The Smart Lock Market Revolution: Insights into the $3,900 Million by 2027
The Smart Lock Market is expected to increase significantly. The market's revenue was projected to be USD 2,450 million in 2023 and is anticipated to expand at a compound annual growth rate (CAGR) of 12.9% from 2023 to 2027, reaching USD 3,900 million. The market for smart locks is expanding across numerous verticals, including the residential and commercial sectors, as a result of factors including increased concerns about convenience and safety, growing acceptance of smart home technologies, and rising demand for advanced security solutions.
Urban infrastructure development and the growing use of Internet of Things (IoT)-based security solutions present exciting potential for market participants in the smart lock sector. Smart lock systems may be smoothly integrated with connected devices thanks to the growth of IoT technology, improving security and convenience for users. Additionally, the ongoing urban infrastructure construction in developing nations offers a favourable setting for the application of smart lock solutions, spurring the market's expansion and creating lucrative opportunities for sector participants.
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The smart lock 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. These players have a strong market presence for Smart lock across various countries in North America, Europe, APAC, and RoW.
Rising adoption of smartphones and other connected devices
The market for smart locks is expanding as a result of the increasing use of smartphones and other linked devices. The market is progressing because to the rising demand for smartphones, tablets, and connected gadgets in both developed and emerging nations. The market for these gadgets is anticipated to increase further as smartphone penetration soars in nations like China, India, Malaysia, and Indonesia. The ubiquitous use of the internet and the rising popularity of smartphone-based applications and mobile websites, which has led businesses to make strategic investments in these markets, both promote this growth.
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Deadbolt locks is expected to hold the highest market share during the forecast period
Deadbolt locks are predicted to rule the smart lock market over the forecast period and maintain the largest market share. As an exterior residential lock, deadbolts are frequently used because of their dependability and durability. Based on their resilience and longevity, they are divided into grades, with Grade 1 being the highest and Grade 3 being the lowest. Most smart lock systems work with existing deadbolts, which improves the security features and makes them a popular option for customers looking for better home security.
Residential vertical to hold the largest market size of smart lock market during the forecast period
The residential vertical is anticipated to have the greatest market share in the smart lock market during the projected period. This vertical, which includes both single-family homes and condominiums, dominates the market for a number of reasons. The convenience and improved security that smart homes provide are driving up demand for them, which is helping the residential vertical to expand. The market's growth in this sector is further fueled by the continued trend of urbanisation and the increased acceptance of security solutions. ASSA ABLOY (Sweden), August Home (US), Spectrum Brands (US), and Gate (US) are important participants in the smart lock market that serve the residential vertical.
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Smart lock market in APAC to hold the highest CAGR during the forecast period
The Asia-Pacific (APAC) region is anticipated to enjoy the greatest compound annual growth rate (CAGR) during the course of the projection for the smart lock market. Numerous variables contribute to this expansion. Major regional nations, referred to as developing economies, are seeing an increase in their industrial bases and a growth in the market for linked security devices, which is encouraging more people to use security systems. The enormous population base of the area, the rapid urbanisation, and the increase in research and development (R&D) activities all support the expanding use of smart locks in APAC.
Key players in the smart lock market are ASSA ABLOY AB (Sweden), dormakaba Group (Switzerland), Spectrum Brands, Inc. (US), SALTO Systems, S.L. (Spain), Allegion plc (Ireland), Honeywell International Inc. (US), Dahua Technology Co., Ltd (China), Samsung Electronics Co., Ltd. (South Korea), Vivint, Inc. (US), ZKTECO CO., LTD. (China), igloohome Pte Ltd (Singapore), RemoteLock (US), Onity (US), Master Lock Company LLC. (US), MIWA Lock Co. (Japan), SentriLock (US), Avent Security (China), HavenLock, Inc. (US), Shenzhen Vians Electric Lock Co., Ltd. (China), Anviz Global Inc. (US), CANDY HOUSE, Inc. (US), AMADAS (South Korea), Thekeywe (South Korea), Gate Video Smart Lock (US), and DESSMANN Schliessanlagen GmbH (Germany).
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