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Global Smart Lock Market to reach USD 5.4 billion by 2027.

Global Smart Lock Market Size study, by Type (Deadbolt, Lever Handles, Padlock, Others), by Application (Residential, Hospitality, Enterprise, Critical Infrastructure, Others), and Regional Forecasts 2021-2027

Product Code: ECE-96749123
Publish Date: 10-09-2021
Page: 200

Global Smart Lock Market is valued at approximately USD 1.38 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 21.4 % over the forecast period 2021-2027. Smart locks are simple to operate and can connect to Wi-Fi, Bluetooth, or both. Smartphones are becoming an increasingly important aspect of people’s lives in emerging markets. The market for mobile applications will increase at a large rate as the use of smartphones grows and more individuals purchase these electronic devices for everyday use. The increased need for smart locks is due to a rise in smart home adoption around the world, as well as an infusion of startups developing novel home automation technology. Industry participants concentrate on developing economically viable goods and innovative processes, such as remote locking and unlocking of doors, windows, and entrances. Furthermore, as the number of households with voice assistants continue to rise, manufacturers are connecting their products with these devices, allowing voice control of the locks. Customers are increasingly preferring innovative and convenient locking, thus such developments are predicted to gain a lot of popularity. Furthermore, throughout the projection period, an increasing number of new construction and renovation activities across North America and Asia Pacific are expected to generate significant market potential. In the medium term, rising raw material costs, along with the expanding presence of low-cost Asian suppliers in international markets, are projected to have an offsetting effect on the average selling price of smart locks. With the stabilisation of material costs, this tendency is expected to result in a sharp increase in price competitiveness. During the year 2020, IoT implementation to build touchless lock technologies has received enormous pace, as a result of which significant corporations are proposing solutions that require minimal human involvement. Kwikset released its expanded line of products with Microban SilverShield technology in March 2020, which helps to prevent bacterial growth on door hardware. However, security threats and system compromise may impede the market growth over the forecast years.

The regional analysis of the Global Smart Lock Market is segmented for the key regions such as North America, Europe, Asia Pacific, Latin America, and Rest of the World (ROW). North America is the dominating region across the world in terms of market share due to high technology adoption and rising penetration of smart homes in the region. Whereas Asia Pacific is also anticipated to exhibit the highest growth rate over the forecast period 2021-2027, due to significant increase in the number of residential and commercial projects regarding smart city across APAC.

Major market player included in this report are:

August Home
SDS Smart Locks
UniKey Technologies Inc.
Cansec Systems
Master Lock
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
Lever Handles
By Application:
Critical Infrastructure

By Region:
North America

Asia Pacific
South Korea
Latin America
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year –2018,2019
Base year –2020
Forecast period – 2021 to 2027.

Target Audience of the Global Smart Lock Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2027 (USD Billion)
1.2.1. Smart Lock Market, by Region, 2019-2027 (USD Billion)
1.2.2. Smart Lock Market, by Type, 2019-2027 (USD Billion)
1.2.3. Smart Lock Market, by Application, 2019-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Smart Lock Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Smart Lock Market Dynamics
3.1. Smart Lock Market Impact Analysis (2019-2027)
3.1.1. Market Drivers Increasing smart home penetration Proliferation of mobile technology
3.1.2. Market Restraint Technological challenges and incumbent failures
3.1.3. Market Opportunities A wider application base in non-residential segments
Chapter 4. Global Smart Lock Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2018-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Smart Lock Market, by Type
5.1. Market Snapshot
5.2. Global Smart Lock Market by Type , Performance – Potential Analysis
5.3. Global Smart Lock Market Estimates & Forecasts by Type 2018-2027 (USD Billion)
5.4. Smart Lock Market, Sub Segment Analysis
5.4.1. Deadbolt
5.4.2. Lever Handles
5.4.3. Padlock
5.4.4. Others
Chapter 6. Global Smart Lock Market, by Application
6.1. Market Snapshot
6.2. Global Smart Lock Market by Application, Performance – Potential Analysis
6.3. Global Smart Lock Market Estimates & Forecasts by Application 2018-2027 (USD Billion)
6.4. Smart Lock Market, Sub Segment Analysis
6.4.1. Residential
6.4.2. Hospitality
6.4.3. Enterprise
6.4.4. Critical Infrastructure
6.4.5. Others
Chapter 7. Global Smart Lock Market, Regional Analysis
7.1. Smart Lock Market, Regional Market Snapshot
7.2. North America Smart Lock Market
7.2.1. U.S. Smart Lock Market Type breakdown estimates & forecasts, 2018-2027 Application breakdown estimates & forecasts, 2018-2027
7.2.2. Canada Smart Lock Market
7.3. Europe Smart Lock Market Snapshot
7.3.1. U.K. Smart Lock Market
7.3.2. Germany Smart Lock Market
7.3.3. France Smart Lock Market
7.3.4. Spain Smart Lock Market
7.3.5. Italy Smart Lock Market
7.3.6. Rest of Europe Smart Lock Market
7.4. Asia-Pacific Smart Lock Market Snapshot
7.4.1. China Smart Lock Market
7.4.2. India Smart Lock Market
7.4.3. Japan Smart Lock Market
7.4.4. Australia Smart Lock Market
7.4.5. South Korea Smart Lock Market
7.4.6. Rest of Asia Pacific Smart Lock Market
7.5. Latin America Smart Lock Market Snapshot
7.5.1. Brazil Smart Lock Market
7.5.2. Mexico Smart Lock Market
7.6. Rest of The World Smart Lock Market
Chapter 8. Competitive Intelligence
8.1. Top Market Strategies
8.2. Company Profiles
8.2.1. Yale Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
8.2.2. Schlage
8.2.3. August Home
8.2.4. Kwikset
8.2.5. Goji
8.2.6. SDS Smart Locks
8.2.7. Mul-T-Lock
8.2.8. UniKey Technologies Inc.
8.2.9. Cansec Systems
8.2.10. Master Lock
Chapter 9. Research Application
9.1. Research Application
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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