A Detailed Analysis of the Smart Lock Market Based on Rising Demand for Home Automation, Frequent Launch of Innovative Products, and Growing Advancements in Biometric Technology
Industry: Consumer Goods
Published Date: November-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 238
Report ID: PMRREP33565
The global Smart Lock market is forecast to expand at a CAGR of 14.6% and thereby increase from a value of US$3.3 Bn in 2023, to US$8.5 Bn by the end of 2030.
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Attributes |
Key Insights |
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Smart Lock Market Size (2023E) |
US$3.3 Bn |
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Projected Market Value (2030F) |
US$8.5 Bn |
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Global Market Growth Rate (CAGR 2023 to 2030) |
14.6% |
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Historical Market Growth Rate (CAGR 2018 to 2022) |
12.1% |
Biometric authentication methods, such as fingerprint recognition, facial recognition, and iris scanning, provide a higher security level than traditional methods like keys or PIN codes. Advancements in biometric algorithms and sensor technologies make it increasingly difficult for unauthorized access, boosting overall security. Sustained progress in biometric sensors and algorithms enhances the precision and dependability of user identification. These advancements increase the overall dependability of smart lock systems by lowering the possibility of false positives or negatives and guaranteeing that only authorized persons may acquire access.
Developments have combined several biometric modalities into one smart lock system. For increased protection and versatility, a smart lock might make use of both fingerprint and facial recognition technology. By providing an extra layer of authentication, multi-modal biometrics make it harder for unauthorized people to get around security measures.
Gesture recognition is incorporated into several biometric systems to facilitate user identification. Access can be granted via hand gestures or movements specific to each user. This type of biometric technology increases adaptability and can be especially helpful when coming into direct touch with a sensor is undesirable. Continuous authentication is made possible by developments in biometric technology, whereby a user's identity is continuously confirmed during their interaction with a system. This dynamic authentication technique improves security by checking for irregularities or unauthorized access attempts.
Contactless biometric solutions, such as facial recognition and iris scanning, have gained prominence in response to health and safety concerns. These technologies reduce the need for physical contact with surfaces, addressing hygiene considerations and contributing to the overall appeal of smart lock systems.
Many homeowners are looking for easy-to-use and accessible home management solutions. The ease of keyless entry is provided by smart locks, which let users lock and open doors with smartphones or other connected devices. This simplified access makes smart home management easier overall. Smart locks can seamlessly integrate with broader smart home ecosystems. This integration allows users to create comprehensive automation scenarios, such as automatically locking doors when the security system is armed or granting temporary access to visitors through a connected app.
Several home automation enthusiasts prioritize security, and smart locks provide advanced security features. These may include biometric authentication, real-time monitoring, and the ability to receive instant alerts on mobile devices, enhancing overall home security. The ability to monitor and control door locks remotely is a significant appeal for those embracing home automation. Users can check the status of their locks and even grant access to others while away from home, adding an extra layer of control and security.
In addition, the increasing popularity of voice-activated devices and virtual assistants contributes to the demand for smart locks. Integration with voice assistants like Amazon Alexa, or Google Assistant enables users to control their locks using voice commands, enhancing home automation's hands-free and intuitive nature. Home automation often includes energy management features.
Smart locks can contribute to energy efficiency by, for example, automatically adjusting settings when a user leaves or enters the home. This integration aligns with the broader trend of creating smart, energy-efficient homes. Homeowners appreciate the ability to customize their living spaces according to their lifestyle needs. Smart locks can be integrated into personalized automation routines, offering tailored solutions for different scenarios, such as home, away, or guest modes.
Smart locks are vulnerable to unauthorized access and hacking attempts. If not properly secured, malicious actors may exploit vulnerabilities to gain unauthorized control over the smart lock, compromising the security of the premises. Smart locks often collect and store sensitive data, including user credentials, access logs, and biometric information.
