Global Smart Lock Market

Global Smart Lock Market Size, Trends & Analysis - Forecasts to 2026 By Type (Deadbolt, Lever Handle, Padlock); By Product (Biometric Door Locks, Smart Card Door Locks, Electric Strike Door Locks, Others); By Application (Residential, Hospitality, Enterprise, Critical Infrastructure, Others); By Region (North America, Europe, Asia Pacific, MEA, and CSA); End-User Landscape, Vendor Landscape, and Company Market Share Analysis and Competitor Analysis

Category Trending Technology

Format

This report was recently updated on April 18 2024 with the latest and most recent market numbers

Smart Lock Market Insights

The global smart lock market is expected to grow from USD 2.3 Billion in 2021 to reach USD 3.9 Billion by 2026, with a CAGR value of around 12.45%. The growth of the market is attributed to factors such as rising research and development activities to launch the latest and technically advanced smart lock systems for commercial and residential buildings. Moreover, the rising concern for privacy and security of residential areas and increasing demand for IoT-based products will help the market grow rapidly. Due to the rising demand for a top-notch security system for residential, commercial, and industrial buildings, the market has witnessed an increase in revenue sales of smart lock systems and software. These smart lock systems can sync with the smartphone via Bluetooth or Wi-Fi connectivity and enable the users to real-time monitor video surveillance, data generated, and locking systems.

The market is anticipated to rise in response to the growing need for cost-effective and time-saving IT solutions for homes and buildings. The introduction of location-based locks with highly sensitive threat detection systems along with real-time GPS systems integrated especially designed for commercial buildings will help the market grow rapidly. The launch of the latest and smart lock systems, along with the rising adoption of smart touch sensors in smart lock products will help the market grow rapidly from 2021 to 2026. The companies providing the smart ecosystem are Samsung, Google, and Amazon, among others. These companies have a strong brand image in the market as they have introduced some of the unique smart solutions such as Alexa, Siri, Samsung SmartThings, and Apple Home Pods.

global smart lock market

Smart Lock Market: By Type

Based on various types of locks available, the market is segmented into the deadbolt, lever handle, and padlock. The deadbolt segment holds the largest share of the market in terms of revenue generation from 2021-2026. Its rapid adoption in the residential sector is attributed to advantages such as ease of use and a long-lasting locking mechanism. Furthermore, Kwikset, (one of the pioneers of the smart lock system segment) is expanding its line of innovative deadbolts with built-in features such as low battery warning, one-touch locking, and customized user codes, ultimately attracting new customers.

Moreover, the padlock segment is expected to follow a growing trend after the deadbolts as these are weatherproof, with non-erosive composition. With the widespread usage of conventional locks, they have recently emerged as a better substitute.

Smart Lock Market: By Product Type

Based on the products, the market is segmented into biometric door locks, smart card door locks, and electric strike door locks. Biometric door locks are predicted to rise at a higher rate from 2021 to 2026, due to increased usage of face recognition, palm recognition, iris recognition, and finger recognition system. It has a wide range of applications in residential, commercial, industrial areas, and public spaces for serving the purpose of the security system. Smart card door locks and electric strike door locks segment are expected to grow with a significant CAGR value due to the rising adoption of Wi-Fi-based smart locking systems and increasing usage of the internet and smartphones in developing regions.

Smart Lock Market: By Application

The market based on the application is segmented into residential, hospitality, enterprise, and critical infrastructure, among others. With the growing number of construction projects for smart homes, the residential segment is the market's largest shareholder from 2021-2026. The launch of enhanced smart locking tools, such as remote door locks, advanced security tools, window, and door opening sensors, and motion detectors, have led the market to grow rapidly. The low cost of these locks is a major factor positively influencing the market and helping adopt faster amongst residential users.

asia pacific smart lock market

Smart Lock Market: By Region

As per the geographical analysis, the market can be classified into North America (the United States, Canada, and Mexico), Asia Pacific (India, China, Japan, Malaysia, Singapore, and the Rest of Asia Pacific), Europe (Germany, United Kingdom, Italy, France, Spain, Netherlands, and Rest of Europe), Middle East & Africa (Saudi Arabia, United Arab Emirates, and Rest of the Middle East & Africa) and Central South America (Brazil, Argentina, and Rest of Central and South America). The North American region held the dominating position for the market worldwide, with the highest revenue generation. Major players have their headquarters in this region. These players are launching technically advanced solutions and are investing funds in their research and development activities to fulfill the rising demand for smart lock systems.

Furthermore, the APAC region is expected to grow the fastest from 2021-2026 owing to the rising IoT investments and expenditure for launching smart lock security systems. Moreover, with the rising investment in smart city projects across the Asian region, and increasing awareness regarding smart homes and smart buildings, the market for APAC will be growing the fastest.

