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The smart lock market size is projected to increase by USD 2.32 billion, at a CAGR of 13.47% between 2023 and 2028. The growth of the market depends on several factors, such as the growing number of smart cities worldwide, the integration of human-machine interface (HMI), and the increasing applications of smart security in residential and commercial sectors. These are high-tech security tools that can be used in place of conventional key-based locks. They use wireless connectivity, such as Bluetooth or WiFi, to let authorized devices, like smartphones, access and manage the system remotely. Keyless entry, remote locking and unlocking, activity monitoring, and interaction with smart homes are just a few of the practical advantages offered. They improve accessibility and security while serving both residential and business customers. The report also includes an in-depth analysis of drivers, trends, and challenges.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak. The market growth and forecasting report includes key player's detailed analyses of the competitive landscape of the market and information about key companies, including ASSA ABLOY AB, Be Tech Asia Ltd., Carrier Global Corp., Davcor Group Pty Ltd., Dormakaba Holding AG, Dorsetindia.com, Honeywell International Inc., I Leaf Buildpro Pvt. Ltd., iF International Forum Design GmbH, iLockey, Jainson Locks, Napco Security Technologies Inc., Salto Systems SL, Samsung Electronics Co. Ltd., SOLITY Co Ltd., Spectrum Brands Holdings Inc., Tekno Electro Solutions Pvt. Ltd., Vivint Inc., and Yale India.
The market share growth by the WiFi segment will be significant during the forecast period. The market is significantly influenced by WiFi technology, which offers customers seamless connectivity and increased convenience. Wi-Fi-enabled locks are gaining popularity as smart home solutions become more widely used.
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The wifi segment was valued at USD 605.80 million in 2018. Through apps on smartphones or voice assistants, these locks enable customers to remotely control and monitor their doors while providing access to designated individuals. For instance, the Schlage Encode Smart WiFi Deadbolt and the August WiFi are popular options on the market in focus. WiFi is a crucial technology in the global smart door lock market because it allows users to manage access codes, receive real-time notifications, and interface with other smart devices. Hence, owing to the conveniences of WiFi technology in these products, the WiFi technology segment is expected to gain a growth momentum and hence, drive the growth of the smart door lock market during the forecast period.
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North America is estimated to contribute 36% to the growth of the global market during the forecast period.
Technavio's analysts have provided extensive insight into the market forecast, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The market's expansion is being driven by a number of well-established North American firms. For instance, August Home provides an array of these systems with cutting-edge capabilities like voice assistant integration and remote access control.
Moreover, manufacturers are being pushed to improve their product lines and implement reliable cybersecurity measures as a result of the government's emphasis on data security and privacy. Overall, the North American market is expected to expand rapidly during the forecast period due to manufacturers' innovative product lines and encouraging government programs that aim to increase security in the IoT environment. Such factors will increase the market growth during the forecast period.
The market is revolutionizing home automation, offering enhanced security and convenience for smart homes. Utilizing IoT technology and Wi-Fi communication protocols, smart locks enable remote monitoring and control via voice assistants like Google Assistant. Powered by Artificial Intelligence and Machine Learning, these locks provide advanced features such as RFID and IC card access, ensuring a seamless smart home ecosystem. Leading brands like Kaadas, Masterlock, and Yale Home offer a diverse range of options, catering to the growing smart home adoption trend. With the advent of 5G networks, players like August Home and Level continue to innovate, integrating with platforms like Schaub and Emtek and Oberlo to provide comprehensive solutions. While convenience is paramount, addressing safety concerns remains a priority, driving advancements in security features and encryption technologies. As the Smart Lock market expands, it promises to redefine home security, offering peace of mind and seamless integration with the modern lifestyle. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
The growing number of smart cities worldwide is the key factor driving the growth of the global smart door lock market. Smart cities are designed to leverage technology and data to improve the quality of life for their residents. This includes the adoption that can help to ensure public and private safety. Smart security solutions can include advanced video surveillance systems, access control systems, and other technologies that can help detect and respond to security threats in real-time.
Moreover, the increasing adoption is also being driven by the growing use of Internet of Things (IoT) devices and other technologies. These technologies are making it easier to collect, analyze, and respond to data from these in real-time, allowing for more efficient and effective security operations. Overall, the growing number of smart cities worldwide is expected to drive significant growth in the global smart door lock market in the forecast period.
The growing prevalence of biometric authentication is the primary trend in the global market. In the global market, biometric technologies like fingerprint scanning and facial recognition are becoming increasingly popular. By doing away with the need for physical keys or personal identification number (PIN) numbers, these cutting-edge authentication techniques offer increased security and convenience. For instance, companies like August and Yale offer fingerprint-scanning that allows users to unlock doors using their individual biometric information.
Similarly, Latch offers facial recognition-capable that enables simple and secure access control. The market in focus emphasizes enhancing user experience and bolstering the overall security systems displayed in the incorporation of biometrics. Hence, the growing prevalence of biometric authentication is a trend that is expected to drive the growth of the smart door lock market in focus during the forecast period.
Lack of awareness among end-users is a major challenge to the growth of the global market. The awareness of the presence of such technologies can help people and organizations understand the security risks and threats that they could face and can help them take effective security measures in a cost-effective manner. Compromising on security can be detrimental to organizations. Currently, most organizations in developing regions are unaware of security breaches that may lead to the loss of confidential data.
Therefore, companies need to create awareness of upcoming technologies through trade fairs, seminars and webinars, and other promotional events. The lack of cost-effectively effective security measures of awareness adversely affects the widespread adoption of these solutions and inhibits market growth. Thus, the lack of awareness among end-users about smart security solutions will hinder the growth of the market in focus during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.
Global Market Customer Landscape
The market trends and analysis report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
Innovations in the market are redefining home security, with deadbolt locks leading the charge. Leveraging Wi-Fi communication protocol, these locks offer connectivity to IoT-enabled devices but also face the threat of cyberattacks. Beyond traditional methods like PIN code and RFID locks, emerging technologies like IC cards and smart locks with camera enhance security in construction projects and smart home technology with Big Data. Further, leading brands like Xiaomi offer diverse options, including the advanced Encode Plus and Thread series. Catering to various needs, the market spans the deadbolt category and the lever handle segment, integrating features like motion detectors and fingerprint door locks. With applications extending to the hospitality segment and beyond, Smart Locks empower users with remote door locking capabilities, ensuring peace of mind in an ever-evolving regulatory environment.
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Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 13.47% |
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Market Growth 2024-2028 |
USD 2.32 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
11.6 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 36% |
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Key countries |
US, China, Japan, United Arab Emirates, and Canada |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Allegion Public Ltd. Co., ASSA ABLOY AB, Be Tech Asia Ltd., Carrier Global Corp., Davcor Group Pty Ltd., Dormakaba Holding AG, Dorsetindia.com, Honeywell International Inc., I Leaf Buildpro Pvt. Ltd., iF International Forum Design GmbH, iLockey, Jainson Locks, Napco Security Technologies Inc., Salto Systems SL, Samsung Electronics Co. Ltd., SOLITY Co Ltd., Spectrum Brands Holdings Inc., Tekno Electro Solutions Pvt. Ltd., Vivint Inc., and Yale India |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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