Smart Door Lock (Smart Locks) Market Size, Share, Growth, and Industry Analysis, By Type (Electronic Cipher Locks, Fingerprint Locks, Z-wave Locks, Wi-Fi Locks, Bluetooth Low Energy Locks and Others), By Application (Household, Commercial and Others) and Regional Forecast to 2032

Updated On: 04 November 2024

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SMART DOOR LOCK (SMART LOCKS) MARKET REPORT OVERVIEW

The Smart Door Lock (Smart Locks) Market Size was Valued at US$ 222.41 Million in 2023. The Market is likely to Surpass US$ 696.18 Million by 2032 at a CAGR of 12.09% During the Forecast period [2024-2032].

The market for Smart Door Lock has grown significantly in the last few years effectively due to development in technology and because of the growing need of people for better security in their homes. Smart locks provide smart deadbolt locks, include home automation systems and features like access control, status updates, and better locking systems. Recent advances in smart homes as well as IoT advancements have also boosted this market depending on the need for more and enhanced ways of controlling access to homes.

Industry participants in Smart Door Lock market reveal that they are constantly upgrading their products in order to add better characteristics to the door lock and to make the operation easier. Manufacturers are coming up with new smart locks that have complex biometric systems which include fingerprint scanners, and compatibility with Artificial Intelligence voice assistants like a lamada, Alexa and Google home assistant. Also, the focus on the protection of data has made it necessary to install encryption to prevent people from accessing data that they should not. Over time, the primary trend in smart lock design is the increasing compatibility of the locks with other home security mechanisms and smart appliances to meet the market’s need for smart home security.

COVID-19 IMPACT: Increased Demand for Contactless Solutions to Boost Market Growth Significantly

The global COVID-19 pandemic has been unprecedented and staggering, with the smart door lock (smart locks) market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The pandemic increased interest in contactless and touchless solutions and increased the use of smart locks due to their keyless entry methods and containing physical surfaces. Thanks to the pandemic and more time people spend at home there was the demand for home convenience and security, smart door lock being one of the segments of this market.

This was due to a change in demand from consumer durables to products that can intrinsically offers the features in remote access and monitoring like that of smart locks. This factor shifted the market adoptions and contributed to an increase in the aspect in question. Consumers want to reduce the interaction with frequently touched items such as traditional keys, locks and handles due to hygiene measures adopted during the pandemic. The market is anticipated to boost the smart door lock (smart locks) market growth following the pandemic.

LATEST TRENDS

"Integration with Smart Home Ecosystems to Drive Market Growth"

Modern smart door locks are utilized in conjunction with entire smart home systems and even Internet of Things platforms. It enables the users to operate their locks with the help of home automation systems and voice control with the help of voice assistants such as Amazon Alexa, Google Assistant, and Apple Home Kit. Some of the newer features in security technologies that are pushing smart locks to the next levels include biometric security and enhanced solutions for fingerprint and facial recognition, enhanced encryption, and real time alarms and alerts. Such features add to general safety and convenience to the users. These latest developments are anticipated to boost the smart door lock (smart locks) market share.

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SMART DOOR LOCK (SMART LOCKS) MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Electronic Cipher Locks, Fingerprint Locks, Z-wave Locks, Wi-Fi Locks, Bluetooth Low Energy Locks and Others.

• Electronic Cipher Locks: Such locks allow one to open it by keying in a given number on a keypad. They give comfort by unlocking the door without a key and one can easily reprogram them to change a code. They are widely applied both in the house and in the companies as the access is convenient and secure.

• Fingerprint Locks: Fingerprint locks incorporate biometric technology as it only opens with an input of the fingerprints that have been authorized. A major advantage which smart locks bring to the table is that they do not require the usage of actual keys or code-killers. Suitable for both the home use and the various security purposes for commercial buildings.

• Z-wave Locks: Z-wave locks also consist of this technology they use Z-wave wireless technology to with other smart home appliances. They allow having a connection or being a part of home automation systems to control using smartphones and other connected devices. They are especially famous for the integration with smart home systems.

• Wi-Fi Locks: Smart Wi-fi locks operate via home Wi-Fi implying that a homeowner can manage them from any location using an application on a smartphone. They are convenient by giving real time alerts and are controlled through the internet but comes with the need for a stable internet connection.
• Bluetooth Low Energy (BLE) Locks: BLE locks incorporate Bluetooth for connection with smartphones or any device that supports Bluetooth to unlock them. They are cheap in power consumption and are easy to operate offering secure and easy key-less entry within a limited zone.