Smart Lock Market Share and Competitor Analysis

SDS Smart Locks, Mul-T-Lock, Okidokeys, Haven, ASSA ABLOY AB, Allegion, Spectrum Brands Holdings Inc., Salto Systems, SentriLock, Weiser, UniKey Technologies Inc., Samsung Electronics Co., Dahua Technology Co. Ltd., Shenzhen Vians Electric Lock Co., Master Lock Company LLC, Godrej Group, Xiaomi Corporation, Aventsecurity, Cansec System and others, are the major vendors competing in the market.

Please note: This is not an exhaustive list of companies profiled in the report.

In September 2020, Latchable Inc launched LatchOS, a software that enhances the functioning of the smart lock system. The OS provides relevant customizable smart building solutions for commercial and residential purposes.

In August 2020, ASSA ABLOY AB acquired few stakes of Agta Record. This acquisition helped in strengthening the position of the company in the market and also accelerate the capability to develop smart door lock solutions for regions such as Europe and the Asia Pacific.

Chapter 1 Methodology

1.1 Market Scope & Definitions

1.2 Estimates & Forecast Calculation

1.3 Historical Data Overview and Validation

1.4 Data Sources

1.4.1 Secondary

1.4.2 Primary

Chapter 2 Report Outlook

2.1 Smart Lock Industry Overview, 2020-2026

2.1.1 Industry Overview

2.1.2 Product Overview

2.1.3 Type Overview

2.1.4 Application Overview

2.1.5 Regional Overview

Chapter 3 Global Smart Lock Market Trends

3.1 Market Segmentation

3.2 Industry Background, 2020-2026

3.3 Market Key Trends

3.3.1 Positive Trends

3.3.1.1 Rising adoption of smartphones and other connecting devices

3.3.1.2 Growing security and safety concerns

3.3.2 Industry Challenges

3.3.2.1 Risk of cyberattacks through smart devices or IoT-enabled devices

3.4 Prospective Growth Scenario

3.4.1 Product Growth Scenario

3.4.2 Type Growth Scenario

3.4.3 Application Growth Scenario

3.5 COVID-19 Influence over Industry Growth

3.6 Porter’s Analysis

3.7 PESTEL Analysis

3.8 Value Chain & Supply Chain Analysis

3.9 Regulatory Framework

3.9.1 North America

3.9.2 Europe

3.9.3 APAC

3.9.4 LATAM

3.9.5 MEA

3.10 Technology Overview

3.11 Market Share Analysis, 2020

3.11.1 Company Positioning Overview, 2020

Chapter 4 Global Smart Lock Market, By Product

4.1 Product Outlook

4.2 Biometric Door Locks

4.2.1 Market Size, By Region, 2020-2026 (USD Billion)

4.3 Smart Card Door Locks

4.3.1 Market Size, By Region, 2020-2026 (USD Billion)

4.4 Electric Strike Door Locks

4.4.1 Market Size, By Region, 2020-2026 (USD Billion)

4.5 Others

4.5.1 Market Size, By Region, 2020-2026 (USD Billion)

Chapter 5 Global Smart Lock Market, By Type

5.1 Type Outlook

5.2 Deadbolt

5.2.1 Market Size, By Region, 2020-2026 (USD Billion)

5.3 Lever Handle

5.3.1 Market Size, By Region, 2020-2026 (USD Billion)

5.4 Padlock

5.4.1 Market Size, By Region, 2020-2026 (USD Billion)

Chapter 6 Smart Lock Market, By Application

6.1 Application

6.2 Residential

6.2.1 Market Size, By Region, 2020-2026 (USD Billion)

6.3 Hospitality

6.3.1 Market Size, By Region, 2020-2026 (USD Billion)

6.4 Enterprise

6.4.1 Market Size, By Region, 2020-2026 (USD Billion)

6.5 Critical Infrastructure

6.5.1 Market Size, By Region, 2020-2026 (USD Billion)

6.6 Others

6.6.1 Market Size, By Region, 2020-2026 (USD Billion)

Chapter 7 Smart Lock Market, By Region

7.1 Regional outlook

7.2 North America

7.2.1 Market Size, By Country 2020-2026 (USD Billion)

7.2.2 Market Size, By Product, 2020-2026 (USD Billion)

7.2.3 Market Size, By Type, 2020-2026 (USD Billion)

7.2.4 Market Size, By Application, 2020-2026 (USD Billion)

7.2.5 U.S.

7.2.5.1 Market Size, By Product, 2020-2026 (USD Billion)

7.2.5.2 Market Size, By Type, 2020-2026 (USD Billion)

7.2.5.3 Market Size, By Application, 2020-2026 (USD Billion)

7.2.6 Canada

7.2.6.1 Market Size, By Product, 2020-2026 (USD Billion)

7.2.6.2 Market Size, By Type, 2020-2026 (USD Billion)

