Smart Lock Market: Information by Lock Type (Deadbolts, Lever Handles, Padlocks), Communication Protocol, Application, and Region — Forecast till 2029

May 19, 2020   Market Overview Smart lock is defined as an electromechanical device that has the ability to perform unlocking and locking operations, after receiving commands from an authorized device. Smart locks can be accessed via smartphones using advanced technologies such as Wi-Fi, Zigbee, and Bluetooth. It provides remote authentication and enhances the security of the buildings. The smart lock market has been gaining traction in the last few years owing to the rising security and safety concerns amon...
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Report Description

Market Overview

Smart lock is defined as an electromechanical device that has the ability to perform unlocking and locking operations, after receiving commands from an authorized device. Smart locks can be accessed via smartphones using advanced technologies such as Wi-Fi, Zigbee, and Bluetooth. It provides remote authentication and enhances the security of the buildings.

The smart lock market has been gaining traction in the last few years owing to the rising security and safety concerns among the government, educational, and corporate sectors. However, the high costs associated with the deployment of smart lock systems and the availability of conventional alternatives hinders the market growth. The below figure shows the important features considered by the users while choosing smart lock products.

Smart-Lock-Features

Rising Awareness Regarding Technological Advancements to Drive the Market Growth

The smart lock market’s most prominent driver is the rising deployment of the smart home framework across the globe as it offers advanced features such as connectivity, voice control, and remote access. It eliminates the requirement for traditional keys, providing convenience to the users. Increasing the standard of living in the emerging economies, coupled with rising awareness regarding technological advancements, provides an impetus to the market growth. In line with this, companies are actively working to develop innovative products to increase the customer base. For instance, Netatmo, a smart home device manufacturing company, developed a smart door lock compatible with Apple’s HomeKit standard.

Introduction of Innovative Products to Drive the Market Growth

The advent of the smartphone has considerably transformed the user’s lifestyle, subsequently rising the adoption of various home automation technologies. For instance, Yale and August Home, a subsidiary of Assa Abloy, introduced new products to their portfolio. Similarly, Linus Smart Lock embedded the DoorSense technique to enable unlocking of doors using mobile devices. Similarly, the Wi-Fi Smart Lock developed by August Home necessitates two-layer encryption and two-factor authentication, which can be administered using the August Home and Cloud application. Recently, Danalock International ApS developed a location-based lock, where the device identifies the user’s location and unlocks the door when the user is under the GPS boundary.  

Increasing Thefts and Burglaries to Prompt the Need for Effective Locks

Rising incidences of burglaries and thefts across the globe are compelling the residential sector to adopt innovative mechanisms in order to ensure the utmost safety. As per the Federal Bureau of Investigation, it was reported that, in the U.S., the number of thefts and burglaries surpassed 1.4 million in 2017, subsequently increasing the demand for remote and automated access control for enhanced security of the properties.  

Impact of the Coronavirus

The coronavirus pandemic is estimated to reduce the smart lock installations due to decelerating export activities. The lockdown imposed across the globe has disrupted the supply chain, further hampering the market growth. However, the demand for smart locks is projected to witness significant growth on account of its rising demand across various industrial verticals, especially the commercial sector. The hospitality industry is extensively using smart locks to help the customers unlock the door without touching the surface.

Smart Lock Market: Segmentation

On the basis of the communication protocol, the smart lock market is divided into Bluetooth, Wi-Fi, Zigbee, NFC, and others. The Wi-Fi segment holds the major market share as it is more favorable among the users. It offers long-range and robust connectivity.

Increasing Application of Deadbolt Locks in the Residential Sector to Drive the Segment Growth

By lock type, the smart lock market is segmented into deadbolts, lever handles, and padlocks. The deadbolt segment dominates the market owing to its increasing application in the residential sectors for its high durability and user-friendly properties. The padlock segment, on the other hand, is estimated to grow at a significant rate as it is manufactured using non-corrosive materials that are resistant to fluctuating weather conditions. The below figure shows the share of each sector in 2019.

Smart-Lock-Market-Segmentation

Rising Demand of Smart Locks in the Hospitality Sector Drive the Market Growth

The commercial segment is the fastest-growing segment in the market owing to the rising penetration of smart locks across the corporate, hospitality, and healthcare sectors. In the hospitality sector, customer experience and service is a critical factor, further driving the demand for smart locks to enhance security and protection. For instance, Watermark Baton Rouge, a first-class hotel located in the U.S., recently deployed ASSA ABLOY’s VingCard Essence door locks for superior safety of their customers. The lock exploits sophisticated encryption technology to avoid unauthorized access.  

