Smart Lock Market by Type, Communication Protocol, Application

List of Tables

[185 Pages Report] The Smart Lock Market size was estimated at USD 2.68 billion in 2023 and expected to reach USD 3.00 billion in 2024, at a CAGR 12.35% to reach USD 6.06 billion by 2030.

The smart lock industry is a diverse and rapidly evolving sector under smart home technology that designs, manufactures, and distributes advanced, digitally operated locking systems. Smart lock technology utilizes wireless protocols such as Bluetooth, Wi-Fi, and Z-wave to allow homeowners and business profiles to manage access to their premises via electronic unlocking and locking systems. Increasing inclination to smart homes products are surging demand for smart lock solutions. The increasing incidence of burglary increases the need for sophisticated security measures including smart lock solutions. The availability of a diverse range of smart locks through online channels has also increased the product availability & market adoption of smart lock solutions. However, complex installation and configuration issues of smart locks may limit the market adoption in upcoming years. The concerns associated with security breaches also pose challenges for market growth. The advancements in smart lock technologies with AI and ML integration create attractive market growth opportunities. Provision of energy-efficient and customized smart locks are also expected to create growth potential in the market.

KEY MARKET STATISTICS
Base Year [2023]	USD 2.68 billion
Estimated Year [2024]	USD 3.00 billion
Forecast Year [2030]	USD 6.06 billion
CAGR (%)	12.35%

Type: Increasing adoption of deadbolt smart locks for enhanced security

Deadbolt smart locks have widespread usage in homesteads and businesses due to their robust security, remote control access, auto-locking features, and compatibility with variety of smart home systems. Lever handle smart locks are primarily used for interior doors in commercial settings due to the ease with which the lever handle can be pushed or pulled down to open the door. Lever handle smart locks encompass modern designs, keyless entry and it can be unlocked using security codes, biometric data or a smartphone app, providing management options for multiple users and increased accessibility. Padlock smart locks consist of a shackle that can be removed entirely or partially during operation. Padlock smart locks are best suited for securing outdoor structures, such as sheds or storage units, due to their versatility and high durability.

Communication Protocol: Increasing utilization of Wi-Fi based smart locks

Bluetooth smart locks allow quick and convenient access without requiring the user to unlock or touch their device physically. The low-energy consumption of Bluetooth technology also appeals to many consumers concerned with sustainability and power usage. A significant part of the smart lock market pertains to Wi-Fi-based products typically offering remote access from virtually anywhere, expanding potential user convenience. The Z-Wave technology constitutes a unique niche in the smart lock market, frequently adopted by consumers keen on advanced home automation systems. The Z-Wave protocol is operable in larger vicinity, compared to Bluetooth, presenting opportunities among suburban home-owners or larger residential dwellers.

Application: Emerging applications of smart locks in residential & commercial settings

In the commercial sector, smart locks play an integral role in enhancing security and operational efficiency. Furthermore, commercial establishments use smart locks to restrict access to certain areas, securing valuable assets and sensitive information. Industries such as manufacturing, construction, warehousing, and logistics can greatly benefit from the implementation of smart locks by providing reassurance with their 24/7 monitoring capabilities. Smart locks are suitable for institutional environments such as schools, universities, hospitals, and government buildings as they help regulate access essential for maintaining safety and decorum. In residential settings, smart locks lead to enhanced convenience and security to unlock residential units using their smartphones or specific codes over traditional keys. Furthermore, smart locks offer the option of virtual keys, allowing homeowners to grant temporary access to guests or service providers.

