Smart Lock Market to get Smarter due to the Increased Focus on Enhancing Safety and Security in the Coming Years

Thanks to the advancing technology and rise in number of connected devices, smart cities and smart homes have also been witnessing a high demand. This increased popularity of smart homes coupled with the huge penetration of smartphones and connected devices has led to the phenomenal development of smart locks. As the technology is advancing day-by-day, concerns regarding safety and security have also increased, thereby boosting the demand for smart locks. Enhanced features of smart locks as compared to traditional locks are also majorly driving the growth of the worldwide market for smart locks, which is predicted to witness a high growth in the next few years.

Market overview

The global smart lock market is expected to reach a value of USD 2.67 Billion by 2023 from an estimated USD 1.28 Billion in 2017, growing at a CAGR of 13.11% during the forecast period from 2017 to 2023.

Based on lock type, deadbolts held the largest market share in 2016, and it is also expected to grow at the highest CAGR over the forecast period. This growth can be attributed to the increased use of deadbolts in residential and commercial verticals, low installation cost, high durability, and effective security from any kind of intrusion or attacks.

Based on communication protocol, the Bluetooth segment is anticipated to hold the largest market share by 2023, owing to its ability to maintain a balance between range, low power consumption, reliability bandwidth, and cost. However, the Wi-Fi segment is expected to witness the highest growth over the forecast period. This growth is mainly attributed to the high speed and wireless connectivity that is offered to the smart lock system coupled with the increasing adoption of IoT across the globe.

Among verticals, the residential vertical was the dominant market in 2016, and it is also projected to grow at the highest CAGR over the forecast period. This growth is mainly because of the increasing demand for smart homes, growing urbanization, and increased adoption of internet-based home security solutions.

How is the market progressing, geographically?

Among regions, the North American market for smart locks is expected to dominate the market over the forecast period, majorly due to the presence of major smart lock players in this region. The overall growth of this market can be primarily attributed to the rising demand for enhanced home security levels and rising popularity of integration of smart devices, such as tablets and smartphones with smart locks. However, the market for smart lock in Asia-Pacific (APAC) is expected to register the highest growth between 2017 and 2023, mainly due to the increasing adoption of security systems, especially in emerging economies of this region combined with the growing number of manufacturing bases and growing demand for connected security devices. Furthermore, a large population base, growing number of R&D activities, and growing urbanization in APAC are expected to drive this market towards good growth in the near future.

What is driving and restraining the market growth?

The growth of the global market for smart locks is being primarily influenced by the following factors:

  • Growing concerns regarding security and safety
  • Increasing adoption of smartphones and other connected devices worldwide
  • Enhanced features as compared to traditional lock systems

Apart from these, rising adoption of IoT-based security systems and growing urban infrastructure in emerging economies are expected to further offer ample growth opportunities for this market. Moreover, increasing risks of cyberattacks through smart devices or IoT-enabled devices is a major challenge to be tackled by the players involved in this market.

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Major companies and strategies implemented

ASSA ABLOY (Sweden), Allegion (Ireland), dorma+kaba (Switzerland), Spectrum Brands (US), Salto Systems (Spain), Onity (US), Cansec Systems (Canada), and Master Lock (US) are the major companies operating in the global market for smart locks. These players are adopting various strategies such as product launches and developments, partnerships, acquisitions, expansions, agreements, collaborations, and contracts in order to maintain their market position as well as expand their global presence.

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