Smart Lock Market Analysis, Growth, Demand Future Forecast 2027
Thanks to the advancing technology and rise in number of connected devices, smart cities and smart homes have also been witnessing a high demand. This increased popularity of smart homes coupled with the huge penetration of smartphones and connected devices has led to the phenomenal development of smart locks. As the technology is advancing day-by-day, concerns regarding safety and security have also increased, thereby boosting the demand for smart locks. Enhanced features of smart locks as compared to traditional locks are also majorly driving the growth of the worldwide market for smart locks, which is predicted to witness a high growth in the next few years.
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Market Overview
The Smart Lock Market Size is expected to reach USD 3.9 billion by 2027, at a CAGR of 12.9% during forecast period.
Based on Lock Type, deadbolts held the largest market share in 2016, and it is also expected to grow at the highest CAGR over the forecast period. This growth can be attributed to the increased use of deadbolts in residential and commercial verticals, low installation cost, high durability, and effective security from any kind of intrusion or attacks.
Based on Communication Protocol, the Bluetooth segment is anticipated to hold the largest market share by 2023, owing to its ability to maintain a balance between range, low power consumption, reliability bandwidth, and cost. However, the Wi-Fi segment is expected to witness the highest growth over the forecast period. This growth is mainly attributed to the high speed and wireless connectivity that is offered to the smart lock system coupled with the increasing adoption of IoT across the globe.
Among verticals, the residential vertical was the dominant market in 2016, and it is also projected to grow at the highest CAGR over the forecast period. This growth is mainly because of the increasing demand for smart homes, growing urbanization, and increased adoption of internet-based home security solutions.
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What is driving and restraining the market growth?
The growth of the Global Market for Smart Locks is being primarily influenced by the following factors:
- Growing concerns regarding security and safety
- Increasing adoption of smartphones and other connected devices worldwide
- Enhanced features as compared to traditional lock systems
Apart from these, rising adoption of IoT-based security systems and growing urban infrastructure in emerging economies are expected to further offer ample growth opportunities for this market. Moreover, increasing risks of cyberattacks through smart devices or IoT-enabled devices is a major challenge to be tackled by the players involved in this market.
Major Companies
The Smart Locks Market includes major Tier I and II players like ASSA ABLOY AB (Sweden), dormakaba Group (Switzerland), Spectrum Brands, Inc. (US), SALTO Systems, S.L. (Spain), Allegion plc (Ireland), and others.
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