Smart Lock Market to Cross USD 9.63 Billion by 2031 Driven by Growing Demand for Convenience and Advanced Security

The Smart Lock Market Size was Valued at USD 2.41 billion in 2023, the market is expected to reach USD 9.63 billion by 2031, exhibiting an impressive CAGR of 19.4% during the forecast period 2024-2031, As per the SNS Insider’s report.

Growing Demand for Convenience and Advanced Security

Consumers are increasingly seeking convenient and advanced security solutions for their homes. Smart locks cater to both these needs by offering features like keyless entry, remote access, and integration with popular smart home ecosystems like Amazon Alexa and Google Assistant. This heightened security level and seamless user experience are driving significant market growth. Additionally, the rising popularity of smartphones and connected devices acts as a major catalyst. The ability to operate smart locks through smartphones and receive real-time security updates adds to their appeal.

Smart Locks Find Application Across Diverse Sectors

The use of smart locks extends beyond residential applications. The hospitality industry is witnessing a shift towards Wi-Fi or Bluetooth-enabled locks for enhanced security. Additionally, smart locks are finding applications in commercial spaces, educational institutions, and even rental properties. This diverse application base is contributing significantly to the market’s overall growth.

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Top Companies Featured in Smart Lock Market Report:

• Yale
• Schlage
• August Home
• Kwikset
• Goji
• SDS Smart Locks
• Mul-T-Lock
• Unikey Technologies Inc.
• Haven Lock Inc.
• Honeywell International Inc.
• Panasonic Corporations
• Salto Systems
• Samsung Sds Co. Ltd.
• Vivint Inc

The smart lock market is witnessing a flurry of activity, with key players making strategic partnerships and launching innovative products.

• In April 2023, ASSA ABLOY Group, a leader in access solutions, announced a new smart lock solution specifically designed for securing businesses and homes.
• HavenLock Inc., a veteran-owned company, launched a Power G version of their smart locking system in March 2023, catering to schools and commercial establishments.
• In March 2023, Honeywell International Inc. successfully implemented a smart lock and security technology project in Bengaluru, India, aiming to create a safer environment for citizens.
• In February 2022, Vivint and New American Funding collaborated to offer smart home security solutions to homeowners and homebuyers.
• In February 2022, dormakaba acquired AtiQx Holding B.V., strengthening its electronic access control and workforce management services.

These developments highlight the continuous innovation and expansion within the smart lock market.

Smart Lock Industry Segmentation as Follows:

BY TYPE

• Deadbolt Locks
• Lever Handles
• Padlock
• Server locks & Latches
• Knob Locks
• Others

by type, deadbolt locks hold the largest market share due to their easy installation, high durability, and effectiveness against intrusion. In terms of application, the residential segment dominates the market, driven by the growing penetration of smart homes and increasing investments in new construction and renovation projects. Additionally, the affordability of modern security solutions and compatibility with popular smart home technologies are further propelling growth within the residential segment.

BY TECHNOLOGY

• Bluetooth
• WiFi
• Z-Wave
• Others

BY MECHANISM

• Keypad
• Card Key
• Touch Based
• Key Fob
• Smartphone Based

BY APPLICATION

• Commercial
• Residential
• Hospitality
• Enterprise
• Critical Infrastructure
• Institutional & Government
• Industrial
• Transportation & Logistic

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Impact of Global Events:

The ongoing Russia-Ukraine war has disrupted supply chains and led to a rise in material costs, impacting the production and pricing of smart locks. Additionally, the war has caused a global economic slowdown, potentially impacting consumer spending on non-essential items like smart home devices. However, the long-term growth prospects of the smart lock market remain positive, driven by the aforementioned factors like rising security concerns and technological advancements.

North America Leads the Market with High Technology Adoption

North America held the largest market share of about 40% in 2023 due to its high technology adoption rate and the rapid expansion of smart homes. Consumers in the region have a high disposable income and are increasingly prioritizing security solutions for their homes and key infrastructure. This supportive regulatory environment is fostering the growth of the smart lock market in North America.

Key Takeaways

• The report highlights the significant growth potential of the smart lock market, driven by technological advancements and rising consumer demand for convenience and security.
• The study explores the various applications of smart locks across residential, commercial, and hospitality sectors.
• The report analyzes the impact of global events like the Russia-Ukraine war and economic slowdown on the smart lock market. The smart lock market is projected to maintain robust growth despite potential economic challenges.
• The integration of IoT, AI, and ML is the primary growth driver of the smart lock market.
• Smart locks offer a perfect blend of convenience and advanced security features.

Major Key Points from Table of Content

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Smart Lock Market Segmentation, By Type
9. Smart Lock Market Segmentation, By Technology
10. Smart Lock Market Segmentation, By Mechanism
11. Smart Lock Market Segmentation, By Application
12. Regional Analysis
13. Company Profile
14. Competitive Landscape
15. USE Cases and Best Practices
16. Conclusion

Continued….

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