Increased connectivity of smart devices with public, private and private infrastructure, simultaneously creating a demand for smart locks. Improved security, protection and monitoring of properties to prevent theft enable the use of intelligent locking systems. The global smart lock market is expected to grow at a CAGR of 16% through 2029. Countries around the world are taking advantage of advances in infrastructure technology such as intelligent surveillance, improved sensors and mobile control of security systems. Market players are investing heavily in the research and development of smart slocks to increase convenience and improve security.
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Global Smart Lock Market: In-Depth Assessment of Key Segments
The global smart lock market is segmented on the basis of type, application, and region.
Type Bolt Lever Handles Padlock Other
Application Residential Hospitality Business Critical Infrastructure Other
Region North America Latin America Europe East Asia South Asia & Oceania Middle East & Africa
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Key insights from the Smart Lock market study
Due to product factors such as price, durability and security, smart locks with deadbolts will grow more than 4 times over the forecast period. Driven by consumer demand for smart hospitality and easy access to services, the door handle segment will register ~17% CAGR between 2019 and 2029. Increased disposable income of millennial consumers will propel residential applications segment fourfold by 2029. Moreover, the penetration of smart devices in developing countries will significantly contribute to the growth of the smart lock market in the coming decade. Critical infrastructures such as server rooms and large data centers show the highest growth rate of more than 19% from 2019 to 2029. The increasing digitization of business operations leads to an increasing demand for intelligent locks for critical IT infrastructures. Enterprise applications will offer growth opportunities due to early adoption by multinational companies. The corporate segment is set to grow at a staggering CAGR of 17% over the projection horizon. Asia Pacific (East Asia, South Asia and Oceania) will generate additional dollar opportunities at a staggering 19% (East Asia) and 22% (South Asia and Oceania) CAGR during the projection period. Developing countries with skilled workers are inventing disruptive smart lock technologies.
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Smart Features in Smart Locks – Key Growth Strategy
Market participants differentiate products based on features that increase safety and comfort at the same time. Smart locks that lock and unlock automatically by detecting the owner’s arrival are an ideal example of innovative products. Face recognition and fingerprint sensors increase product efficiency. The mobile adaptability will further fuel the growth of the smart lock market. The rising adoption of smartphones among consumers in developing countries coupled with the digitization of economies will boost demand for smart locks over the forecast period. The competitive landscape is shaped by disruptive innovations and strategic development partnerships. The proliferation of products such as Google Home,
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Find other valuable insights on the Smart Locks market
In its new offering, Fact.MR offers an in-depth analysis of the global smart lock market, displaying historical demand data (2014-2018) and forecast data for the period 2019-2029. The study provides readers essential insights of smart locks market on the basis of type (bolts, lever handles, padlock and others), application (residential, hospitality, enterprise, critical infrastructure and others) and on 6 key regions (North America, Latin America , Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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