With Over US$3.2 Billion Projected Opportunity for the Taking, Spotting the Right Trends in the Global Smart Locks Market is Crucial to Staying Ahead
The global market for Smart Locks is projected to reach US$3.2 billion by 2025 driven by the growing proliferation of smart homes and the ensuing need for smart security solutions.
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Smart Locks market. Report segmentation includes Lock Type (Deadbolts, Lever Handles, Padlocks, Other Lock Types); Vertical (Commercial, Residential, Institutional & Government, Industrial).
24 June 5:55 A.M., California/Marketwire/ - According to the new market research report, the global market for smart lock is projected to reach US$3.2 billion by 2025 driven by the growing proliferation of smart homes and the ensuing need for smart security solutions. Smart homes worldwide are becoming increasingly common supported by rapid penetration of home automation and smart home technologies; widespread launch and use of myriad types of connected devices; ubiquitous access to high-speed internet as a result of falling tariff rates; robust penetration of smartphones; development of smart microprocessors and connected devices; declining costs and ubiquity of sensors; innovations in embedded system design, and mostly importantly falling cost of smart home applications and products. Proliferation of smartphones especially provides the perfect platform for smart homes and home automation to take flight.
Smartphones owned by homeowners coupled with the continuous development of apps that support smart home control and networking, are the primary touchpoints that make the technology readily available and accessible by the population. Smartphones and apps have the potential to convert any existing home into a smart home. All of these factors are playing key roles in bringing consumer internet of things (CIoT) closer to commercialization. Widespread integration of sensors and intelligent sensing capabilities in virtually every home appliance ranging from lightbulbs, fans, lighting controls, TVs, washing machines, refrigerators, air conditioners, kitchen appliances, point of care (POC) home medical equipment, home audio visual entertainment systems to water heaters, has made smart homes more easily deployable and implementable. In the United States alone, smart homes as a percentage of total households are poised to grow from 25% in 2019 to over 38% by 2023.
All new homes being constructed are designed and modeled to support home automation features and functions. All fixtures, furnishings and home assets are also being digitalized to enable smart connectivity. All home renovations and improvements are being targeted at digitally upgrading the home for the simple reason that smart homes have higher valuations in the real estate market. In the United States alone, over 60% of homeowners are including at least one smart device in their newly remodeled property and over 4 in 10 homes have more than 5 to 6 connected devices in their home. In addition to convenience, comfort sustainability, a smart home is also geared for foolproof security and this is where smart locks are benefitting. In fact, security is one of the biggest reasons why consumers are interested in smart homes. Smart locks are the perfect example of mechanical and cyber security converged devices.
Key trends in the market include growing popularity of Bluetooth & Wi-Fi based smart locks which bring IoT capabilities to traditional mechanical locks; rising preference for smart locks with biometric fingerprint identification; continuous innovations in digital and keyless locks which are controllable remotely by smartphones; growing investments in industrial IoT and the ensuing demand for smart lock solutions for factories. As CIoT expands in parallel to smart homes, the commercial rewards for innovation in smart locks will become bigger and crucial for success and profitability in the marketplace. The United States and Europe represent large markets worldwide with a combined share of 56.3% of the market. China ranks as the fastest growing market with a CAGR of 16% over the analysis period led by supportive government policy for IoT technology and smart cities; expanding smart home product portfolios of major players; growing importance of remote home monitoring; rising willingness among the expanding base of affluent middle class population to live smart lives as technologies such as artificial intelligence, internet of things, big data, and cloud computing open up a new era in home intelligence.
Key Competitors Covered in the Report
Assa Abloy AB
Cansec Systems Ltd.
dormakaba International Holding AG
Master Lock Company LLC
SALTO Systems SL
Spectrum Brands Holdings, Inc.
Geographies Analyzed in the Report
Europe (France, Germany, Italy, United Kingdom, and Rest of Europe)
Rest of World
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 2567. Among this pool, 462 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 77 unique participations, a total of 36 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
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Global Industry Analysts, Inc.