A recently revamped Fact.MR report establishes that the global smart lock market is expected to surge at a CAGR of 16% from 2022 to 2032, reaching a value of US$ 19 Bn. This surge is attributed to the ever increasing demand for robust security solutions- both in commercial as well as residential settings. Hence, clients are opting for smart locking systems.
From 2017 to 2021, the industry surged at an impressive CAGR of 15%. During the COVID-19 pandemic, prospects remained largely optimistic. The imposition of lockdowns and stay-at-home directives prompted end users to beef up their existing security systems to prevent possible incidences of break-ins and thefts.
Countries across the world are leveraging advancement in infrastructural technology such as smart surveillance, enhanced sensors, and mobile control of security systems. Market players are heavily investing in research and development of smarts locks to increase convenience and enhance security.
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Key Takeaways from the Market Study
- Global smart lock market to be valued at US$ 4.31 Bn by the end of 2022
- Smart locks for residential applications to surge 2.7x through 2032, capturing a market share of 68%
- Deadbolt smart locks to accumulate a revenue share exceeding 2/5th of global market value
- Lever handler smart locks to experience a staggering 17% CAGR increase through 2032
- U.S to accumulate a revenue share exceeding 40% across 2022 and beyond
- South Asia & Pacific to be the fastest growing market, clocking a 22% CAGR
“Many new innovations today are aiming to make homes smarter and everyday life easier, now achievable due to superior data analytics and the advent of artificial intelligence.” comments a Fact.MR analyst
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.
- In February 2021, Allegion Plc. introduced the new Schlage Ease™ range of smart locks that are easy to install and use, but with maximum features. These locks are available in either deadbolt or entry lock versions and offers affordable style, convenience and security with modern smart functionality for any home.
- In September 2021, ASSA Abloy has signed a definitive agreement to acquire the Hardware and Home Improvement (“HHI”) division of Spectrum Brands for a purchase price of MUSD 4300 on a cash and debt free basis.
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Key Segments Covered in the Smart Lock Industry Analysis
- By Type
- Deadbolt Smart Locks
- Lever Handle Smart Locks
- Smart Padlocks
- Other Smart Locks
- By Application
- Smart Locks for Residential Applications
- Smart Locks for Hospitality Industry
- Enterprise Smart Locks
- Smart Locks for Critical Infrastructure
- Other Smart Locks Applications
Which is Likely to be the Dominant Application Area for Smart Locks?
Residential applications of smart locks will continue to lead the application type segment with over 68% of the total market value share. The residential segment will grow 2.7x through 2032. The highest growth is recorded in enterprise applications of smart locks.
The increasing digitization of the workforce and business operations acts as a fertile landscape for the smart lock market to grow over 3x during the forecast period. Advantages such as enhanced security amid the increasing need for data security is propelling the demand from enterprise applications of smart locks.
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Rising Demand for Smart Security Solutions Spurring Uptake
The United States accounts for a lion’s share of over 62% of the total market value. Developed countries such as the US drive sales in this region. Smart locks are catching on in a big way, according to a research report published by Fact.MR
According to the researchers, 1/4TH of U.S. broadband households plan to purchase a smart lock in the upcoming year — and more than a third (35%) of U.S. broadband households contemplate smart locks to be reasonable.
Increasing security concerns in residential, as well as, commercial properties is a major contributing factor to double-digit growth of 14% during the projection period. Gantner Electronic GmbH, Schlage, and Wyze Labs Inc. are among the prominent players serving the Smart Locks market in North America. With the intensifying trend of autonomous vehicles worldwide, the demand for innovative and smart locks for cars is augmenting.
The creators are centring on the growth and integration of digital keys for the cars by implementing the ultra-wideband (UWB) technology. The combination of ultra-wideband technology in the smart keys offers enhanced precision, security, and real-time localization abilities unsurpassed by other wireless technologies that comprise Bluetooth, Wi-Fi, and GPS.
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