Regional Overview

Smart-Lock-Market-Region

Rising Adoption of Smart Home Architecture Drives North America’s Smart Lock Market

North America dominates the smart locks market on account of surging adoption of smart home architecture and smartphones. As per the Consumer Technology Association estimation, in the U.S., the smart home sale is projected to reach USD 4.3 billion by the end of 2020. The Consumer Technology Association stated that in the U.S., smartphone sales reached USD 77.5 billion in 2019. The region is also backed by the presence of prominent market players that are actively working to develop innovative smart lock to sustain in the raging competition. For instance, Walmart is delivering groceries and set them in the customer’s refrigerator. The customers are required to buy a smart door lock kit and the installation for this smart lock is free. In addition to this, the customers are also eligible for one-month free grocery delivery. 

Key Players

  • ADEL Group (China)
  • Allegion plc (Ireland)
  • ASSA ABLOY AB (Sweden)
  • Avent Security (China)
  • Cansec Systems Ltd. (Canada)
  • Dessmann (Germany)
  • GANTNER Electronic GmbH (Austria)
  • Gate (the U.S.)
  • Haven Lock, Inc. (the U.S.)
  • Master Lock Company LLC (the U.S.)
  • MIWA Lock Co. (Japan)
  • Onity, Inc. (the U.S.)
  • Salto Systems S.L. (Spain)
  • Samsung Electronics Co., Ltd. (South Korea)
  • SentriLock, LLC (the U.S.)
  • Shenzhen Vians Electric Lock Co., Ltd. (China)
  • Spectrum Brands Holdings, Inc. (the U.S.)

Recent Developments

  • In 2017, ASSA ABLOY acquired August Home to expand customer base and gain a competitive edge
  • In November 2018, Schlage, a lock manufacturer in the U.S., partnered with Amazon to offer smart home solutions to the customers

Smart Lock Market Segmentation

By Lock Type

  • Deadbolts
  • Lever handles
  • Padlocks

By Communication Protocol

  • Bluetooth
  • Wi-Fi
  • Zigbee
  • NFC

By Application

  • Commercial sector
  • Residential sector
  • Industrial sector

By Region

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • The Middle East & Africa

Frequently Asked Questions (FAQs)

Rising awareness regarding technological advancements, rising adoption of smart home architecture are the key factors expected to drive Smart Lock Market during the forecast period.
North America is expected to hold the highest market share in Smart Lock Market.
ADEL Group, Allegion plc, ASSA ABLOY AB, Avent Security, Cansec Systems Ltd., Dessmann, GANTNER Electronic GmbH, Gate, Haven Lock, Inc.,Master Lock Company LLC, Onity, Inc., Salto Systems S.L are the top players in Smart Lock Market.
Residential Sector Segment is expected to be the leading segment in Smart Lock Market during the forecast period.
We will send you an email with login credentials to access the report. You will also be able to download the pdf.
Basically choose Pay by Purchase Order when you are checking out. We will connect with you via email to set up your order.
Call us, email us, or chat with us! We encourage your questions and feedback. We have a research concierge team available at all times and included in every purchase.

Market Overview

Smart lock is defined as an electromechanical device that has the ability to perform unlocking and locking operations, after receiving commands from an authorized device. Smart locks can be accessed via smartphones using advanced technologies such as Wi-Fi, Zigbee, and Bluetooth. It provides remote authentication and enhances the security of the buildings.

The smart lock market has been gaining traction in the last few years owing to the rising security and safety concerns among the government, educational, and corporate sectors. However, the high costs associated with the deployment of smart lock systems and the availability of conventional alternatives hinders the market growth. The below figure shows the important features considered by the users while choosing smart lock products.

Smart-Lock-Features

Rising Awareness Regarding Technological Advancements to Drive the Market Growth

The smart lock market’s most prominent driver is the rising deployment of the smart home framework across the globe as it offers advanced features such as connectivity, voice control, and remote access. It eliminates the requirement for traditional keys, providing convenience to the users. Increasing the standard of living in the emerging economies, coupled with rising awareness regarding technological advancements, provides an impetus to the market growth. In line with this, companies are actively working to develop innovative products to increase the customer base. For instance, Netatmo, a smart home device manufacturing company, developed a smart door lock compatible with Apple’s HomeKit standard.

Introduction of Innovative Products to Drive the Market Growth

The advent of the smartphone has considerably transformed the user’s lifestyle, subsequently rising the adoption of various home automation technologies. For instance, Yale and August Home, a subsidiary of Assa Abloy, introduced new products to their portfolio. Similarly, Linus Smart Lock embedded the DoorSense technique to enable unlocking of doors using mobile devices. Similarly, the Wi-Fi Smart Lock developed by August Home necessitates two-layer encryption and two-factor authentication, which can be administered using the August Home and Cloud application. Recently, Danalock International ApS developed a location-based lock, where the device identifies the user’s location and unlocks the door when the user is under the GPS boundary.  

Increasing Thefts and Burglaries to Prompt the Need for Effective Locks

Rising incidences of burglaries and thefts across the globe are compelling the residential sector to adopt innovative mechanisms in order to ensure the utmost safety. As per the Federal Bureau of Investigation, it was reported that, in the U.S., the number of thefts and burglaries surpassed 1.4 million in 2017, subsequently increasing the demand for remote and automated access control for enhanced security of the properties.  

