The global market for smart locks is projected to have a CAGR of around 10.2% during the forecast period. A smart lock is an electro-mechanical lock, designed for performing locking and unlocking operations on a door on receiving such instructions from an authorized device. The instructions are provided using a wireless protocol and a cryptographic key for executing the authorization process. In addition, it monitors access and sends alerts for the different events it monitors and some other critical events regarding the status of the device. The factors such as the growing adoption of smart devices such as smartphones, the rise of IoT based security solutions, growing home monitoring from a remote location, and increase in consumer awareness regarding security systems drives the growth of the global smart lock market. The rise in urbanization, growing demands for home automation further anticipated to boost the market growth. The privacy and security issues related to smart locks further hinders the growth of the market. However, the introduction of smart security systems by market players and growth in the IoT industry provides significant opportunity in the global smart lock market.
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The Impact of COVID-19 on the global smart locks market. The global smart lock market has been disrupted by the COVID-19 global pandemic. The major economies implemented the lockdown due to social distancing norms, additionally, the transportation and other essential facilities were also put on hold. In the emerging economies such as China, India, and the US the residential and commercial construction projects were stopped due to which the decline in the smart lock in new buildings and commercial sector has been noticed. After COVID-19, the market will be expected to grow due to the growth of the construction sector in these major economies.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Smart Locks Market Report Segment
By Type
- Padlocks
- Lever Handles
- Deadbolts
- Others (Rim Latch Lock, Knob Lock)
By Communication Protocol
- Bluetooth
- Wi-Fi
- Others (Zigbee, Z-Wave)
By Application
- Residential
- Government
- Commercial
Global Smart Locks Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global smart locks market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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