popular styles of exterior home locks is the deadbolt. The expansion of this category is being driven by factors like as low installation costs, excellent durability, and good defence against intense incursions or attacks in residential, commercial, and other verticals. Additionally, industry giants like Kwikset are expanding its line of sophisticated deadbolts with integrated features like one-touch locking, low battery alerts, and personalised user codes, drawing in a sizable user base.

In terms of communication protocol, the Bluetooth communication protocol segment of the smart lock industry held the biggest market share in 2022. The 300-foot range of Bluetooth smart locks means that owners can only control their locks when they are in close proximity to their residences. It's a practical technology that may be applied to a variety of scenarios, such as access control, jewellery storage, and asset security. Customers can enjoy convenience and security with an incredibly low-cost and reasonably priced smart lock configuration. Throughout the projected period, this factor is driving the growth of the smart locks market.

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Who are Smart Lock Market Key Players?

1. ASSA ABLOY (Sweden)
2. Allegion plc (Ireland)
3. dormakaba Group (Switzerland)
4. Spectrum Brands Holdings, Inc. (U.S.)
5. Salto Systems S.L. (Spain)
6. Carrier (U.S.)
7. Cansec Systems Ltd. (Canada)
8. GANTNER Group (UAE)
9. Master Lock Company LLC (U.S.)
10.Master Lock Company LLC (U.S.)
11.Samsung (South Korea)
12.SentriLock, (U.S.)
13.Avent Security (Vietnam)
14.DESSMANN Schliessanlagen GmbH (Singapore)
15.Haven Lock, Inc., (U.S.)
16.Dahua Technology Co., Ltd (China)

Table of content for the Smart Lock Market includes:

Part 01: Executive Summary

Part 02: Scope of the Smart Lock Market Report

Part 03: Global Smart Lock Market Landscape

Part 04: Global Smart Lock Market Sizing

Part 05: Global Smart Lock Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Regional Insights:

The report offers valuable insights into the growth dynamics of the Smart Lock market across regions, including the Middle East and Africa, Asia Pacific, Europe, North America, and Latin America. In particular, the Vietnamese smart lock market is expected to experience significant growth, capturing approximately 3% of the total market share during the forecast period, creating opportunities for local market competition.

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