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The global smart lock market size is anticipated to be worth USD 8.13 billion by 2030 and reveal a CAGR of 19.5%. A rise in the adoption of technologies such as artificial intelligence (AI), the internet of things (IoT), and machine learning (ML) is expected to drive the industry’s growth during the forecast period. There has been a rise in awareness among consumers regarding the advantage of utilizing locks, especially in hospitality and accommodation. Owing to the high efficiency and complexity of locks, a rise in demand is expected during the forecast period.
The COVID-19 pandemic positively impacted the industry wherein smart locks benefited momentum during the unpreceded time. For instance, Netatmo, a French manufacturer of smart devices introduced the latest smart door lock along with keys in 2020. The purpose was to provide support to Apple’s Homekit, which contributed to the industry’s growth. Thereby, with such contributions from organizations, the industry is projected to witness growth opportunities with the provision of smart locking processes that can be produced with additional features like voice recognition as well as the use of gadgets to overcome physical handling.
The growth of the industry is subjected to automation technology due to which there is increased adoption of smart locks, and this constituted to be an essential factor to boost the demand in the forecast period. Besides, companies are focused on the provision of locks that are commercially viable with innovative strategies that include remote systems for opening and locking doors and windows. Thus, such innovations are projected to increase consumers’ demand for the manufacture of both locking and unlocking devices. Besides, the hospitality sector is in huge demand for smart lock devices, which is expected to up-scale the industry. For instance, hotels across the world have strategized to implement Bluetooth or Wi-Fi-infused smart locks with the aim to improve their security systems.
In terms of segment, the residential application segment dominated the smart lock market and is expected to further expand during the forecast period. Primary reasons for this growth include smart home penetration, an increase in restoration projects, and affordable smart security solutions. The provision of security solutions like opening sensors for doors and windows, remote locks and unlock devices, and motion detectors are compelled to drive the industry growth. Besides, locks are constituted to be compatible with the infusion of technologies such as Bluetooth low energy (BLE), ZigBee, and Z-Wave that has been utilized in residential applications, which contributes towards the industry upliftment.
In terms of regional growth, North America dominated the market and is projected to expand in the coming seven years majorly due to the adoption of smart lock technology. There is continuous development and adoption of smart homes and technology in the United States, thus constituting future growth. For instance, in the United States, more than 30% of households are in huge demand for smart locks as per the study conducted by Grand View Research, Inc. Besides, a surge in consumer spending, and increased concern for safety in domestic and key infrastructure applications has resulted in a huge demand and industry growth.
The industry is undergoing several changes and key players are on the continuous verge to acquire the highest market share. Through investments, partnerships, acquisitions, and research and development (R&D) they are striving to differentiate their portfolio from competitors and position itself in the market. Besides, the adoption of IoT to upgrade non-contact locks has successfully increased the momentum owing to the inauguration of solutions by organizations to reduce human interaction. For instance, Kwikset disclosed its product line that incorporates Microban SilverShield Technology in March 2020, which helped to overcome aggressive growth in departmental platforms. Additionally, the organization was concerned regarding the expansion of its partnership with Microban through the inauguration of smart locks and keys, which contributes towards the industry growth.
Research Support Specialist, USA