Inadequate data protection measures can lead to privacy breaches, exposing personal information to unauthorized entities. Without robust encryption protocols, the communication between the smart lock and associated devices may be susceptible to interception and tampering. This lack of encryption poses a significant risk to the confidentiality and integrity of the data transmitted.
Installing smart locks often requires a certain level of technical expertise. Consumers unfamiliar with technology or lacking more DIY skills may find the installation process intimidating, leading to hesitation in adopting smart lock solutions. Different door types and structures may require specific installation methods. Ensuring compatibility with a wide range of doors, including those in older homes or unique architectural designs, can be challenging for smart lock manufacturers.
Clear and user-friendly installation instructions are crucial for a successful installation process. If manufacturers fail to provide comprehensive and easily understandable instructions, users may encounter difficulties, leading to frustration and potential errors during installation.
Smart locks can be a part of a larger home automation ecosystem due to the IoT connection. Smart locks may build a comprehensive and networked smart home ecosystem by easily integrating with other IoT devices, such as lighting controls, thermostats, and security cameras. The integration with IoT allows users to remotely monitor and control their smart locks through mobile applications or web interfaces. This level of connectivity enhances convenience and security, as users can check the status of their locks and control access from anywhere with an internet connection.
The IoT-enabled smart locks often come with enhanced security features. These may include real-time alerts, geofencing capabilities (automatic actions based on the user's location), and the ability to integrate with security systems, contributing to a more robust and interconnected security infrastructure. The data generated by IoT-connected smart locks can be leveraged for analytics and insights. Manufacturers and users can gain valuable information about access patterns, usage trends, and potential security vulnerabilities, leading to continuous improvement in the design and functionality of smart lock systems.
Moreover, IoT integration facilitates compatibility with popular voice-activated devices and virtual assistants. Users can control their smart locks using voice commands, adding a layer of convenience, and contributing to the hands-free and intuitive nature of smart home environments.
The ability of smart locks to interoperate with a wide range of smart devices promotes a more cohesive smart home experience. This interoperability allows users to create complex automation scenarios, such as locking doors automatically when the security system is armed or adjusting lighting based on door activity. As smart city initiatives grow globally, integrating smart locks into urban infrastructure becomes more relevant. Smart locks can be part of a larger network of interconnected devices, contributing to smart cities' overall efficiency and security.
Smart lock systems will continue to evolve technologically. Improving the total security and convenience of smart locks includes integrating state-of-the-art capabilities like voice activation, facial recognition, and artificial intelligence. Increased connectivity is the key to the future of smart locks. It is anticipated that as Internet of Things (IoT) devices proliferate, smart locks will be more smoothly incorporated into smart home ecosystems, enabling users to manage access remotely via smartphone apps and other linked devices.
It is anticipated that biometric authentication, including fingerprint and retinal scanning, will be a common feature in smart locks. Customers looking for stronger access control solutions for both home and commercial applications are probably drawn to this higher level of protection.
The user experience will be prioritized in future smart locks, with features including proactive alerts, personalized settings, and easy-to-use interfaces. They are making smart locks user-friendly and safe to promote wider adoption among various demographics. The commercial sector is expected to witness a significant uptick in adopting smart locks. Businesses increasingly leverage these systems for secure and efficient access control in offices, hotels, healthcare facilities, and other commercial establishments.
The world's largest producer and manufacturer of smart locks is the United States. August Home is a leading provider of smart locks and home security devices. The company's flagship product, the August Smart Lock, is a Wi-Fi-enabled lock controlled by a smartphone or tablet. August Home also offers a variety of accessories, such as doorbells, cameras, and smoke detectors, that can be integrated with its smart lock system.
Kwikset is a well-known manufacturer of traditional door locks and hardware. The company has recently entered the smart lock market with its SmartKey lock line. Kwikset SmartKey locks can be locked or unlocked using a smartphone or tablet, and they can also be programmed to work with other smart home devices.
