Smart Locks Market Development Strategy, Competitive Landscape And Regional Forecast To 2027

Posted June 17, 2020 by avinash1

A smart lock is an electromechanical locking system that opens wirelessly with authorized users’ authentication.

Market Overview
A smart lock is an electromechanical locking system that opens wirelessly with authorized users’ authentication. A smart lock performs locking and unlocking operations on a door when it receives such instructions from an authorized user with a wireless protocol and cryptographic key to commence the authorization process. Smart locks are an integral part of smart homes, which allow homeowners to enter their home without requiring traditional key. As a connected device, smart locks are considered as a part of the Internet of Things (IoT). Many smart locks utilize mobile apps or websites allow homeowners to grant access to third parties by sending a virtual key. Some smart locks come with a camera, which provides a picture of individuals accessing the door.

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The global smart locks market was valued for US$ 434.4Mn in 2019 is expected to exhibit a CAGR of 18.8% during the forecast period.

Market Dynamics- Drivers
Growing adoption of smart home technologies is expected to drive growth of the global smart locks market during the forecast period
The smart home locks an integral part of smart home ecosystems, providing automation and access capabilities to users via smartphones, tablets, and other devices. Exponential change in the lifestyle of urban households has increased the demand for smart electronic devices to monitor homes from a single platform. Some devices provide control of home systems using non-acoustic sensors. These are mechanical accelerometers that measure distinct vibrations on the surface and connect to Wi-Fi to convert them into programmable action. Moreover, smart home technologies are popular among investors for the potential they hold in the near future. Thus, these factors are expected to drive growth of the global smart locks market during the forecast period.
Technological advancements making mobile communication cost-effective are expected to propel the global smart locks market growth over the forecast period
Growing adoption of smartphones and the internet has offered excellent growth potential for smart locks since they are interconnected. Smart locks such as August are incorporating with Apple’s platform Apple Home kit. These interconnected devices can be commanded by Siri’s voice control capabilities for locking and unlocking needs. Schlage Home sense Bluetooth lock also can be operated and monitored from the iOS platform. Unikey lock systems for hospitality developed supporting mobile app and hardware electronics that enable an electronic passkey generation on a compatible smartphone to allow access to the hotel rooms using Bluetooth technology. The hotel sector and chains will be able to incorporate this functionality into their own app and management systems. Therefore, advancements in technology are expected to boost the market growth over the forecast period.
North America region dominated the global smart locks market in 2019, accounting for 36.0% share in terms of value, followed by Europe and Asia-Pacific, respectively

Market Opportunities

High adoption of smart locks in commercial sectors can provide lucrative growth opportunities
Smart locks have found major adoption in hotels since they change customer check-in and check-out experience. It allows them to gain quick access to the hotel rooms by just a touch of the finger, reducing the difficulty of front desk check-in, the time consuming and tedious task of carrying a hotel card key. For instance, in 2014, Hilton and Starwood owner of Sheraton, Westin, W, upgraded 30,000 room locks in 150 hotels to smart locks accessed through apps. Hilton has enabled guests to use this feature in 60,000 rooms and had started its project on 10 properties in the U.S. Moreover, in 2014, OKIDOKEYS a part of Open Ways Group, announced its line of smart locks and keys at the Consumer Electronics Show.
Growing adoption of IoT-based security systems is expected to present excellent business opportunities
Internet of Things (IoT)-based security systems use four sensors namely smoke, temperature, LPG, and IR sensors. The data collected from these sensors is sent over the Wi-Fi module for connecting microcontrollers to the Wi-Fi network and send data. The integration of an IoT-based security system provides the user with total control over the security system and enhances the overall security measures.

Market Taxonomy

This report segments the global smart locks market on the basis of by product type, by unlocking mechanism, application and region. On the basis of product type, the global smart locks market is segmented into Deadbolt and Lever/Knob. On the basis of unlocking mechanism, global smart locks market is segmented into Keypad, Touch Screen, App Based and Hybrid/Integrated. On the basis of application, global smart locks market is segmented into Government, Commercial, Industrial and Residential. On the basis of region, global smart locks market is segmented into North America, Latin America, Europe, APAC, Middle East and Africa.

Key features of the study:

• This report provides an in-depth analysis of the global smart locks market and provides market size (US$ million) and compound annual growth rate (CAGR %) for the forecast period (2019-2027), considering 2018 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
• It profiles leading players in the global smart locks market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
• These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
• Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology upgradation, market expansion, and marketing tactics
• The global smart locks market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global smart locks market.

Detailed Segmentation:

Global Smart Locks Market, By Product Type:
• Deadbolt
• Lever/Knob
Global Smart Locks Market, By Unlocking Mechanism:
• Keypad
• Touch Screen
• App Based
• Hybrid/Integrated
Global Smart Locks Market, By Application:
• Government
• Commercial
• Industrial
• Residential

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Competitive Section
Key players operating in the global smart locks market are Apigy Inc. (Lockitron), Schlage, Kwikset, Honeywell International Inc., Havenlock Inc., Panasonic Corporation, Samsung SDS Co., Ltd, Vivint, Inc., August Home Inc., and Assa Abloy Group.

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Last Updated June 17, 2020