Coherent Market Insights

Smart Locks Market to Surpass US$ 5.19 Bn by 2030

Smart Locks Market to Surpass US$ 5.19 Bn by 2030 - Coherent Market Insights

Publish On: Aug 25, 2023

The global Smart Lockers Market was valued for US$ 2.33 Bn in 2023 is expected to exhibit a CAGR of 12.11% during the forecast period.Smart locks are electronic and mechanical locking devices that open wirelessly using a wireless protocol and a cryptographic key. It additionally screens and sends cautions for multiple occasions it screens and a few other basic occasions connected with the situation with the gadget. Smart locks are a basic piece of smart homes, which permit mortgage holders to enter their homes without requiring a customary key. As an associated gadget, smart locks are considered as a piece of the Web of Things (IoT). Many smart locks use portable applications or sites permit property holders to give admittance to outsiders by sending a virtual key. A few smart locks accompany a camera, which gives an image of people getting to the entryway.

Global Smart Locks Market: Driver

Growing concerns over security and safety of homes are expected to drive growth of the global smart locks market during the forecast period

With rising incidents of burglaries and break-ins, homeowners are becoming more conscious of the need for enhanced security measures.Smart locks offer advanced features that address these concerns, making them a popular choice among consumers. These locks come equipped with biometric authentication, allowing only authorized individuals to access the premises. Additionally, they provide remote access and monitoring capabilities, enabling homeowners to lock or unlock their doors and monitor access activity through smartphone apps or other connected devices.The convenience factor also contributes to the growing adoption of smart locks. With smart locks, homeowners can eliminate the need for physical keys, using their smartphones or voice commands for easy access. This seamless integration with modern technology appeals to tech-savvy consumers seeking a more connected and intelligent living environment. For instance, Brinks Home Security’s a US-based company, Kit option involves using a smart home control panel infused with various sensors that can be controlled via mobile phone.Check out their range of products on ecommerce websites such as Amazon and book a suitable one.

Global Smart Locks Market: Restraint

High cost of installation and perception of unreliability are expected to hamper the global smart locks market growth during the forecast period

One significant challenge is the high cost of installation associated with smart locks. Compared to traditional locks, smart locks often come with a higher upfront cost, including the price of the lock itself and the required supporting infrastructure. This cost can deter price-sensitive consumers from adopting smart lock solutions, especially in price-sensitive markets or regions with limited disposable income.Another potential hindrance to the market growth is the perception of unreliability among some consumers. While smart lock technology has improved significantly, there remains a perception that these locks may be vulnerable to hacking or technical malfunctions. Concerns about potential security breaches or lock failures could make some consumers hesitant to invest in smart lock systems for their homes.The smart locks market is expected to continue growing, driven by increasing consumer awareness of smart home technologies, ongoing technological advancements, and the efforts of manufacturers to address concerns related to cost, security, and reliability. Over time, these factors could help alleviate some of the barriers hindering the adoption of smart locks and support the market's long-term growth.

Global Smart Locks Market: Opportunity

Growing urbanization emerging economies can provide major growth opportunities over the forecast period

The forecast period presents significant growth opportunities for the global smart locks market, especially in emerging economies, due to the ongoing trend of growing urbanization. As these economies experience rapid urban development, more people are moving into cities and urban areas, leading to an increase in residential construction and infrastructure projects.With a higher concentration of residential properties, the demand for advanced security solutions, such as smart locks,is expected to surge.In emerging economies, rising middle-class populations are increasingly adopting smart home technologies, including smart locks, to enhance the security and convenience of their homes. As disposable incomes increase, consumers are willing to invest in modern, technology-driven solutions that offer seamless access control and remote monitoring capabilities. The combination of rapid urbanization, growing middle-class populations, supportive government initiatives, and advancements in smart lock technology presents substantial growth opportunities for the global smart locks market during the forecast period. As consumers increasingly prioritize security and convenience, smart locks are well-positioned to become an integral part of the modern urban living experience in emerging economies.

Covid-19 Impact Analysis:

The outbreak accelerated the adoption of smart home technologies, including smart locks, as people sought ways to enhance home security and automate their living spaces. With lockdowns and social distancing measures in place, individuals became more conscious of their home safety and looked for contactless solutions, which smart locks could provide. The convenience of remote access and the ability to grant temporary access to delivery personnel or family members without physical interaction further boosted the demand for smart locks. However, the pandemic also posed challenges to the smart locks market. The economic uncertainties and financial constraints faced by many individuals and businesses hindered their willingness to invest in non-essential technologies, including smart locks. Consequently, some potential customers delayed or canceled their purchases, leading to a dip in sales and revenue for smart lock manufacturers and suppliers. while the Covid-19 pandemic spurred the adoption of smart locks by highlighting the importance of home security and contactless solutions, it also presented challenges due to economic uncertainties and supply chain disruptions.

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Key Takeaways:

The global smart locks market was valued at US$ 2.33 Bn in 2023 and is forecast to reach a value of US$ 5.19 Bn by 2030 at a CAGR of 12.1% between 2023 and 2030.

Deadbolt segment held a dominant position in the global smart locks market in 2023, accounting for 62.4% share in terms of value, increasing approval and launch of new products is expected to propel the growth of the segment during the forecast period.

Global Smart Locks Market Trends:

Mobile App Enhancements

A prominent trend in the global smart locks market revolves around enhancing user experience through mobile app innovations. Manufacturers are placing a strong emphasis on refining mobile applications to offer users an elevated level of convenience and functionality. These apps serve as the central hub for controlling smart locks, providing users with the ability to manage their locks remotely, receive real-time notifications, and oversee access permissions for family members and guests.The evolution of mobile apps for smart locks extends beyond basic control functionalities. Manufacturers are incorporating sophisticated user interfaces that are intuitive and easy to navigate, ensuring that users can seamlessly interact with their smart locks. This focus on user-friendly design enhances accessibility, allowing users to quickly understand and utilize the full range of features available.

Rise in Home Automation and Smart Security Solutions

The increasing prevalence of home automation has paved the way for smart locks to become a fundamental element within comprehensive smart security systems. As home automation technologies gain traction, the seamless integration of smart locks into these systems enables users to remotely monitor and manage access to their residential and commercial properties. This remote accessibility has been a key driver in the growing adoption of smart locks, as it offers unparalleled convenience and security to homeowners and businesses alike. By providing the means to control and track access from afar, smart locks have witnessed a surge in demand and have cemented their position as an indispensable component of the expanding smart home and smart security solutions market.

Global Smart Locks Market : Competitive Landscape   

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.

Key Development

In February 2022, Vivint Smart Home, Inc. a leading smart home company, and New American Funding, one of the nation's largest independent mortgage companies, are proud to announce a strategic partnership that will help homeowners and homebuyers protect their dream homes.

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