Smart Lock Market to Hit $8.13 Billion by 2030: Grand View Research, Inc.

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May 31, 2023, 05:00 ET

SAN FRANCISCO, May 31, 2023 /PRNewswire/ -- The global smart lock market size is expected to reach USD 8.13 billion by 2030, and is anticipated to register a CAGR of 19.6% from 2023 to 2030, based on a recent report by Grand View Research, Inc. Key factors driving the growth of the smart lock market globally include increased global internet penetration, increased consumer awareness about advanced security systems, and higher reliance on mobile applications to make daily processes easier. Smart locks without power locks use Wi-Fi or Bluetooth to connect to other home appliances installed. Locks can be operated by a special power cord or by installing a smart lock app on the phone.

Key Industry Insights & Findings from the report:

The global market is driven by the increased global internet penetration, increased consumer awareness about advanced security systems, and a higher reliance on mobile applications to make daily processes easier. Growing usage of smart locks in residential security will propel the overall market in the forecast period.

Based on the type segment, the lever handle type of locks is anticipated to expand with the highest CAGR of 22.4% during the forecast period of 2023-2030. This is attributed to the modernizing operations in the hospitality sector to meet tourist security needs.

Based on applications, the hospitality segment is expected to exhibit the highest CAGR of 23.8% from 2023 to 2030, owing to the rapid implementation of smart locks to accommodate consumers' growing security concerns throughout their visits.

The North American region contributed the largest revenue share in 2022 to the smart lock market owing to the advancements in technology across the region.

Read 132 page market research report, "Smart Lock Market Size, Share & Trends Analysis Report By Type (Deadbolt, Lever Handle, Padlock), By Application (Residential, Hospitality, Enterprise), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Smart lock Market Growth & Trends

The user can send temporary keys to people, giving them home access within a specified time. In addition, smart lock technology is easy to use and unique compared to conventional methods. For instance, security solutions with passwords, ID codes, machine keys, and code names are tedious to take care of and can potentially lead to theft or loss of data. Smart keys work on an IoT connection, which synchronizes with the user's smartphone to gain control. This smart lock feature makes it reliable, unique, and easy to use and strengthens its market presence.

During the first couple of quarters of 2020, the COVID-19 pandemic slowed the pace of new smart lock installations. Drastic changes such as cross-border trade prohibitions, economic uncertainty, restrictive standards necessitating temporary shutdowns of industrial facilities, and stay-at-home orders for the general public produced a difficult situation for the industry. Nonetheless, measures such as embedding touchless technologies into their products, developing mobile apps for performing operations, and offering products at lower pricing on the available modes helped businesses increase their ROI during these essential lockdown instances.

Smart lock Market Segmentation

Grand View Research has segmented the global smart lock market based on type, application, and region:

Smart Lock Market - Type Outlook (Volume, Thousand Units; Revenue, USD Million, 2018 - 2030)

Deadbolt
Lever Handles
Padlock
Others

Smart Lock Market - Application Outlook (Volume, Thousand Units; Revenue, USD Million, 2018 - 2030)

Residential
Hospitality
Enterprise
Critical Infrastructure
Others

Smart Lock Market - Regional Outlook (Volume, Thousand Units; Revenue, USD Million, 2018 - 2030)

North America

U.S.
Canada

Europe

U.K.
Germany
France
Italy
Spain
Benelux
Nordic Countries
Russia

Asia Pacific

China
South Korea
Japan
India
Australia
Indonesia

Latin America

Brazil
Mexico
Argentina

Middle East & Africa (MEA)

UAE
Saudi Arabia
Egypt
South Africa
Nigeria

List of Key Players in the Smart Lock Market

August Home, Inc. (ASSA ABLOY)
Avent Security
Cansec Systems Ltd.
HavenLock, Inc.
Kwikset (Spectrum Brands Holdings, Inc.)
MUL-T-LOCK TECHNOLOGIES LTD. (ASSA ABLOY)
Schlage (Allegion Plc)
Zigbang Co., Ltd. (Previously Samsung SDS)
Sentrilock, LLC
Smart Locking Logic Proprietary Limited
UniKey Technologies, Inc.
Yale Locks (ASSA ABLOY)
Goji
Onity Inc. (Carrier Global Corporation)
Honeywell International Inc.

Check out more related studies published by Grand View Research:

Smart Home Market - The global smart home market size is expected to reach USD 537.01 billion by 2030, registering a CAGR of 27.07% from 2023 to 2030, according to a new study by Grand View Research, Inc. The smart home is driven by computing devices and information technology that link smart home instruments and gadgets to provide convenience, entertainment, and enhanced comfort to residents in a sustainable way. The market growth is attributed to the rising penetration of the Internet of Things (IoT) and Internet connectivity in homes. Moreover, the trend of modern technologies, such as Artificial Intelligence (AI), being integrated with smart homes has enabled more advanced and digitally smart devices for better living.
Smart Building Market - The global smart building market size is expected to reach USD 570.02 billion by 2030, registering a CAGR of 26.8% from 2023 to 2030, according to the recent reports of Grand View Research, Inc. Governments worldwide are making significant investments in smart city initiatives, propelling the adoption of smart buildings in different regions. The governing bodies are predicted to be the strongest promoters of smart and cutting-edge solutions that facilitate adaptive regulations and enable disruptive entries, safeguarding the interests of the public and the city. For instance, the Energy Conservation Building Code (ECBC), developed by the Indian government, established minimal energy performance requirements for structures, covering the building exterior and heating, cooling, and air conditioning.
Smart Home Automation Market - The global smart home automation market size is estimated to be valued at USD 444.98 billion by 2030, with a CAGR of 27.3% from 2023 to 2030, based on the latest report by Grand View Research, Inc. The smart home automation market demand is primarily driven by the rapid adoption of lighting, entertainment, and security & access solutions in the residential sector. Advanced technologies such as artificial intelligence, machine learning, and speech recognition, among others are expected to drive market growth. In addition, key market players have adopted various growth strategies such as partnerships and collaborations to provide technologically advanced solutions to create demand in the market. For instance, in January 2023, Xailient Inc. partnered with Adobe Systems to use artificial intelligence for privacy regulations-compliant face recognition in Adobe's smart home video doorbells.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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