Securing Smart Cities with Smart Locks: The Next Big Thing

Chicago, March 16, 2023 (GLOBE NEWSWIRE) -- The Smart Lock Market by Lock Type (Deadbolt Locks, Lever Handles), Communication Protocol (Bluetooth, WiFi), Unlocking Mechanism (Keypad, Card Keys, Touch Based), Vertical (Residential, Commercial) and Region - Global Forecast to 2027", The growth of the market is projected to be driven by factors such as increasing security and safety concerns, rising adoption of smartphones and other connected devices, and their superior features compared to traditional lock systems.

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Which industry will impact heavily in the future by Smart Lock Market

The smart lock market is expected to have a significant impact on several industries in the future, particularly the real estate and hospitality industries.

Smart Lock Market Report Scope:

Report MetricDetails
 Estimated Market SizeUSD 2.1 Billion
Projected Market SizeUSD 3.9 Billion
Growth Rate12.9%
 Base year considered2021
Historical Data Available for Years2018-2027
Forecast period2022-2027
Forecast unitsValue (USD Million/Billion)
Segments covered
  • By Lock Type,
  • By Communication Protocol,
  • By Unlocking Mechanism,
  • By Vertical
Region Covered
  • North America,
  • Europe,
  • APAC,
  • RoW

Market Leaders
  • ASSA ABLOY AB (Sweden),
  • dormakaba Group (Switzerland),
  • Spectrum Brands, Inc. (US),
  • SALTO Systems,
  • S.L. (Spain),
  • Allegion plc (Ireland),
  • Honeywell International Inc. (US),
  • Dahua Technology Co., Ltd (China),
  • Samsung Electronics Co., Ltd

In the real estate industry, smart locks can provide secure and convenient access to properties for tenants, landlords, property managers, and real estate agents. With smart locks, property owners can remotely manage access to their properties and monitor who enters and exits the premises. This can improve efficiency and safety, as well as reduce costs associated with traditional lock and key systems.

In the hospitality industry, smart locks can offer guests a seamless and contactless check-in and check-out experience, which has become increasingly important during the COVID-19 pandemic. With smart locks, guests can use their smartphones to unlock their rooms, eliminating the need for physical keys or keycards. This can also provide valuable data to hotel operators, such as when guests enter and leave their rooms, which can be used to improve guest experiences and optimize operations.

“Browse in-depth TOC on " Smart Lock Market Trends, Growth Drivers"­­­­­­­­

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Overall, the smart lock market is expected to continue to expand and impact various industries in the future as consumers increasingly demand secure, convenient, and connected access to their homes and properties.

Top 10 companies in Smart Lock Market:

Assa Abloy ABAllegion PLCDormakaba Holding AGHoneywell International Inc.Spectrum Brands Holdings, Inc.August Home Inc.SchlageKwiksetSamsung SDS Co., Ltd.Ultraloq

These companies offer a wide range of smart lock solutions that use different technologies such as Bluetooth, Wi-Fi, and Z-Wave to provide secure and convenient access to homes, businesses, and other properties. They are constantly innovating and improving their products to meet the evolving needs of consumers in the smart home and Internet of Things (IoT) markets.

How a CEO would look at Smart Lock Business growth strategy; give recent specific examples 

A CEO looking at growth strategies for a smart lock business might consider several key factors, such as market trends, consumer needs and preferences, competitive landscape, technological advancements, and strategic partnerships and acquisitions. Here are some recent specific examples of growth strategies that smart lock companies have pursued:

Product innovation: Smart lock companies are constantly innovating and improving their products to meet the changing needs of consumers. For example, in 2021, August Home Inc. launched a new smart lock product called the August Wi-Fi Smart Lock. This product features a smaller design, faster response times, and improved connectivity compared to previous models.Strategic partnerships: Smart lock companies can leverage strategic partnerships to expand their business and reach new markets. For example, in 2020, Allegion PLC entered into a partnership with Lenovo to integrate its smart lock technology into Lenovo's new ThinkIoT Smarter Store Solutions. This partnership allowed Allegion to expand its smart lock solutions to the retail industry and increase its brand visibility.Acquisitions: Smart lock companies may acquire other companies to enhance their product portfolio and gain a competitive advantage. For example, in 2021, Assa Abloy AB acquired Pacific Door Systems, a provider of glass hardware and systems for commercial interiors. This acquisition allowed Assa Abloy to expand its portfolio of access solutions and offer customers a more complete range of products.Expansion into new markets: Smart lock companies may expand their business into new markets to increase their customer base and revenue streams. For example, in 2021, Ultraloq, a smart lock company, announced its expansion into the European market with the launch of its new Ultraloq U-Bolt Pro Smart Lock. This expansion allowed Ultraloq to tap into new customer segments and increase its global presence.

Overall, a CEO of a smart lock business would need to carefully consider these and other growth strategies, as well as the specific market and competitive conditions in their industry, in order to develop an effective growth strategy for their company.

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The Access Control Market is expected to reach USD 13.1 billion by 2026 and grow at a CAGR of 8.7% during the forecast period. 

The Smart Home Market was values USD 92.48 billion in 2022 and is projected to reach USD 138.9 billion by 2026, growing at a CAGR of 10.4% between 2023 to 2026. Smart furniture segment is expected to witness highest CAGR of 24.8%.

Securing Smart Cities with Smart Locks: The Next Big Thing