Impact of the Coronavirus

The coronavirus pandemic is estimated to reduce the smart lock installations due to decelerating export activities. The lockdown imposed across the globe has disrupted the supply chain, further hampering the market growth. However, the demand for smart locks is projected to witness significant growth on account of its rising demand across various industrial verticals, especially the commercial sector. The hospitality industry is extensively using smart locks to help the customers unlock the door without touching the surface.

Smart Lock Market: Segmentation

On the basis of the communication protocol, the smart lock market is divided into Bluetooth, Wi-Fi, Zigbee, NFC, and others. The Wi-Fi segment holds the major market share as it is more favorable among the users. It offers long-range and robust connectivity.

Increasing Application of Deadbolt Locks in the Residential Sector to Drive the Segment Growth

By lock type, the smart lock market is segmented into deadbolts, lever handles, and padlocks. The deadbolt segment dominates the market owing to its increasing application in the residential sectors for its high durability and user-friendly properties. The padlock segment, on the other hand, is estimated to grow at a significant rate as it is manufactured using non-corrosive materials that are resistant to fluctuating weather conditions. The below figure shows the share of each sector in 2019.

Smart-Lock-Market-Segmentation

Rising Demand of Smart Locks in the Hospitality Sector Drive the Market Growth

The commercial segment is the fastest-growing segment in the market owing to the rising penetration of smart locks across the corporate, hospitality, and healthcare sectors. In the hospitality sector, customer experience and service is a critical factor, further driving the demand for smart locks to enhance security and protection. For instance, Watermark Baton Rouge, a first-class hotel located in the U.S., recently deployed ASSA ABLOY’s VingCard Essence door locks for superior safety of their customers. The lock exploits sophisticated encryption technology to avoid unauthorized access.  

Regional Overview

Smart-Lock-Market-Region

Rising Adoption of Smart Home Architecture Drives North America’s Smart Lock Market

North America dominates the smart locks market on account of surging adoption of smart home architecture and smartphones. As per the Consumer Technology Association estimation, in the U.S., the smart home sale is projected to reach USD 4.3 billion by the end of 2020. The Consumer Technology Association stated that in the U.S., smartphone sales reached USD 77.5 billion in 2019. The region is also backed by the presence of prominent market players that are actively working to develop innovative smart lock to sustain in the raging competition. For instance, Walmart is delivering groceries and set them in the customer’s refrigerator. The customers are required to buy a smart door lock kit and the installation for this smart lock is free. In addition to this, the customers are also eligible for one-month free grocery delivery. 

Key Players

  • ADEL Group (China)
  • Allegion plc (Ireland)
  • ASSA ABLOY AB (Sweden)
  • Avent Security (China)
  • Cansec Systems Ltd. (Canada)
  • Dessmann (Germany)
  • GANTNER Electronic GmbH (Austria)
  • Gate (the U.S.)
  • Haven Lock, Inc. (the U.S.)
  • Master Lock Company LLC (the U.S.)
  • MIWA Lock Co. (Japan)
  • Onity, Inc. (the U.S.)
  • Salto Systems S.L. (Spain)
  • Samsung Electronics Co., Ltd. (South Korea)
  • SentriLock, LLC (the U.S.)
  • Shenzhen Vians Electric Lock Co., Ltd. (China)
  • Spectrum Brands Holdings, Inc. (the U.S.)

Recent Developments

  • In 2017, ASSA ABLOY acquired August Home to expand customer base and gain a competitive edge
  • In November 2018, Schlage, a lock manufacturer in the U.S., partnered with Amazon to offer smart home solutions to the customers

Smart Lock Market Segmentation

By Lock Type

  • Deadbolts
  • Lever handles
  • Padlocks

By Communication Protocol

  • Bluetooth
  • Wi-Fi
  • Zigbee
  • NFC

By Application

  • Commercial sector
  • Residential sector
  • Industrial sector

By Region

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • The Middle East & Africa

Frequently Asked Questions (FAQs)

Rising awareness regarding technological advancements, rising adoption of smart home architecture are the key factors expected to drive Smart Lock Market during the forecast period.
North America is expected to hold the highest market share in Smart Lock Market.
ADEL Group, Allegion plc, ASSA ABLOY AB, Avent Security, Cansec Systems Ltd., Dessmann, GANTNER Electronic GmbH, Gate, Haven Lock, Inc.,Master Lock Company LLC, Onity, Inc., Salto Systems S.L are the top players in Smart Lock Market.
Residential Sector Segment is expected to be the leading segment in Smart Lock Market during the forecast period.
We will send you an email with login credentials to access the report. You will also be able to download the pdf.
Basically choose Pay by Purchase Order when you are checking out. We will connect with you via email to set up your order.
Call us, email us, or chat with us! We encourage your questions and feedback. We have a research concierge team available at all times and included in every purchase.