Smart Lock Market size to grow by USD 1.73 billion by 2027, ASSA ABLOY AB, Be Tech Asia Ltd., Carrier Corp. and more among the key companies, Technavio

NEW YORK, March 7, 2024 /PRNewswire/ -- The Smart Lock Market size is estimated to grow by USD 1.73 billion during 2022-2027, growing at a CAGR of 11.61%. The growing number of smart cities worldwide drives the smart lock market growth. Generally, smart cities are designed to leverage technology and data to improve the quality of life for their residents, which includes the adoption of smart locks that can help to ensure public and private safety. The increasing adoption of smart locks is also being driven by the growing use of Internet of Things (IoT) devices and other technologies. Hence, such factors drive the growth of the market during the forecast period. North America will contribute 36% to the growth of the global smart locks market during the forecast period.

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Key Company
The smart lock market is fragmented; the vendors are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products. 

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The smart lock market report includes information on the product launches, sustainability, and prospects of leading vendors, including ASSA ABLOY AB, Be Tech Asia Ltd., Carrier Global Corp., dorsetIndia.com, Honeywell International Inc., I Leaf Buildpro Pvt Ltd., iF International Forum Design GmbH, iLockey, Jainson Locks, Napco Security Technologies Inc., Salto Systems SL, Samsung Electronics Co. Ltd., SOLITY Co Ltd., Spectrum Brands Holdings Inc., Tekno Electro Solutions Pvt Ltd, Vivint Inc., Yale India, Davcor Group Pty Ltd, Dormakaba Holding AG, and Allegion Public Ltd. Co. 

Lack of awareness among end-users challenges the growth of the smart lock market. Awareness can help people and organizations understand the security risks and threats that they could face and can help them take effective security measures in a cost-effective manner. To cater to this lack of awareness, companies need to create awareness of upcoming technologies through trade fairs, seminars and webinars, and other promotional events. Hence, such challenges impede market growth during the forecast period.

• The growing prevalence of biometric authentication in smart locks is an emerging smart lock market trend. 

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Market Segmentation and geographical analysis

This smart lock market report extensively covers market segmentation by technology (WiFi, Bluetooth, Zigbee, and Z-wave), end-user (commercial and residential), and geography (North America, Europe, APAC, South America, and Middle Est and Africa).

• The WiFi segment will be significant during the forecast period. This technology offers customers seamless connectivity and increased convenience. Also, Wi-Fi-enabled smart locks are gaining popularity as smart home solutions become more widely used. For instance, players like the Schlage Encode Smart WiFi Deadbolt and the August WiFi Smart Lock are popular options on the market in focus. Hence, such factors boost the segment during the forecast period.
• A number of well-established North American firms drive the regional market growth. For instance, market players like August Home provide an array of smart lock systems with cutting-edge capabilities like voice assistant integration and remote access control. Manufacturers are being pushed to improve their product lines and implement reliable cybersecurity measures as a result of the government's emphasis on data security and privacy. Hence, such factors boost the regional market growth during the forecast period. 

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Analyst Review

In recent years, home automation and smart homes have become increasingly prevalent, reshaping the way we interact with our living spaces. A pivotal aspect of this transformation is the rise of smart lock systems, which offer unparalleled levels of security, convenience, and connectivity. These connected devices provide a seamless blend of security and convenience, catering to the modern homeowner's needs.

Biometric authentication and keyless entry are at the forefront of this evolution, enabling users to access their homes with unprecedented ease and security. With features such as remote monitoring and integration into smart home ecosystems, these intelligent locks offer a level of control and peace of mind that traditional locks simply cannot match.

Voice-activated assistants like Amazon Alexa and Google Assistant further enhance the interoperability of these systems, allowing users to control their locks with simple voice commands. Leveraging artificial intelligence (AI) and adaptive security measures, these devices employ behavioral analysis and biometric recognition to bolster home security.

Moreover, with predictive analytics and contextual awareness, smart locks can anticipate and respond to potential security threats, offering advanced security features that adapt to the needs of the user. This rising popularity is driven by increasing demand from consumers seeking technologically advanced solutions to safeguard their properties.

The global Smart Lock Market Size continues to expand, fueled by the rising adoption of smartphones and the proliferation of connected devices. However, challenges such as lack of awareness among customers and the risk of cyberattacks loom large, underscoring the need for robust security measures.

Despite these challenges, innovations such as deadbolt locks with Wi-Fi communication protocol and keypad unlocking mechanisms are driving growth in the residential vertical. Moreover, recent product development activities and collaboration within the industry are fostering a climate of innovation and competition.

In conclusion, the smart lock market represents a convergence of security, convenience, and technology, offering transformative solutions for modern homeowners. As the industry continues to evolve, it holds the promise of safer, more connected homes in an increasingly digital world.

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Market Overview

The Smart Lock Market is experiencing rapid growth fueled by the increasing demand for home automation and smart homes. Smart lock systems are at the forefront, offering security and convenience through biometric authentication and keyless entry. These connected devices enable users to monitor their homes remotely, enhancing peace of mind. With remote monitoring, homeowners can oversee access and receive alerts in real-time. The integration of biometric authentication ensures enhanced security, while keyless entry adds convenience by eliminating the need for physical keys. As the market expands, innovative features and compatibility with existing home automation systems drive further adoption, making smart lock systems an indispensable component of modern smart homes.

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