Smart Lock Market Worth $5.53 Billion by 2029

According to a new market research report titled, 'Smart Lock Market by Lock Type (Deadbolt, Lever Handles, Others), Connectivity, Operating Mode, Application (Access Control & Authentication, Asset Control), End User (Residential, Commercial, Others) and Geography - Global Forecasts to 2029,' the smart lock market is projected to reach $5.53 billion by 2029, at a CAGR of 14.7% from 2022 to 2029. Based on volume, the global smart lock market is projected to reach 49.9 million units by 2029, at a CAGR of 15.3% during the forecast period.

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A smart lock is an electromechanical locking device that enables users to remotely access and unlock the locks. It can be accessed by connecting it to smartphones and other smart devices through various communication technologies such as Wi-Fi, Bluetooth, Zigbee, or Z-Wave and allows remote authentication by verified and authorized users.

The growth of this market is driven by the increasing safety & security concerns, the growing awareness of consumers about the benefit and comfort offered by smart locks, the increasing smart home penetration, and the rising acceptance of advanced access control and authentication technologies. In addition, the increasing adoption of IoT-based security systems, the rising proliferation of smart cities, and the growing integration of biometric technologies into smart locks are expected to offer significant opportunities for the growth of this market. However, high costs, perception of unreliability, and the lack of awareness among customers can restrain the market growth.

Impact of COVID-19 on the Smart Lock Market

By March 2020, governments worldwide imposed countrywide lockdowns to control the spread of the infection. The lockdown restrictions impacted manufacturing operations, with production facilities either completely shutting down or running at reduced capacities to ensure social distancing and employee safety. Most industries came to a standstill due to raw material & workforce shortages, supply chain disruptions, and restrictions on international trade. The pandemic impacted many businesses, including smart locks.

Several leading smart lock market players were eying this health crisis as a new opportunity to restructure and revisit their existing strategies and develop an advanced product portfolio. For instance, in 2020, Netatmo, a French home-based smart device manufacturer, launched its Smart Door Lock and Keys that support Apple's HomeKit standard. The company accommodates three other portable keys that use NFC to open the door quickly and securely. In another such instance, in 2020, Latchable, Inc. (U.S.) launched its LatchOS, an operating system for smart locks which provides customizable smart-building solutions in various commercials and residential applications.

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Every interaction or even touching access control and authentication devices poses a risk of spreading various infections, including COVID-19, flu, or the common cold. Contactless access control devices, such as biometric recognition and proximity cards, will play a significant role owing to consumers' increasing unwillingness to use touch-based devices as a result of the changed norms of daily living due to the pandemic. However, the demand for contactless access control systems, such as face recognition, voice recognition, fingerprint, palm & vein recognition, IRIS recognition, and proximity cards, is expected to grow multi-fold across several end-use verticals due to the preventive measures undertaken to control the spread of COVID-19. However, the demand for these systems has increased recently with the growing number of businesses operating remotely or at least at some physical distance as these systems reduce security-related risks. This is expected to support the growth of the market in the coming years

The smart lock market is segmented by lock type (deadbolt, lever handles, knob and others), connectivity (single connectivity (RFID, Bluetooth, WiFi, and other single connectivity modes) and multi connectivity), operating mode (single operating mode (keypad, smart card, touch-based, key fob, smartphone-based) and multi operating mode)), application (access control & authentication, asset control), end user (residential, commercial (BFSI, IT & Telecom, government & public sector, retail, hospitals, education, hospitality), industrial (manufacturing, transportation & logistics, and other industries)), and geography. The study also evaluates industry competitors and analyses regional and country-level markets.

Based on lock type, the smart lock market is segmented into deadbolt locks, lever handles, knob locks, and other lock types. In 2022, the deadbolt locks segment is expected to account for the largest share of the global smart locks market. This segment is also projected to register the highest CAGR during the forecasted period. The large market share of this segment is attributed to deadbolt locks' low installation cost, high durability, and effective protection against intense intrusion or attacks in residential, commercial, and other verticals.

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Based on connectivity, the smart lock market is segmented into single connectivity and multi connectivity. The single connectivity segment is further segmented into RFID, Bluetooth, Wi-Fi, and other single connectivity modes. In 2022, the multi connectivity segment is expected to account for the largest share of the global smart locks market. This segment is also projected to register the highest CAGR during the forecasted period. Smart locks have various connectivity options, all of which have distinct features that increase the ability to use remote features. These devices may support one or several different wireless network standards, such as Wi-Fi, Bluetooth, Zigbee, Z-Wave, Thread, and LoRa. These multiple connectivity standards are crucial for smart lock operation to serve different but complementary purposes.

Based on operating mode, the smart lock market is broadly segmented into single operating mode and multi operating mode. The single operating mode segment is further segmented into keypad, smart card, touch-based, key fob, and smartphone-based. In 2022, the multi operating mode segment is expected to account for the largest share of the global smart locks market. This segment is also projected to register the highest CAGR during the forecast period. Smart locks can be operated in multiple ways, providing added security. Factors such as the rising need for more security experience with customization features, convenience, control, and efficiency are expected to drive the growth of this segment.

Based on application, the smart lock market is segmented into access control & authentication and asset control. In 2022, the access control & authentication segment is expected to account for the largest share of the global smart locks market. This segment is also projected to register the highest CAGR during the forecasted period. Factors such as the rising acceptance of advanced access control & authentication technologies such as fingerprint recognition, face recognition, IRIS recognition, voice recognition, and smart card, along with the increasing consumer demand for modern access control & authentication devices and consistent technological advancements in access control & authentication technology are expected to drive the segment growth.

Based on end user, the smart lock market is broadly segmented into residential, commercial and industrial. In 2022, the commercial segment is expected to account for the largest share of the global smart locks market. The growth of this segment is attributed to the growing awareness about safety & security, the growing need for high-level access control systems for multiple premises & buildings, the increasing smart city initiatives across the globe, and the rapidly increasing adoption of smart locks in several commercial organizations.

However, the residential segment is expected to register the highest CAGR during the forecast period. Factors such as the rising smart home penetration, an increase in new and restoration projects across the sector, increased affordability of modern security solutions such as motion detectors, door and window opening sensors, and remote door locking and unlocking are expected to drive the growth of this segment.

Based on geography, the smart lock market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the smart locks market. The region is also expected to witness rapid growth during the forecast period. The growth in this region is mainly driven by factors such as the presence of rapidly developing economies, consistent technological advancements in access control and authentication technology, and government initiatives to integrate access control and authentication technologies in various public services. Moreover, increased adoption of advanced technologies, including artificial intelligence, IoT, and biometric recognition, is also contributing to the growth of the smart locks market in Asia-Pacific.

The report also includes an extensive assessment of the key growth strategies adopted by the leading market participants between 2020 and 2022. The key players operating in the smart locks market are ASSA ABLOY (Sweden), dormakaba Group (Switzerland), SALTO Systems, S.L. (Spain), Allegion plc (Ireland), Honeywell International Inc. (U.S.), Vivint Smart Home, Inc. (U.S.), ZKTECO CO., LTD. (China), igloocompany Pte Ltd (Singapore), RemoteLock (U.S.), Onity (U.S.), Master Lock Company LLC. (U.S.), MIWA Lock Co. (U.S.), Avent Security (China), Shenzhen Vians Electric Lock Co., Ltd. (China), Samsung Electronics Co., Ltd. (South Korea), SentriLock, LLC (U.S.), Zhejiang Dahua Technology Co., Ltd (China), and DESSMANN Schliessanlagen GmbH (Germany).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/smart-lock-

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