Smart Lock Market

Introduction:

The Smart Lock market is a growing market, which offers convenient and secure solutions for people looking to secure their homes, offices, and properties. Smart locks are designed to replace traditional mechanical locks, providing easy access and control using smartphones and other smart devices.

Current Market Size and Market Share:

The global Smart Lock market is expected to reach ~USD 4 billion by 2028. The market is expected to grow at a CAGR of +16% from 2021 to 2028

North America dominated the Smart Lock market with a market share of 39.8% in 2020. Europe and the Asia Pacific regions are also expected to grow at a significant rate due to the increasing demand for smart homes and the adoption of IoT-based devices.

Key Players:

• ASSA ABLOY (Sweden)
• Allegion plc (Ireland)
• dormakaba Group (Switzerland)
• Spectrum Brands Holdings
• (U.S.)
• Salto Systems S.L. (Spain)
• Carrier (U.S.).
• Cansec Systems Ltd. (Canada)
• GANTNER Group (UAE)
• Master Lock Company LLC (U.S.)
• Master Lock Company LLC (U.S.)
• Samsung (South Korea)
• SentriLock
• (U.S.)
• Avent Security (Vietnam)
• DESSMANN Schliessanlagen GmbH (Singapore)
• Haven Lock
• Inc (U.S.)
• Dahua Technology Co.
• Ltd (China)

Segmentation:

By Type

• Deadbolt
• Lever Handles
• Padlock
• Others

By Communication Protocol

• Bluetooth
• Wi-Fi
• Others

By Unlocking Mechanism

• Keypad
• Card Key
• Touch Based
• Key Fob
• Smartphone Based

By Application

• Commercial
• Residential
• Industrial
• Government Institution
• Others

Major Trends and Drivers Affecting the Industry:

The Smart Lock market is driven by several factors, including the increasing demand for smart homes, growing awareness about home security, and the rising popularity of IoT-based devices. One of the major trends in the market is the integration of smart locks with other smart devices such as smart speakers, smart thermostats, and security cameras. This integration provides users with a seamless and convenient experience, which is expected to drive the demand for smart locks in the future.

Another trend in the market is the increasing popularity of keyless entry systems. These systems eliminate the need for physical keys, providing a convenient and secure way to access homes and offices. The adoption of keyless entry systems is expected to increase in the future due to the growing concerns about the spread of COVID-19.

Opportunities and Threats in the Industry:

The Smart Lock market presents several opportunities for players operating in the market. The increasing demand for smart homes and the adoption of IoT-based devices are expected to drive the growth of the market. The increasing awareness about home security and the growing trend of keyless entry systems are also expected to contribute to the growth of the market.

However, the market also faces several threats, including the high cost of smart locks, the lack of standardization, and the growing concerns about cybersecurity. These threats may hamper the growth of the market in the future.

Regulatory and Legal Issues Affecting the Industry:

The Smart Lock market is subject to various regulatory and legal issues. One of the major issues is the lack of standardization in the market. The absence of standardization makes it difficult for consumers to choose the right product, which may lead to confusion and dissatisfaction.

Another issue is the concern about data privacy and cybersecurity. Smart locks are connected to the internet, which makes them vulnerable to cyber attacks. Governments are taking steps to regulate the market and ensure that data privacy and cybersecurity concerns are addressed.

Target Demographics:

The target demographics of the smart lock market include both residential and commercial customers. Residential customers typically consist of homeowners and renters, who are looking for a secure and convenient way to control access to their homes. According to a survey conducted by Wakefield Research, 60% of Americans have forgotten or lost their keys, and 80% of respondents would prefer to have a keyless entry system.

Commercial customers include businesses, government agencies, and educational institutions, who are looking for advanced security solutions to protect their assets and employees. The commercial sector is a significant growth driver for the smart lock market, with a projected CAGR of 16.64% from 2020 to 2025.

Preferences and Behaviors:

One of the primary reasons for the growth of the smart lock market is the increasing demand for convenience and connectivity. Smart locks allow users to control access to their homes or businesses remotely, using their smartphones or other connected devices. According to a survey conducted by Houzz, 60% of homeowners are interested in smart home technology, with smart locks being one of the most popular devices.

Another key driver of the smart lock market is security. Smart locks offer advanced security features, such as biometric authentication, motion detection, and remote monitoring, that are not available with traditional locks. According to a survey by Alarm.com, 75% of Americans believe that smart home security devices make them feel safer.

Pricing Trends:

The pricing of smart locks varies depending on the features and functionality of the device. Basic smart locks can cost as little as $50, while more advanced models can cost upwards of $500. According to a report by NPD Group, the average selling price for a smart lock was $189 in 2020, up from $170 in 2019.

The pricing of smart locks also varies across different segments. Residential smart locks are generally priced lower than commercial smart locks, due to the lower complexity of the devices and the smaller size of the market. However, high-end residential smart locks can be priced similarly to commercial smart locks, due to the advanced features and functionality they offer.