7.2.6.3 Market Size, By Application, 2020-2026 (USD Billion)

7.3 Europe

7.3.1 Market Size, By Country 2020-2026 (USD Billion)

7.3.2 Market Size, By Product, 2020-2026 (USD Billion)

7.3.3 Market Size, By Type, 2020-2026 (USD Billion)

7.3.4 Market Size, By Application, 2020-2026 (USD Billion)

7.3.5 Germany

7.3.5.1 Market Size, By Product, 2020-2026 (USD Billion)

7.3.5.2 Market Size, By Type, 2020-2026 (USD Billion)

7.3.5.3 Market Size, By Application, 2020-2026 (USD Billion)

7.3.6 UK

7.3.6.1 Market Size, By Product, 2020-2026 (USD Billion)

7.3.6.2 Market Size, By Type, 2020-2026 (USD Billion)

7.3.6.3 Market Size, By Application, 2020-2026 (USD Billion)

7.3.7 France

7.3.7.1 Market Size, By Product, 2020-2026 (USD Billion)

7.3.7.2 Market Size, By Type, 2020-2026 (USD Billion)

7.3.7.3 Market Size, By Application, 2020-2026 (USD Billion)

7.3.8 Italy

7.3.8.1 Market Size, By Product, 2020-2026 (USD Billion)

7.3.8.2 Market Size, By Type, 2020-2026 (USD Billion)

7.3.8.3 Market Size, By Application, 2020-2026 (USD Billion)

7.3.9 Spain

7.3.9.1 Market Size, By Product, 2020-2026 (USD Billion)

7.3.9.2 Market Size, By Type, 2020-2026 (USD Billion)

7.3.9.3 Market Size, By Application, 2020-2026 (USD Billion)

7.3.10 Russia

7.3.10.1 Market Size, By Product, 2020-2026 (USD Billion)

7.3.10.2 Market Size, By Type, 2020-2026 (USD Billion)

7.3.10.3 Market Size, By Application, 2020-2026 (USD Billion)

7.4 Asia Pacific

7.4.1 Market Size, By Country,2020-2026 (USD Billion)

7.4.2 Market Size, By Product, 2020-2026 (USD Billion)

7.4.3 Market Size, By Type, 2020-2026 (USD Billion)

7.4.4 Market Size, By Application, 2020-2026 (USD Billion)

7.4.5 China

7.4.5.1 Market Size, By Product, 2020-2026 (USD Billion)

7.4.5.2 Market Size, By Type, 2020-2026 (USD Billion)

7.4.5.3 Market Size, By Application, 2020-2026 (USD Billion)

7.4.6 India

7.4.6.1 Market Size, By Product, 2020-2026 (USD Billion)

7.4.6.2 Market Size, By Type, 2020-2026 (USD Billion)

7.4.6.3 Market Size, By Application, 2020-2026 (USD Billion)

7.4.7 Japan

7.4.7.1 Market Size, By Product, 2020-2026 (USD Billion)

7.4.7.2 Market Size, By Type, 2020-2026 (USD Billion)

7.4.7.3 Market Size, By Application, 2020-2026 (USD Billion)

7.4.8 Australia

7.4.8.1 Market Size, By Product, 2020-2026 (USD Billion)

7.4.8.2 Market size, By Type, 2020-2026 (USD Billion)

7.4.8.3 Market Size, By Application, 2020-2026 (USD Billion)

7.4.9 South Korea

7.4.9.1 Market Size, By Product, 2020-2026 (USD Billion)

7.4.9.2 Market Size, By Type, 2020-2026 (USD Billion)

7.4.9.3 Market Size, By Application, 2020-2026 (USD Billion)

7.6.5 Latin America

7.5.1 Market Size, By Country 2020-2026 (USD Billion)

7.5.2 Market Size, By Product, 2020-2026 (USD Billion)

7.5.3 Market Size, By Type, 2020-2026 (USD Billion)

7.5.4 Market Size, By Application, 2020-2026 (USD Billion)

7.5.5 Brazil

7.5.5.1 Market Size, By Product, 2020-2026 (USD Billion)

7.5.5.2 Market Size, By Type, 2020-2026 (USD Billion)

7.5.5.3 Market Size, By Application, 2020-2026 (USD Billion)

7.5.6 Mexico

7.5.6.1 Market Size, By Product, 2020-2026 (USD Billion)

7.5.6.2 Market Size, By Type, 2020-2026 (USD Billion)

7.5.6.3 Market Size, By Application, 2020-2026 (USD Billion)

7.5.7 Argentina

7.5.7.1 Market Size, By Product, 2020-2026 (USD Billion)

7.5.7.2 Market Size, By Type, 2020-2026 (USD Billion)

7.5.7.3 Market Size, By Application, 2020-2026 (USD Billion)

7.6 MEA

7.6.1 Market Size, By Country 2020-2026 (USD Billion)

7.6.2 Market Size, By Product, 2020-2026 (USD Billion)

7.6.3 Market Size, By Type, 2020-2026 (USD Billion)

7.6.4 Market Size, By Application, 2020-2026 (USD Billion)

7.6.5 Saudi Arabia

7.6.5.1 Market Size, By Product, 2020-2026 (USD Billion)

7.6.5.2 Market Size, By Type, 2020-2026 (USD Billion)

7.6.5.3 Market Size, By Application, 2020-2026 (USD Billion)

7.6.6 UAE

7.6.6.1 Market Size, By Product, 2020-2026 (USD Billion)

