Smart Locks Market (Product Type - Deadbolts, Lever Handles, and Others; Technology - Bluetooth, and Wi-fi; End-user - Residential, and Commercial): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

A recent report published by Infinium Global Research on smart locks market provides an in-depth analysis of segments and sub-segments in the global as well as regional smart locks market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional smart locks market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast,s and dollar values of global smart locks market. According to the report, the global smart locks market is projected to grow at a CAGR of 12.2% over the forecast period of 2020-2026.

Market Insight

The electromechanical devices that lock and unlock doors by receiving authorization instructions from an encrypted digital or mobile key are called smart locks. The smart lock allows its users to enter their homes or provide others access without the need for a traditional key. Instead, the users use their smartphones or other devices to wirelessly verify and mechanically unlock the door. Smart locks are a type of home automation used for home security.  Smart locks can be considered as an extension of the internet of things (IoT), as they are connected devices. The smart lock can also use mobile apps or websites to allow users to grant access to third parties by sending a virtual key. These virtual keys can be sent over a text message or email, providing access to guests or service personnel to the property. Apart from regulating access, many smart locks log access, offering a way to monitor the use of a particular secured door. Some smart locks have an inbuilt camera, which provides a picture of people who unlock the door and makes for an easily referenced photo log.

The current concerns over the spread of coronavirus are creating a huge impact on the market. Insufficient supply of raw materials and finished products is one of the major issues faced by the smart locks market during the pandemic. Moreover, lockdowns in several countries have compelled the citizens to stay in their homes and avoid visiting populated places such as schools, restaurants, malls, theaters, and hotels as well as working places such as offices and manufacturing plants. Thus, the shortage of the workforce has also evolved as one of the major problems during the pandemic. Furthermore, the customers are also avoiding visiting marketplaces to buy electrical and electronic goods such as smart locks owing to the lockdown and concern over the spread of the disease. On the other hand, governments in many countries have offer stimulus to boost the income of their citizens. The growing income of people is expected to improve their spending power for the short term, augmenting the demand for smart locks.

The growing adoption of wireless connecting devices and the Internet of Things (IoT) is driving the growth of the smart locks market. Smart locks are integrated with various sensors that use IoT to operate. Users can access doors with smart lock remotely through keyless entry devices. Furthermore, the increasing penetration of the internet and smartphones provides a growing demand for the market. The smart locks can be accessed over smartphones or other internet-connected devices. They can be monitored and controlled by smartphones, tablets, or computers over the internet. The growing penetration of internet and smartphone devices in the world supports the adoption of smart locks. However, the unreliability issues associated with the smart locks are a major restraining factor that will likely affect their adoption, and in turn, the growth of the market. If the smartphone battery dies or the control unit or the recognition device of the smart lock stop working or damages, the users cannot access the smart lock at all. Moreover, rapid technological advancement is provided significant growth opportunities for the market. Several futuristic technologies such as IoT, cloud computing, and 5G help in making the smart locks more efficient and convenient to use.

In terms of region, North America generated the highest revenue in the global smart locks market. The higher adoption of smartphones and higher penetration of internet connectivity provides a growing demand for the WI-Fi and Bluetooth based smart lock in North America. Moreover, the growing millennial population, high standard of living, and increasing smartphone penetration is driving the growth of the smart lock market in North America. Furthermore, the presence of major market players and their largely focused local offering provides a growing demand for the market in North America. Alternatively, the Asia-Pacific region is forecasted to have the fastest market growth for smart locks. The growth is attributed to the high economic expansion of major Asia-Pacific countries and the subsequent construction industry growth projections. Additionally, rapid modernization and willingness to adopt and adapt to Smart Cities within the Asia Pacific is further feeding the smart lock market.

Segment Covered

The report on the global smart locks market covers segments such as product type, technology, and end-user. On the basis of product type, the sub-markets include deadbolts, lever handles, and others. On the basis of technology, the sub-markets include bluetooth, and wi-fi. On the basis of end-user, the sub-markets include residential, and commercial.

Companies Profiled:

The report provides profiles of the companies in the market such as Assa Abloy AB, Master Lock, Spectrum Brands Holdings, Inc., Dormakaba Holding AG, Onity, Inc., Avent Security, Salto System, Inc., Gantner Group, and Dahua Technology Co., Ltd.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of smart locks market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.