China is the second largest manufacturer of smart locks, with a market share of over 35%. This is due to the country's large manufacturing base and low labour costs. Many top smart lock brands, such as Xiaomi, Lockly, and Tuya, are in China. The United States is the largest consumer in the world, with a total value of approximately US$2 Bn in 2023.
The country's strong economy, growing adoption of smart home technologies, and increasing concerns about home security drive the demand for smart locks in the US China is the second-largest consumer of smart locks, with a total value of approximately US$1.5 Bn in 2023.
Electronic / Sensor Lock Sales Dominant Owing to Greater Convenience, and Ease of Use
The product type segment is segmented into the biometric lock, electronic / sensor lock, remote control lock, and pin code reader lock. Electronic / sensor lock represents the most sizable market segment for smart lock. Convenience is a major factor in the popularity of electronic and sensor locks. RFID cards, fingerprint recognition, and smartphone apps are just a few ways users can unlock doors. Electronic/sensor locks are becoming increasingly popular due to their simplicity of use and ability to do away with physical keys.
Nonetheless, the remote control lock segment of the smart lock market is expanding at the quickest rate. The widespread use of smartphones facilitates the growth of remote control lock smart locks. These locks often integrate with mobile apps, allowing users to control smartphone access. Smartphones' ubiquity and convenience contribute to the popularity of remote-control lock systems.
Bluetooth Technology – the Most Favored One for its Integration with Mobile Apps
The technology segment is bifurcated into Bluetooth, Wi-Fi, and Z-wave. The Bluetooth market segment is the largest for smart locks. Bluetooth smart locks typically integrate with dedicated mobile apps, allowing users to control and monitor their locks remotely. The integration with mobile apps enhances user experience by providing a centralized platform for managing access, receiving notifications, and customizing lock settings.
Nevertheless, the market segment exhibiting the most rapid growth is Wi-Fi. The Wi-Fi technology offers high-speed connectivity, enabling quick and responsive communication between the smart lock and associated devices. The fast data transfer capabilities provide a seamless user experience, particularly when remotely controlling and monitoring the lock.
Mid-range Price Sought-after for its Affordability, and Accessibility
The price range segment is sub-segmented into economical, mid-range, and premium. Mid-range represents the greatest market segment for the smart lock industry. Mid-range smart locks are positioned to balance advanced features and affordability. The cost-effectiveness of these locks makes them accessible to a broader consumer base, appealing to users who seek smart home security without the premium price tag.
On the contrary, the market segment characterized by the most rapid growth is economic. Ease of installation is a key factor for economical smart locks. Manufacturers aim to design these locks with user-friendly installation processes, making them suitable for do-it-yourself (DIY) installation without needing professional assistance.
Residential Application Identified to be the Largest Segment, Customization and Access Management Complement Further
The application segment is categorized into residential, commercial, industrial, automotive, and others. Residential occupies the highest market share. Residential smart locks offer customization options for access management. Homeowners can create user profiles, set access schedules, and grant temporary access to guests or service providers, providing flexibility and control over who can enter their homes and when.
In contrast, the commercial market segment is expanding at the quickest rate. Commercial smart locks offer audit trail features, recording access events and user activities. This is crucial for businesses to maintain compliance with regulatory requirements and standards. The ability to generate detailed reports enhances transparency and accountability in access control.
Homeowners are increasingly looking for cutting-edge security measures to safeguard their properties because some North American locales have comparatively higher crime rates. Smart locks offer extra protection and comfort with features like remote access management and real-time monitoring. There is a cultural emphasis on safety and security in North America.
Homeowners prioritize measures that enhance the safety of their families and belongings. Smart locks, with their advanced authentication methods and connectivity options, address these safety concerns effectively. The concept of homeownership is deeply ingrained in North American culture.
As homeowners view their properties as significant investments, they are more willing to invest in technologies that enhance the security and value of their homes. Smart locks align with this perspective by offering modern and effective security solutions.