7.6.6.2 Market Size, By Type, 2020-2026 (USD Billion)

7.6.6.3 Market Size, By Application, 2020-2026 (USD Billion)

7.6.7 South Africa

7.6.7.1 Market Size, By Product, 2020-2026 (USD Billion)

7.6.7.2 Market Size, By Type, 2020-2026 (USD Billion)

7.6.7.3 Market Size, By Application, 2020-2026 (USD Billion)

Chapter 8 Company Landscape

8.1 Competitive Analysis, 2020

8.2 SDS Smart Locks

8.2.1 Company Overview

8.2.2 Financial Analysis

8.2.3 Strategic Positioning

8.2.4 InfoGraphic Analysis

8.3 Mul-T-Lock

8.3.1 Company Overview

8.3.2 Financial Analysis

8.3.3 Strategic Positioning

8.3.4 InfoGraphic Analysis

8.4 Okidokeys

8.4.1 Company Overview

8.4.2 Financial Analysis

8.4.3 Strategic Positioning

8.4.4 InfoGraphic Analysis

8.5 Haven

8.5.1 Company Overview

8.5.2 Financial Analysis

8.5.3 Strategic Positioning

8.5.4 InfoGraphic Analysis

8.6 ASSA ABLOY AB

8.6.1 Company Overview

8.6.2 Financial Analysis

8.6.3 Strategic Positioning

8.6.4 InfoGraphic Analysis

8.7 Allegion

8.7.1 Company Overview

8.7.2 Financial Analysis

8.7.3 Strategic Positioning

8.7.4 InfoGraphic Analysis

8.8 Spectrum Brands Holdings Inc.

8.8.1 Company Overview

8.8.2 Financial Analysis

8.8.3 Strategic Positioning

8.8.4 InfoGraphic Analysis

8.9 Salto Systems

8.9.1 Company Overview

8.9.2 Financial Analysis

8.9.3 Strategic Positioning

8.9.4 InfoGraphic Analysis

8.10 SentriLock

8.10.1 Company Overview

8.10.2 Financial Analysis

8.10.3 Strategic Positioning

8.10.4 InfoGraphic Analysis

8.11 UniKey Technologies Inc.

8.11.1 Company Overview

8.11.2 Financial Analysis

8.11.3 Strategic Positioning

8.11.4 InfoGraphic Analysis

8.12 Other Companies

8.12.1 Company Overview

8.12.2 Financial Analysis

8.12.3 Strategic Positioning

8.12.4 InfoGraphic Analysis

The Global Smart Lock Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.

The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the Smart Lock Market.

The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.

Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.

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Frequently Asked Questions

What is the projected market size of the global smart lock market?

The global smart lock market size is projected to grow from USD 2.3 billion in 2021 to USD 3.9 billion by 2026, at a CAGR of 12.45% during the forecast period.

Who are the major vendors in the smart lock market?

Key and innovative vendors in the smart lock market include SDS Smart Locks, Mul-T-Lock, Okidokeys, Haven, ASSA ABLOY AB, Allegion, Spectrum Brands Holdings Inc., Salto Systems, SentriLock, Weiser, UniKey Technologies Inc., Samsung Electronics Co., Dahua Technology Co. Ltd., Shenzhen Vians Electric Lock Co., Master Lock Company LLC, Godrej Group, Xiaomi Corporation, Aventsecurity, and Cansec System.

Which region has the highest market share in the smart lock market?

North America is estimated to hold the highest market share in the smart lock market.

What is the Covid-19 impact on future smart lock manufacturers?

Globally, Covid-19 impact on the future smart lock market will be quite significant for the manufacturers. North America would be leading because of the growing pool of market players launching technically advanced solutions and investing funds in their research and development activities. Subsequently, the Asia Pacific market will be growing the fastest because of the rising IoT investments and expenditure for launching smart lock security systems.

What are the major drivers in the smart lock market?

The major driving factors for the smart lock market include the rising research and development activities to launch the latest and technically advanced smart lock systems for commercial and residential buildings; rising concern for privacy and security of residential areas; increasing demand for IoT-based products; rising demand for a top-notch security system for residential, commercial, and industrial buildings.