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BANGALORE, India , May 19, 2022 /PRNewswire/ -- Smart Locks Market is segmented by Product Type (Deadbolts, Lever Handles, Padlocks, and Others), Technology (Wi-Fi and Bluetooth), and End User (Residential and Commercial) Global Opportunity Analysis and Industry Forecast, 2021 - 2030. It is published in Valuates Reports under the Building Materials & Supplies Category.
The global smart lock market size was valued at USD 2,366.51 million in 2020 and is projected to reach USD 14,972.3 million by 2030, growing at a CAGR of 20.1% from 2021 to 2030.
Major Factors Driving The Growth Of The Smart Lock Market
The growth of the smart lock market is expected to be driven by factors such as increasing security and safety concerns, rising adoption of smartphones, IoT, and an increase in smart home automation. The superior features compared to traditional lock systems like easy logging, tracking, quick accessibility, and sharing of virtual keys with other visitors.
However, huge costs and hacking issues will hinder the market growth during the forecast period.
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TRENDS DRIVING THE GROWTH OF THE GLOBAL SMART LOCK MARKET
The smart lock market size will be impacted positively by the rapid growth of home automation. The wide scale adoption of smart home devices has triggered anxiety as consumers want both data privacy and security in their homes. They want to lock the doors, check for intruders or monitor even when they are miles away from the house. Smart locks have the capability to do all this stuff. You just have to pair your Bluetooth or wifi with your deadbolt and gain access through a phone tap or a voice command. They enhance security through advanced presence detection, durability, and alert systems. Easy access and quick authentication have become the norm.
The increasing IoT penetration will drive the growth of the global smart lock market. IoT-enabled sensors connect smart locks through mobile phones or other internet devices. These locks provide users the ability to gain easy remote access and share virtual keys with other visitors who want to enter the house or building. They are also compatible with other IoT devices like smart assistants which automate certain processes like turning on lights or triggering the security system with video alerts if the door has been unlocked outside expected hours.
The integration of advanced technologies such as cloud computing, Artificial intelligence, and ML along with covid 19 has led to the transition to contactless operations. Commercial and residential sectors are switching to app-based smart lock systems as it enables quick tracking, and logging, and increases efficiency. Employee productivity, monitoring, accountability, and compliance management become fast and better. These factors are going to surge the growth of the smart lock market in the coming years.
The smart lock market will be hampered by issues related to hacking and huge installation costs. Although smart locks remove hassles related to regular lock picking, hackers will be able to bypass the device and gain access through faulty digital security protocols. Moreover, a technician needs to be hired for mounting and connecting the lock system. In addition to it, batteries have to be changed at regular intervals. Then there are repair and maintenance costs. All these add up to a hefty sum which was not the case with a traditional lock and key system.
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SMART LOCK MARKET SHARE ANALYSIS
Based on product type, the deadbolt segment dominated the market in 2020 and will grow the highest in the smart lock market share due to high durability, ease of use, and efficient protection. While the other segment will rise rapidly during the forecast period.
Based on technology, the WiFi segment dominated the market in 2020 and will continue to maintain dominance in the smart lock market share. On the other hand, the Bluetooth segment will witness the fastest growth.
Based on end-user, the commercial segment maintained the lead in 2020 and will continue to do so in the smart lock market share due to rapid digitization and preference for contactless operations. However, the residential segment will see robust and fast growth due to the installation of smart locking systems in residential spaces.
Based on region, North America is expected to witness considerable growth due to the presence of key players and rapid innovations in residential and commercial spaces while Asia-Pacific will rise the fastest owing to booming urbanization and increase in income levels.
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