Regional Insights

In the Americas region, major countries such as the United States and Canada have high adoption rates due to increasing urbanization and the presence of main smart lock manufacturers. The Americas region also enjoys robust growth due to sophisticated infrastructure, the prevalence of smart homes and easy availability of advanced and affordable security systems. The smart lock market in Europe is characterized by its increased adoption in residential spaces due to growing security concerns. Countries such as Germany, the United Kingdom, and France continue to lead the way in the adoption of sophisticated, IoT-enabled security solutions, including smart locks. In the Middle East and Africa, the smart lock market is at a nascent stage with ample growth opportunities due to rising infrastructure development projects. The rising urbanization and increasing technological awareness show remarkable growth potential in the Asia-Pacific region. Players in the APAC region are focusing on R&D initiatives to improve their product offerings and significantly enhance the market demand for smart lock solutions in the region.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Smart Lock Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Smart Lock Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Smart Lock Market, highlighting leading vendors and their innovative profiles. These include Allegion PLC, Assa Abloy AB, August Home, Inc., Avent Security, Be-Tech Asia Limited, Cansec Systems Ltd., Dorma+Kaba Holding AG, Gantner Electronic GmbH, Guangdong AP Tenon Sci.& Tech. Co., Ltd., Hune Lock, Igloohome Inc., iLockey, Kaadas Group, Klevio, Latch Inc., Master Lock Company LLC, MIWA Lock Co., Motorola Solutions, Inc, Nuki Home Solutions, ONE-LOCK, Onity, Inc., PDQ Locks, RemoteLock, Salto Systems S.L., Samsung Electronics Co., Ltd., Sentrilock, LLC, Shenzhen Omni Intelligent Technology Co., Ltd., Spectrum Brands Holdings, Inc., U-Tec Group Inc., and Zhejiang Desman Intelligent Technology Co., Ltd..

Market Segmentation & Coverage

This research report categorizes the Smart Lock Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
- Deadbolt
- Lever Handles
- Padlocks

Communication Protocol
- Bluetooth
- Wi-Fi
- Z-Wave

Application
- Commercial
- Industrial
- Institutional
- Residential

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Smart Lock Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Smart Lock Market?

3. What are the technology trends and regulatory frameworks in the Smart Lock Market?

4. What is the market share of the leading vendors in the Smart Lock Market?

5. Which modes and strategic moves are suitable for entering the Smart Lock Market?

Product Code: MRR-431752EA476D

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increased adoption of smart home technologies worldwide
  - 5.1.1.2. Surging incidence of burglary and need for sophisticated security measures
  - 5.1.1.3. Availability of a diverse range of smart locks through online channels
- 5.1.2. Restraints
  - 5.1.2.1. Complex installation and configuration issues of smart locks
- 5.1.3. Opportunities
  - 5.1.3.1. Advancements in smart lock technologies with AI and ML
  - 5.1.3.2. Provision of energy-efficient and customized smart lock
- 5.1.4. Challenges
  - 5.1.4.1. Concerns associated with security breaches
5.2. Market Segmentation Analysis
- 5.2.1. Type: Increasing adoption of deadbolt smart locks for enhanced security
- 5.2.2. Communication Protocol: Increasing utilization of Wi-Fi based smart locks
- 5.2.3. Application: Emerging applications of smart locks in residential & commercial settings
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Smart Lock Market, by Type

6.1. Introduction
6.2. Deadbolt
6.3. Lever Handles
6.4. Padlocks

7. Smart Lock Market, by Communication Protocol

7.1. Introduction
7.2. Bluetooth
7.3. Wi-Fi
7.4. Z-Wave

8. Smart Lock Market, by Application

8.1. Introduction
8.2. Commercial
8.3. Industrial
8.4. Institutional
8.5. Residential

9. Americas Smart Lock Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Smart Lock Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Smart Lock Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. Yale Launches Assure Lock 2 Models with Fingerprint and Apple Home Key Access
- 12.3.2. Fortune Brands Completes Acquisition of Emtek and Schaub Premium Hardware Brands and the U.S. and Canadian Yale and August Residential Smart Lock Brands
- 12.3.3. Level Partners with Rejuvenation to Bring Invisible Smart Lock Technology To Timelessly Designed Door Sets
12.4. Strategy Analysis & Recommendation

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio