Global smart lock market is valued at USD 5,977.8 Million in 2022 and is projected to attain a market valuation of USD 13,147.7 Million by 2030 at a CAGR of 10.4% during the forecast period, 2023-2030.

New Delhi, Jan. 16, 2023 (GLOBE NEWSWIRE) -- The global smart lock market is expected to grow in the coming years, driven by factors such as increasing adoption of smart home technology, growing concerns about security, and the convenience of remotely controlling access to one's home or office. Additionally, the increasing adoption of voice-controlled smart home devices, such as Amazon Alexa and Google Home, is also expected to drive growth in the smart lock market.

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Smart locks are an emerging market with a lot of potential. In the past year, there have been several new entrants into the smart lock market, including August, Kevo, and Lockitron. Today, they are being developed and used across a variety of platforms such as doors, including those on homes, businesses, and public buildings. Following are some of the key factors driving growth of the smart lock market including:

• Convenience: Allow users to remotely control access to their homes or offices, making it easier to grant or revoke access to guests or service providers.

• Increased Security: Often comes with advanced security features, such as biometric authentication and automatic locking, that can provide a higher level of security than traditional mechanical locks.

• Smart Home Integration: Can be integrated with other smart home devices, such as security cameras and thermostats, to create a more connected and automated home experience.

• Remote Access and monitoring: Allow users to monitor who is entering and exiting the building, this can be useful for commercial properties and for parents who want to monitor the comings and goings of their children.

• Cost-effective: More cost-effective than traditional mechanical locks, as they do not require key replacements or rekeying when keys are lost or stolen.

• Rising adoption of IoT: Growing popularity of the Internet of Things (IoT) is driving the demand for smart locks as they are integrated into the IoT ecosystem.

• Growing awareness of smart home technology: Increasing awareness of smart home technology and its benefits is driving the demand for smart locks.

Consumers are Increasingly Preferring Smart Locks having Deadbolt Mechanism

According to a recent report, the deadbolt smart lock is expected to generate the highest revenue of any type of mechanism in the global smart lock market over the next 10 years. This is due to the increasing popularity of deadbolt locks and the growing demand for more secure and convenient home security solutions. Deadbolt smart locks offer a number of advantages over traditional locks, including greater security, convenience, and peace of mind. They are also more tamper-resistant and easier to install than traditional locks.

These features have made them increasingly popular with consumers, who are willing to pay a premium for the added peace of mind and convenience that they provide. As the demand for deadbolt smart locks continues to grow, manufacturers in the global smart lock market are racing to bring new and improved products to market. The competition is expected to result in lower prices and more features, making these locks even more attractive to consumers.

Smart Cards Established as Go to product in Global Smart Lock Market

As the demand for better security measures increases, so does the popularity of smart cards. Smart cards are embedded with microchips that can store personal information. This information is used to access buildings, enter secure areas, and make purchases. One of the reasons smart cards are becoming more popular is because they are difficult to duplicate. This helps to prevent identity theft and fraud. On top of that they offer a higher level of security than traditional ID cards. In line with this, most of the consumers especially from the hospitality domain prefer having smart locks enabled with smart cards to avoid unauthorised access.

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North America Generated Over 27% Revenue of Global Smart Lock Market

North America is currently the largest revenue generating region in the global smart lock industry. Factors such as high adoption of smart home technology, a large number of tech-savvy consumers, and an increase in the number of connected homes in the region
have contributed to the regional market growth. Wherein, the US and Canada are also home to a large number of technology companies and startups, which have contributed to the development of innovative and advanced smart lock products. Additionally, factors such as a growing awareness of smart locks and its benefits, and increasing disposable income have also played a role in the strong demand for smart lock market in these countries.

According to a new study by Astute Analytica, North America will see the highest demand for smart locks over the next 10 years.The study found that the number of smart lock shipments in North America is expected to grow from 2.9 million in 2018 to 12.7 million by 2023. In 2021, the region generated a revenue of over 1.9 billion. This represents a compound annual growth rate (CAGR) of 34%. One of the key drivers of this growth is the increasing adoption of smartphones and other connected devices. This is making it easier for consumers to control their locks remotely, and access real-time data on who is coming and going from their home. This is leading more consumers to consider upgrading their traditional locks to smart locks.

The study also found that the US will account for the lion’s share of smart lock shipments in North America, with an estimated 9.4 million shipments by 2023. This is due to the country’s large population and high penetration of smartphones and other connected devices. Canada will also see strong growth in demand for smart locks, with shipments expected to reach 2.5 million by 2023. This is driven by the country’s growing population and its high rates of home ownership and smartphone penetration.

Some of the Top Market Players Are:

• Allegion plc

• ASSA ABLOY AB

• Aventsecurity

• Cansec Systems Ltd.

• GANTNER Electronic GmbH

• Haven Lock, Inc.

• Master Lock Company LLC

• MIWA Lock Co.

• Mul-T-Lock

• Okidokeys

• Onity, Inc.

• Salto Systems S.L.

• Samsung Electronics Co., Ltd.

• SDS Smart Locks

• SentriLock

• Shenzhen Vians Electric Lock Co., Ltd.

• Spectrum Brands Holdings, Inc.

• UniKey Technologies Inc.

• Weiser

• Wyze Labs, Inc.

• Other Prominent Players

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About Astute Analytica

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CONTACT: Contact us: Aamir Beg BSI Business Park, H-15,Sector-63, Noida- 201301- India Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World) Email: sales@astuteanalytica.com Website: www.astuteanalytica.com