Heightened connectivity of smart devices with public, private, and residential infrastructure generating a simultaneous demand for smart locks. Enhanced security, safety, and monitoring of properties for theft prevention is enabling the deployment of smart lock systems. The global smart locks market is projected to grow at a dexterous 16% CAGR through 2029. Countries across the world are leveraging advancement in infrastructural technology such as smart surveillance, enhanced sensors, and mobile control of security systems. Market players are heavily investing in research and development of smart slocks to increase convenience and enhance security.

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Key Takeaways of Smart Lock Market Study

• On the back of product factors such as price, durability, and security, deadbolt type of smart locks will grow over 4X during the forecast period.
• On the back of consumer demands for smart hospitality and ease of access to services, the lever handle segment will register ~17% CAGR between 2019 and 2029.
• Increased disposable income of millennial consumers is propelling the residential application segment to quadruple through 2029. Further, penetration of smart devices in developing economies will contribute significantly to the growth of the smart locks market in the coming decade.
• Critical infrastructure such as server rooms, and big data centres exhibit the highest growth rate of more than 19% from 2019 to 2029. Increasing digitization of business operations creates a surging demand for smart locks for critical IT infrastructures.
• Enterprise applications are set to offer growth opportunities on the back of early adoption by multinationals. The enterprise segment will grow at a stupendous 17% CAGR during the projection period.
• Asia Pacific ( East Asia & South Asia & Oceania) will generate incremental dollar opportunities with stupendous 19% (East Asia) and 22%(South Asia & Oceania) CAGR during the projection period. Developing countries with skillful workforces are innovating disruptive smart lock technology.

Global Smart Lock Market: In-Depth Assessment on Key Segments

The global smart lock market is segmented on the basis of type, application and region.

Competitive Landscape

Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions to expand their market ground

• In February 2021, Allegion Plc. introduced the new Schlage Ease™ range of smart locks that are easy to install and use, but with maximum features. These locks are available in either deadbolt or entry lock versions and offers affordable style, convenience and security with modern smart functionality for any home.
• In September 2021, ASSA Abloy has signed a definitive agreement to acquire the Hardware and Home Improvement (“HHI”) division of Spectrum Brands for a purchase price of MUSD 4300 on a cash and debt free basis.