SecurityWorldMarket

14/04/2022

Smart locks market to reach $3.9 billion by 2027

Northbrook, Il (USA)

The smart locks market is estimated to be valued at USD 2.1 billion in 2022 and predicted to reach USD 3.9 billion by 2027, registering a CAGR of 12.9% over that period, according to a new report just out from researchers Marketsandmarkets.

The growing adoption of IoT-based security systems and developing urban infrastructure in emerging nations are expected to create lucrative opportunities for the market players during the review period.

The smart lock market includes major Tier I and II players like Assa Abloy from Sweden, the Swiss Dormakaba Group, Spectrum Brands from the US, Salto Systems of Spain, Allegion from Ireland, and various others. These players have a strong market presence in the smart lock sector across various countries in North America, Europe, APAC, and RoW.

Rising adoption of smartphones and other connected devices

The ever-growing demand for tablets, smartphones, and connected devices acts as a strong driver for the smart lock market. Smartphones are witnessing rapid adoption in many developed economies. The demand from developing economies, such as China, India, Malaysia, and Indonesia, will continue to fuel the demand for smartphones in the near future. The explosion of internet usage and the growing adoption of smartphones encourage companies to invest more in smartphone-based applications and mobile websites strategically.

Robust deadbolt locks lead the way

The deadbolts are among the most commonly used exterior residential locks. They are grouped according to the grades that determine their relative strengths, based on their longevity and durability. The grades range from 1 to 3, with 1 being the highest and 3 the lowest. Most smart locks are compatible with the existing deadbolt specifically, making the systems more secure.

Residential market offers strong vertical

The residential vertical includes condominiums and individual houses. Residential is the largest vertical of the smart lock market. The growth of the market for the residential vertical can be attributed to various factors such as increasing demand for smart homes, growing urbanization, and rising adoption of security solutions. Some of the leading providers of smart locks to the residential vertical are Assa Abloy, August Home, Spectrum Brands, and Gate.

APAC to see increased adoption

APAC is expected to witness an increase in the adoption of security systems as major countries in this region are the emerging economies with a growing number of manufacturing bases and exhibiting increasing demand for connected security devices. Further, the large population base, rising research and development (R&D) activities, and increasing urbanisation are projected to fuel the adoption of smart locks in APAC.

Key players in the smart lock market as mentioned within the research, and not already mentioned above, include Honeywell, Dahua, Samsung, Vivint, Zkteco, Igloohome, Remotelock, Onity, Master Lock Company, Miwa Lock, Sentrilock, Avent Security, Havenlock, Shenzhen Vians Electric Lock Co, Anviz, Cand House, Amadas, Thekeywe, Gate Video Smart Lock, and Dessmann Schliessanlagen. 


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