Smart Lock Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2024-2032F, Segmented By Product Type (Deadbolts, Lever Handles, Padlocks, Others (Face Recognition Locks, Wall-Mounted Locks etc.)), By End-User (Residential, Commercial, Industrial), By Distribution Channel (Retailers, Distributors/ Dealers, Home Automation System Dealers, Online and Others (Direct Sales etc.)),
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Consumer Goods and Retail | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationSmart Lock Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2024-2032F, Segmented By Product Type (Deadbolts, Lever Handles, Padlocks, Others (Face Recognition Locks, Wall-Mounted Locks etc.)), By End-User (Residential, Commercial, Industrial), By Distribution Channel (Retailers, Distributors/ Dealers, Home Automation System Dealers, Online and Others (Direct Sales etc.)),
The global smart lock market is anticipated to project robust growth in the forecast period due to the rising concern for security and safety, increasing standard of living and increasing penetration of smart phone and internet. Using smart connected technology is a prominent trend anticipated to affect new product launches throughout the projected period.
Smart locks are electromechanical devices that lock and unlock doors by receiving authorization instructions from an encrypted digital or mobile key. Smart locks enable users to enter their homes or provide others entry without the use of a traditional key. Instead, customers electronically check and mechanically unlock the door with their smartphone or other devices. Smart locks are a sort of home automation that is used to increase house security. Smart locks, as networked devices, can be thought of as an extension of the internet of things (IoT). Smart locks can also use mobile apps or websites to deliver a virtual key to third parties, allowing users to authorize access to third parties.
Companies are constantly more focused towards their R&D investment in order to capture the larger share of the market. For instance, Huawei has launched the Smart Door Lock Pro, which features AI 3D face recognition. Huawei promises that the door will unlock in less than two seconds and that the device has only one false-positive result in a million. For further security, the smart lock is powered by HarmonyOS and employs a 3D deep-sensing camera from Huawei's top P50 Pro phone. It also includes TOPS, an AI processor, and an algorithm that dynamically learns to improve facial recognition over time.
Rising Concern for Security and Safety Will Fuel the Market Growth
Venezuela has the world's highest crime rate index of 84.36.
Increasing Adoption of Connected Devices Will Fuel Market Growth
According to a USENIX Association report, there were around 83 million IoT devices in 16 million homes worldwide.
Increasing Usage of Smart Locks in Government and Commercial Sector Will Fuel The Market Growth
Organizations in both the government and commercial sectors need to issue digital keys or pin numbers to employees for identification. Smart locks are enabled for scheduled entry and exit and automatically lock when the door is closed. Smart locks are seen to be the ideal replacement to traditional locks and security systems since they keep track of the flow of people in business facilities. To address public and company safety and security issues, the government and commercial sectors have begun to implement smart locks. Globally, the use of smart locks is expanding to maintain a secure and viable economy. Companies in the commercial sector have begun to apply upgraded technology in order to promote decreased liabilities, increased employee accountability, strengthened compliances, and increased efficiencies.
Increasing Penetration of Internet Will Fuel the Market Growth
As of 2022, the internet was actively used by 69% of the world's population, or 4.9 billion people. According to trends, the number of internet users increases at a 4% annual rate, implying that approximately 196 million new individuals access the internet each year.
Market Segmentation
The smart lock market is segmented based on product type, end-user, and distribution channel. Based on product type, the market is segmented into deadbolts, lever handles, padlocks, others (face recognition locks, wall-mounted locks etc. The market is further divided into residential, commercial and industrial, in terms of end-user. Based on distribution channels, the market is fragmented into retailers, distributors/ dealers, home automation system dealers, online and others (direct sales etc.))
Company Profiles
Assa Abloy Inc. (Yale), Schlage lock Co LLC, August Home, Inc., Spectrum Brands Holdings, Inc (Kwikset), UniKey Technologies, Inc., dormakaba Group, SALTO Systems, S.L., Honeywell International Inc., Vivint, Inc. and BUILDWALL., Inc (DESSMANN) are
| Attribute | Details |
| Base Year | 2022 |
| Historical Years | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Billion and CAGR for 2018-2022 and 2023-2028 |
| Report Coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments Covered | · Product Type · End-User · Distribution Channel · Region |
| Regional Scope | North America, Asia-Pacific, Europe, Middle East & Africa and South America |
| Country Scope | United States; Canada; Mexico; China; India; Japan; South Korea; Indonesia, Vietnam; Germany; France; United Kingdom; Italy, Spain; Saudi Arabia; UAE; South Africa; Turkey; Brazil; Argentina; Colombia |
| Key Companies Profiled | Assa Abloy Inc. (Yale), Schlage lock Co LLC, August Home, Inc., Spectrum Brands Holdings, Inc. (Kwikset), UniKey Technologies, Inc., dormakaba Group, SALTO Systems, S.L., Honeywell International Inc., Vivint, Inc. and BUILDWALL., Inc (DESSMANN) |
| Customization Scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
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