Global Smart Lock Market will be USD 4.4 Billion by 2027

According to the latest report by Renub Research, titled “Smart Lock Market Global Forecast by Type, Technology, Application, Regions, & Company Analysis” Smart Lock Market will be to USD 4.4 Billion by 2027. Smart locks that enable advanced security features have become increasingly popular in the past few years, owing to enhancing safety and security concerns across the globe. A smart lock is an electromechanical locking device that enables users in various industries to remotely access and unlocks the lock to enter the premises. It is accessed by connecting it to smartphones and other smart devices through communication technologies like Bluetooth Li-Fi and Wi-Fi.

The increasing adoption of intelligent home architecture, with the advent of technologies such as Machine Learning (ML) and rising Internet of Things (IoT) penetration, along with and Artificial Intelligence (AI), is expected to accelerate the mass appropriation of smart locks. Increasing usage of smartphone and other connected devices is a driver for the growth of the smart lock market. Today, many new innovations are aiming to make homes smarter and the everyday life easier, now achievable due to the advanced data analytics and the emergence of artificial intelligence. 

Furthermore, smart lock technology plays a vital role in various applications, like residential, hospitality, enterprise, critical infra and others. Smart lock provides monitoring features such as access notifications through e-mail, SMS and video camera with recording abilities to provide visuals of the person at the door. They also have features such as automatically lock a door and auto-locking options for perimeter auto-locking and unlocked for a specific period that automatically locks the door if the user’s smartphone is outside the designated perimeter.

It offers the best security against burglary or break-in with built-in features such as one-touch locking, low battery warning, and customizable user codes into their portfolio and attracting a vast user base. Additionally, Smart lever handles are being extensively used in the hospitality sector to fulfill the security requirements of tourists. They possess more accessible locking/unlocking procedures than their counterparts due to the push-down style handle instead of a knob, which requires grasping and turning.

The COVID-19 Impact on the Smart Lock Industry

The smart locks have gained significant traction during the COVID-19. The industry is witnessing numerous opportunities during the ongoing pandemic since the locking/unlocking procedures are carried out using smartphones / smart gadgets and voice recognition, thereby reducing the need to physically touch the devices. Thus smart lock is gaining the upper hand during these challenging times.

Smart Lock adoption rate is high in North America

Adopting innovative technology in North America remains high due to the increasing adoption of smart homes and the demand for security concerns. According to the FBI, there were 1.4 Million burglaries and break-ins in 2017, with similar numbers in the following years. Rising concerns regarding safety and security among consumers are in countries in the region due to the demand for smart lock solutions. WI-FI-enabled locking systems are accepted in the US population as they offer several advantages, including convenience.

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Moreover, in the Asia Pacific, Smart city initiatives by governments in developing countries like China, Japan, and India continue to adopt smart lock in commercial, residential, and government buildings under smart city projects. Smart door locks and AI or IoT technologies are gradually emerging as the next big trend for security systems in the region. 

Companies Launching Innovating Features of Smart Locks

For Instance January 2020, Assa Abloy AB announced the launch of the Wi-Fi Smart Lock, which sports a brand-new compact design and built-in Wi-Fi connection. The device comes in the size of a standard doorknob and is 45% smaller in volume and 20% slimmer than the August Smart Lock Pro. The current built-in Wi-Fi feature eliminates the necessary to pair it with an external bridge.

Key industry players such as Allegion Plc, Assa Abloy AB, Midea Group, and Samsung are focusing on developing advanced techniques and offering commercially viable products, including doors, remote locking/unlocking of entrances and windows.

Report Summary

Types – We have covered smart lock breakup by 4 by Types (Deadbolt, Lever Handles, Padlock, Others)

Technology – This report covers the worldwide smart lock technology market by 2 segments (Bluetooth and Wi-Fi)

Application – This report covers the Application in the 5 segments (residential, hospitality, enterprise, critical infra and others)

Regions – Our Report covers global smart lock breakup by 4 Regions (North America, Europe, Asia- Pacifica, Rest of World)

All the key players have been covered from 3 Viewpoints (Overview, Recent Development, Revenue Analysis) Plc, Assa Abloy AB, Midea Group, and Samsung

About the Company:

Renub Research is a Market Research and Consulting Company. We have more than 10 years of experience especially in international Business-to-Business Researches, Surveys and Consulting. We provide a wide range of business research solutions that helps companies in making better business decisions. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. Our wide clientele comprises major players in Healthcare, Travel and Tourism, Food & Beverages, Power & Energy, Information Technology, Telecom & Internet, Chemical, Logistics & Automotive, Consumer Goods & Retail, Building and Construction, & Agriculture. Our clients rely on our market analysis and data to make informed knowledgeable decisions. We are regarded as one of the best providers of knowledge. Our pertinent analysis helps consultants, bankers and executives to make informed and correct decisions.

