Smart locks are electronic locks that can be controlled remotely using a smartphone, tablet or other internet-connected devices. They offer keyless entry, allowing users to lock and unlock doors via mobile apps, voice commands or biometrics like fingerprints.
The smart locks market consists of sales, by entities (organizations, sole traders and partnerships), of smart locks that refer to an electrical lock that may be opened wirelessly with authentication from authorized users by connecting to the home's Wi-Fi (Wireless-Fidelity) network, which allows it to receive the code or smartphone command to lock or unlock to enhance security.
The global smart locks market was valued at $1,521.00 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 9.0%.
Smart City Initiatives
During the historic period, the increasing smart city initiatives contributed to the growth of the smart locks market. Governments globally initiated smart city projects aimed at integrating advanced technologies into urban infrastructure. As a key component of smart home systems, smart locks played a crucial role in these initiatives, significantly driving demand in the market. For instance, in the USA, in November 2021, the federal government announced the Investment and Jobs Act in its annual bill, in which it allocated $500 million for accelerating its smart city initiative and increasing the number of smart cities in the country. Therefore, increasing smart city initiatives supported the growth of the smart locks market growth.
The growth in the hospitality sector propelled the growth of the smart locks market in the historic period. Many hotels and resorts were incorporating smart locks into comprehensive smart room systems, which also manage climate control, lighting and entertainment through a unified interface.
Advanced Retrofit Smart Locks With Integrated Wi-Fi Smart Deadbolts Elevating Home Automation Capabilities
Companies operating in the smart locks market are focusing on developing advanced retrofit solutions with integrated Wi-Fi smart deadbolts for enhanced home automation. These smart deadbolts provide seamless remote access without requiring additional devices. The retrofit design easily fits existing hardware while adding features like voice command, auto-unlock and door position sensing. This combination of convenience and security meets the needs of consumers upgrading to smart home systems without major alterations. For example, in June 2024, Koninklijke Philips N.V. (Philips), a Netherlands-based smart appliance and technology company, introduced its first smart deadbolt with built-in Wi-Fi, allowing users to control their front door remotely without needing extra devices. The lock connects directly to the Philips Home Access App, simplifying setup. Its retrofit design fits over existing hardware, preserving the door's exterior while adding features like voice command integration, auto-unlock, door position sensing and remote access. This smart deadbolt enhances convenience and security without requiring major changes to current door systems.
The global smart locks market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up 71.0% of the total market in 2023.
Smart Locks Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global smart locks market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for smart locks? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The smart locks market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider smart locks market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by product, by communication technology, by authentication method and by application.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the smart locks market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by product, by communication technology, by authentication method and by application in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for smart locks providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Product: Deadbolts; Lever Handles; Padlocks; Other Products
- 2) By Communication Technology: Wi-Fi; Bluetooth; Zigbee; Z-Wave
- 3) By Authentication Method: Biometric; Pin Code; RFID Cards
- 4) By Application: Residential; Hospitality; Enterprise; Critical Infrastructure; Other Applications
- Companies Mentioned: Assa Abloy AB; Allegion Plc.; Dormakaba Group; Master Lock Company LLC.; Onity Inc.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia.
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; smart locks indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.