Smart Locks Market Size, Share and Global By Product (Deadbolts, Lever Handles, Padlocks, and Other), By Technology (Bluetooth, Wi-Fi, and Others), By Industry Vertical (Residential, Commercial/Industrial and Others) and Regional Forecast, 2024-2032

Smart Lock System is an electronic operated physical access device that unlocks wirelessly with authorized users’ identification. The process of identifying the authorized user is completed with the help of digital keypad lock in smart locks which uses a numeric code, passwords, passphrases, security tokens, radio frequency identification devices (RFID), etc. or with the help of Bluetooth, Wi-Fi enabled smartphones.

Further, according to national smart home org (NSH), worldwide smart home market value has grown up to US $ 40Bn in 2018. The rapid invention of smart homes industry and its diverse applications, especially in emerging countries is projected to be one of the key drivers of smart lock market growth.

The growth of the smart home market and technological innovations in the field of bioelectronics sensors, nanotechnology, etc. are also expected to drive the global market during the forecasted period. Recent developments in smart lock systems include huge investment in the integration of NFC technology and PoE (Power over Ethernet) with Artificial Intelligence (AI) by the key manufacturer of smart locks such as Northern Trust (NT), IBM, etc. Further, with the increasing prevalence of crime rates day by day, people all across the world are more concerned about safety and security at a personal level.

The additional factors driving the global smart lock market are technological advancement and the rise in the number of crime rates. Moreover, the extensive usage of smartphones in the past few years has also fuelled the smart lock market.

KEY PLAYERS COVERED

Some of the key players in the global smart lock market include Honeywell International Inc., Panasonic Corporation, Vivint, Inc., ASSA ABLOY AB, UniKey Technologies Inc., Haven Lock, Inc., August Home, Spectrum Brands, Inc., and Samsung SDS Co. Ltd.

SEGMENTATION

REGIONAL ANALYSIS

North America Europe is expected to hold the largest market share in the smart lock systems market during the forecast period. The growth in Europe is mainly due to the rapid adoption and implementation of technology such as Tele-cloud computing, and Continuum application in digital door locks by the government and the residential sector.

The Asia Pacific is also anticipated to witness substantial growth over the forecast period. The growth can be attributed to the growing number of new residential and commercial construction projects. China is considered to be a key revenue generator owing to rising demand for various wireless protocol-enabled access devices for security and convenience

KEY INDUSTRY DEVELOPMENTS

• May 2018- Yale Global, Inc. introduced Power over Ethernet (PoE) locks systems equipped with the Electrolynx AI system.


• January 2018- Glue AB has a partnership with Postnord and Bring, the logistic companies with an aim to integrate smart lock with NFC and GPRS technology