Smart Lock Market: Summary
The Global Smart Lock Market is projected to reach a value of over USD 5.1 billion by 2027 at a CAGR of around 16.6%.
Smart lock or electronic locks provide a way to replace keys or to add additional automation features, such as remote locking or unlocking. In other words, smart lock is an electronic and mechanical locking device that opens wirelessly with an authorized password or various gesture recognition system. Smart lock control doors from wherever you are with the help of IoT and Internet. With the use of different wireless technologies such as Bluetooth and Wi-Fi, the smart lock application and operation is fully controlled by smartphones. ASSA ABLOY, Spectrum brands Inc., and Allegion Plc will dominate the smart lock market during growth period.
SMART LOCK Market: Drivers & Restraint
- Rising Usage of Smartphones
Growing demand for fast speed processors, high resolution displays, usage of various wireless technologies and wireless sensors, and usage of smartphone in different application will rise the smartphone market during forecast period. In 2019, there are about 3.2 Billion smartphones (about 44.8%) users are present in all over the world. In smart lock market, the smartphones can lock the smart lock as well as open the smart lock with the help of different code and wireless technology communication. As compared with traditional methodology, smartphone usage is beneficial for smart lock applications in terms of flexibility, accessibility, and security. Hence, rising usage of smartphone will drive the market during assessment period.
In today’s world, the traditional locking system market is quite huge than smart lock market. The residential, commercial, and industrial customers are also uses traditional locking system for their applications.
Source: Mul-T-Lock (An ASSA ABLOY Company)
According to the survey taken by Mul-T-Lock (An ASSA ABLOY Company), most of the end users are aware of the smart lock system but due to high price and availability, they are stick with traditional locking system which will hinder the smart lock market growth during forecast period.
SMART LOCK Market: Key Segments
- Segmentation based on lock type: Padlocks, Deadbolts, Lever Handles, and Others
- Segmentation based on connectivity: Wi-Fi, Bluetooth, ZigBee, NFS, and Others
- Segmentation based on application: Residential, Industrial, and Commercial
- Segmentation based on region covers: North America, Europe, Asia-Pacific, Middle East & Africa and South America with individual country-level analysis.
SMART LOCK Market: Report Scope
The report on the wireless connectivity market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2021-2027 (2021 estimated year, forecasted up to 2027)
Value (USD Million)
Lock Type, Connectivity, Application, and Region
North America, Asia-Pacific, Europe, Middle East & Africa, South America
Key Companies Covered
- Allegion plc (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- ASSA ABLOY
- August Home
- Spectrum Brands, Inc.
- Avent Security
- dormakaba Group
- Salto Systems S.L.
- HANMAN INTERNATIONAL PTE LTD (SAMSUNG)
- Cansec Systems Ltd
- GANTNER Electronic GmbH
- Master Lock Company LLC
- MIWA Lock Co.
- AMADAS Inc.
- HavenLock, Inc.
- Anviz Global Inc.
- Other Key Companies
SMART LOCK Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Smart Lock Market, by Lock Type
- Lever Handles
Smart Lock Market, by Connectivity
- Others (Thread, Z-Wave)
Smart Lock Market, by Application
Smart Lock Market, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
Key Questions Answered By The Report
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and on the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
- Smart Lock Market Providers
- Smart Lock Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Varied Segments of Smart Lock Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE Wireless Connectivity MARKET STUDY