Our core team is comprised of experienced people holding graduate, postgraduate and PhD degrees in Finance, Marketing, Human Resource, Bio-Technology, Medicine, Information Technology, Environmental Science and many more. Our research helps to make business decisions: on strategy, organization, operations, technology, mergers & acquisitions etc. We support many blue chip companies by providing them with findings and perspectives across a wide range of markets. Our research reports offer a blend of information insight, analysis and forecasting that is essential in today’s ultra-competitive markets.

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Smart Lock Market Global Forecast by Type, Technology & Company Analysis

The smart lock is next-generation technology which is an innovation in the fluid phase. With the increasing construction of new age buildings, the smart lock is designed to remotely open the door using a mobile device to only authorized personnel. The smart lock’s future market looks optimistic with opportunities in the Residential, Hospitality, Enterprise, Critical Infra and Other areas. Due to increased security, safety purposes, and advanced features compared to traditional ones, the rising adoption of smart-phones and other connecting devices for locks is expected to drive the smart lock market. According to Renub Research, The Smart Lock Market will be to US$ 4.4 Billion by 2027.

Securities awareness regarding smart locks is preponderant among higher-income consumers in urban areas. The developed countries are the prominent sellers as the regional population is increasingly aware of the connected ecosystem in the global arena. The increasing number of new construction, renovation activities and securities concerned worldwide are presumed to garner immense market potential in upcoming years.

Global Smart Lock Market Share

COVID-19 has affected the global smart lock market by production, and thus, its supply chain distribution has been affected, and its manufacturers have lost their revenues. The key players in this industry are continuously looking for innovation and cloud-based locking management solutions, machine learning (ML), owing to innovative locking/unlocking mechanisms through smartphones and tablets. In August 2020, Level Home introduced Level Touch, a sleek, smart lock. Kwikset introduced Halo Touch Wi-Fi Smart Lock in June 2020.

Renub Research report titled “Smart Lock Market Global Forecast by Type (Deadbolts, Padlocks, Lever handles, and others), Technology (Bluetooth, and Wi-fi), Application (Residential, Hospitality, Enterprise, Critical Infra and Others), Regions (North America, Europe, Asia-Pacific and Rest of World), Company Analysis (Allegion Plc, Assa Abloy AB, Midea Group, Samsung)” provides an all-encompassing analysis on the Global Smart Lock Industry.

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Types

  1. Deadbolts
  2. Padlocks
  3. Lever handles
  4. Others

Technology

  1. Bluetooth
  2. Wi-Fi

Application

  1. Residential
  2. Hospitality
  3. Enterprise
  4. Critical Infra
  5. Others

Regions

  1. North America
  2. Europe
  3. Asia-Pacific
  4. Rest of World

All the Companies have Been Studied from Three Points

• Overview
• Recent Developments
• Sales

Company Analysis

• Allegion Plc
• Assa Abloy AB
• Midea Group
• Samsung

About the Company:

Renub Research is a Market Research and Consulting Company. We have more than 10 years of experience especially in international Business-to-Business Researches, Surveys and Consulting. We provide wide range of business research solutions that helps companies in making better business decisions. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. Our wide clientele comprises of major players in Healthcare, Travel and Tourism, Food & Beverages, Power & Energy, Information Technology, Telecom & Internet, Chemical, Logistics & Automotive, Consumer Goods & Retail, Building and Construction, & Agriculture. Our clients rely on our market analysis and data to make informed knowledgeable decisions. We are regarded as one of the best providers of knowledge. Our pertinent analysis helps consultants, bankers and executives to make informed and correct decisions.

Contact Us:
Renub Research
Phone No: +1 678-302-0700 (USA) | +91-120-421-9822 (IND)
Email: info@renub.com
Web: https://www.renub.com
Follow on Linkedin: https://www.linkedin.com/company/renub-research