The Asia Pacific region is experiencing rapid population growth in urban areas. As more people move to cities, the demand for smart and efficient solutions for urban living increases, including smart locks that offer enhanced security and convenience.
Urbanization often leads to increased construction activities, both residential and commercial. Newly constructed buildings and developments are more likely to incorporate modern technologies, including smart locks, into their infrastructure.
The rise in urbanization comes with increased concerns about security in densely populated areas. Smart locks, with features like real-time monitoring, remote access control, and integration with security systems, align with the emphasis on urban security in smart city initiatives.
Prominent organizations, including August Home, are at the vanguard of this sector; August Home, a well-known supplier of home access solutions and smart locks, has developed a thorough business plan to maintain its position as the market leader. Product innovation, customer-centricity, strategic alliances, and international expansion are all part of their approach.
Commitment to ongoing product innovation is at the heart of August Home's business strategy. They make significant R&D investments to produce state-of-the-art smart locks with improved security features, maximum performance, and seamless connection with smart home ecosystems.
Recognizing the benefits of collaboration, August Home actively pursues strategic partnerships with key players in the smart home industry. These partnerships provide access to new technologies, distribution channels, and marketing opportunities, further strengthening their market presence. August Home has set its sights on expanding its global reach, entering new markets, and establishing a strong brand presence worldwide. They tailor their approach to each region, considering local preferences, regulatory requirements, and market dynamics.
New Product Launch
In October 2022, Level Home Inc. introduced Level Lock+, the newest iteration of their premium line of smart lock devices. The company is reimagining smart home technology. Level Lock+ is only available from Apple. After the owner registers their home key with Apple Wallet, it seamlessly integrates Apple's home keys technology, allowing owners to safely lock and access their homes with a simple touch of their Apple Watch or iPhone. Because Apple Home keys completely utilize the privacy and security features built into the iPhone, and Apple Watch, the Level Lock+ can offer excellent security with everyday simplicity and beautiful design.
Market Impact: Level Home has seen a significant increase in sales because of the release of the Level Lock+. The company has reported that sales of the Level Lock+ have been "far exceeding expectations. The Level Lock+ has helped raise awareness of smart locks' benefits. The lock's sleek design and integration with Apple Home Key technology have caught consumers' attention, leading to increased interest in smart locks in general. The success of Level Lock+ has encouraged other companies to develop innovative new smart locks. As a result, the smart lock market is becoming increasingly crowded with new products.
(Source: Tech Hive)
In April 2022, Wyze Lock Bolt officially launched on the company's wyze.com website. The new product uses the latest security technology from Lockin. Wyze Lock Bolt is the third joint venture between companies using their brands.
Market Impact: Wyze Lock Bolt's affordable price and innovative features made it a popular choice among consumers, leading to increased demand for smart locks overall. Wyze's entry into the smart lock market put pressure on existing manufacturers to lower prices and improve their products. Wyze Lock Bolt's use of Bluetooth technology resonated with consumers, leading to a growing preference for Bluetooth-enabled smart locks over Wi-Fi-enabled ones.
(Source: Digital Trends)
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Details |
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Forecast Period |
2023 to 2030 |
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Historical Data Available for |
2018 to 2022 |
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Market Analysis |
US$ Million for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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Customization & Pricing |
Available upon request |
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The global smart lock market has been anticipated to grow at a CAGR of 14.6% during the projected period, 2023 - 2030.
In terms of revenue, the global smart lock market size is approximately US$3.3 Bn as of 2023.
Currently, the US, leading North America, also spearheads the global market for smart locks.
Some of the prominent players in the global market for smart lock market include August Home, Kwikset (Spectrum Brands), Schlage (Allegion), Yale (Assa Abloy), Nest (a subsidiary of Google, part of Alphabet Inc.), Samsung SmartThings, Danalock, Ultraloq (U-tec Group, Inc.), Igloohome, and Lockly.
The remote control lock segment is expected to grow at the fastest pace in the market, during the forecast period.