By Application

Based on application the global market can be categorized into Household, Commercial and Others.

• Household Applications: In residential areas, smart locks come with access codes, and extra security measures to help control the locks from remote and biometric means. Smart thermostats offer convenience for the homeowner because the thermostat can be controlled by a smartphone and also it can interface with other smart home components. Smart locks also have the added functionality of allowing visitors to receive customized codes for their stay and real-time view of activities.

• Commercial Applications: In the business environments where access to premises is crucial, smart door locks boosts security and enables efficient control of access through features such as remote control and compatibility with security systems. They can efficiently control multiple doors fulfilling a company’s security needs and can be configured to either deny or permit entry depending on one’s status or time of the day. Transaction control ensuring continual, real-time surveillance and detailed audit trails are vital when it comes to security and compliance in commercial environments.

DRIVING FACTORS

"Rising Demand for Home Automation to Boost the Market"

Factors such as the adoption of the home automation and smart home technologies continue to increase, can be regarded as the main reason. People turn into a search for solutions that are convenient, safe and allow controlling a number of aspects in their households. The advancement of smart locks with other smart devices like smart cameras and smart alarms is another reason for their use. These forms integrated security solutions that suits the new world high-tech consumers. The manipulation of the desire for convenience, as well as the ability to avoid conventional keys, are leading factors in this case. The other significant feature of smart locks is that they have no physical keys that users need to use their smartphones, keypad, and biometrics, which are favourite nowadays.

"Increased Focus on Security to Expand the Market"

An increasing consciousness of homeowners with reference to home security and safety as well as the increasing concern with regard to burglary and unauthorized access means that smart lock has been widely embraced by consumers as part of home security systems. That is why smart door locks are being adopted where enhanced security concerns are present. Some of the locks contain more features like biometric control, alarm system with real-time control, monitoring from remote places, among others, overcoming the current issues involving home security systems. These factors are anticipated to drive the smart door lock (smart locks) market share.

RESTRAINING FACTOR

"Technical Issues and Reliability to Potentially Impede Market Growth"

Smart locks operate on the basic of technology and networks and therefore areas like network issues, low battery power, or software failure may occur. Such technical issues have the potential of influencing the reliability and usability of the websites. Some potential issues include; Interoperability with other home systems and door knobs and handles may be a problem. Some of the smart locks can only work with specific doors or existing security systems; this aspect may reduce its demand. Smart locks can be Which may need software updates for optimal functionality and to address security flaws every now and then. The constantly gradual wearing out of these surfaces requires constant replacing and can be undesirable by users in search of low maintenance systems. The factors are anticipated to hinder the growth of the smart door lock (smart locks) market growth.

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SMART DOOR LOCK (SMART LOCKS) MARKET REGIONAL INSIGHTS

"North America is Dominating the Market with High Adoption Rate of Smart Home Technologies"

The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa. North America, including the U.S. and Canada, showcases a high adoption rate for smart home technologies. This could be founded on the impact of a tech-savvy population together with strong income that can afford advanced security solutions to protect their homes with smart door locks. There is tremendous consumer demand in North America for improved home security solutions. Advanced security features, such as remote access, biometric authentication, and real-time monitoring, make smart locks rather alluring to homeowners who are really concerned about security. North America's high rate of homeownership and frequent renovation activities of houses support demand in modernizing the security systems installed in homes. There is a growing perception that smart locks are a desirable upgrade.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

The smart door lock (smart locks) market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, materials, and smart features in smart door lock (smart locks), catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

LIST OF MARKET PLAYERS PROFILED

• MIWA Lock [Japan]
• Fortune Brands [U.S.]
• Guangdong Hutlon Technology [China]
• Allegion [Ireland]
• Dessmann [China]

INDUSTRIAL DEVELOPMENT

August 2023: The August Wi-Fi Smart Lock, 4th Generation, has built-in Wi-Fi; therefore, no additional hubs are required. It joins directly to a home's Wi-Fi. It offers upgraded security with features such as auto-lock and unlock, real-time notifications, and remote access via smartphone app. Its compact design enables it to fit over existing deadbolts. Installation is easy, and it retains the look and feel of traditional hardware.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.