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Smart Lock Market – Industry Current Trends, Opportunities & Challenges

A smart lock is an integral part of the truly smart, connected homes that offers safety, connectivity, convenience, and peace of mind to homeowners. Integration of keyless system in smart locks is one of the recent trends that strongly simplify the entry procedures. With penetration of smart cities across the globe and growing consumer interest towards new technologies, smart lock has been gaining rising demand for its ability to increase remote accessibility and boost connectivity. Most smart locks also offer mobile application that allows the homeowners to lock and unlock their doors with a simple icon tap. In addition, these digital locks eliminate the need for a physical sets of key, while improving security through intercom system and visual verification of the visitors. Replacement of traditional locks with digital ones in both residential and commercial space for preventing unauthorized access to personal and official belongings has been impacting the progress of smart lock market globally.

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Smart Lock Market – Notable Developments

  • In March 2019, August Home, a key player in the smart lock market, announced the launch of ‘August View’, a new wireless doorbell cam that promises a wide variety of features such as enabling real-time conversation with visitors through two-way audio, high-performance video, and others. The new smart doorbell also pairs with the company’s smart locks, allowing customers to not only see and talk to visitors but also let them in, all from their mobile phones.
  • In January 2019, Kwikset introduced its first ever Wi-Fi enabled smart locks under the brand name – Halo. These locks are designed to connect directly to existing smartphones and Wi-Fi router of homeowners to create a simple smart home experience, without any subscription service.
  • In January 2019, Weiser Lock introduced its newest touchscreen deadbolt called ‘Premis’, a smart lock exclusive to Apple that works with HomeKit, Apple’s smart home platform.
  • In October 2018, Mul-T-Lock released a new eCLIQ access control system for large retailers, allowing organizations and companies to remotely manage access permissions. According to the company, the new system is useful for retailers suffering from high staff turnover, and also allows their high control over the security and ongoing maintenance costs.
  • In July 2018, UniKey Technologies formed a strategic partnership with VOXX Automotive, a company that designs, manufactures, and supplies electronic products for automakers. The partnership is aimed at bringing secure, keyless products, vehicle access solutions to the automotive industry.

Some of the most prominent competitors operating in the competitive landscape of global smart lock market include –

  • Cansec System
  • Haven
  • Okidokeys
  • SDS
  • Smart Locking
  • Yale
  • SentriLock
  • Schlage
  • Goji
  • Aventsecurity
  • Salto Systems
  • Master Lock
  • Onity

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Smart Lock Market Dynamics

Technological Advancements and Penetration of Smart Cities to Foster Smart Lock Market Growth

Implementation of innovative technologies in various fields and emergence of Internet of Things (IoT) are the primary factors driving smart lock market. With such technological advancements, intelligent and connected devices are gaining rising applications in personal as well as commercial settings. These devices incorporate connective technologies such as near-field communication, Bluetooth, Wi-Fi, infrared, and others that help synchronize with smart locks. While growing consumer interest towards smart homes continues to generate significant market revenue growth, rising adoption of wireless cloud-based smart lock technology in various company is expected to present lucrative opportunities for manufactures of smart locks.

North America to Lead Gains in Smart Lock Market with Rising Construction of Smart Homes

Smart lock market is likely to witness a significant growth in North America, on the back of presence of tech giants and well-established market players along with government efforts to increase the construction of intelligent homes. In addition to easy availability of skilled workforce to operate these devices, population in the developed countries are more inclined towards adoption of new and advanced technologies, which in turn boost expansion of smart lock market in North America.

Although the smart lock market is likely to maintain a positive outlook, high cost associated with purchase and deployment of these devices may have a negative impact on the market growth. Moreover, with the perception of the unreliability of such security devices, people are reluctant to purchase them, which remains a key challenge for smart lock manufactures.

Smart Lock Market Segmentation

On the basis of type, the smart lock market can be segmented into:

  • Deadbolt
  • Padlock
  • Lever Handle
  • Others

On the basis of communication protocol, the smart lock market can be segmented into:

  • Bluetooth
  • Wi-Fi

On the basis of vertical, the smart lock market can be segmented into:

  • Residential
  • Commercial
  • Industrial
  • Institution
  • Government

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