Smart Lock Market to Hit US$ 22.06 Billion by 2033 : Fact.MR Report

The increasing demand for convenience and security in residential and commercial spaces is a main driver shaping the market growth

Rockville , Nov. 13, 2023 (GLOBE NEWSWIRE) — As per Fact.MR, a provider of market research and competitive intelligence, the global smart lock market is projected to reach a US value of US $22.06 Bn by the end of 2033 while rising at a CAGR of 16%.

Smart locks are electronic locks that let you open and secure doors without using a physical key. They’re controlled through a smartphone or other connected device, which means you can lock or unlock your door even when you’re not at home. They offer features like setting temporary access codes for guests or service providers, keeping a record of who enters and exits, and can be integrated with other smart home devices. Unlike traditional locks, if you lose a key, you can easily change the access codes for added security. Smart locks are a convenient and secure upgrade from regular locks, providing more control over who has access to your property.

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The growth of the smart lock market is being driven by several key factors. Firstly, the increasing demand for convenience and security in both residential and commercial spaces is fueling adoption. The ability to control access remotely through smartphones, along with features like temporary access codes and activity logs, enhances overall security and user control.

Securing smart locks is important because they can be vulnerable to hacking or unauthorized access if not properly protected. Smart locks use digital systems and communication with the internet, which can be exploited by cybercriminals. Smart locks need power, usually from batteries. Making sure they have a reliable and long-lasting power source can be tricky, especially if they’re used a lot or outside.

Key Takeaways:

• The United States is witnessing significant growth in the adoption of smart home technologies. Moreover, home automation trends increasing the adoption of smart locks.
• Energy-efficient smart locks are expected to be highly popular in Germany due to the rise in sustainability.
• Growing demand for easy and safe smart locks among senior citizens is expected to gain momentum in Japan due to the expanding aging population in Japan.

Increasing demand for convenient and secure access control solutions, integration with broader smart home ecosystems, and advancements in technology along with rising awareness of smart home solutions are a few factors that are driving the market- Says FACTMR Expert

Key Companies Profiled in This Report

• Assa Abloy AB
• Allegion PLC
• Dorma + Kaba Holding AG
• Spectrum Brands Holdings Inc.
• Salto Systems S.L.
• Onity Inc.
• Cansec Systems Ltd.
• Gantner Electronic GmbH
• Master Lock Company LLC
• MIWA Lock Co.
• Samsung Electronics Co. Ltd.
• Amadas Inc.
• Sentrilock LLC
• Avent Security
• Dessmann

Market Competition

In the highly competitive smart lock industry, leading manufacturers are adopting innovative strategies like groundbreaking marketing tactics, technological advancements, as well as mergers and acquisitions to grow their influence.

• In March 2023, HavenLock Inc. from Tennessee, renowned for its innovative Haven Lockdown System, unveiled a new Power G smart lock specially crafted for use in schools and commercial settings.

Winning strategies

• Vertical integration in smart locks means that a company makes important parts of their locks themselves instead of buying them from others. This helps them have more control over quality and costs. It’s a great strategy market because it can lead to better quality products and potentially lower expenses.
• Leading companies in the smart lock market should create special smart lock systems designed for specific industries like hotels, healthcare, or logistics. This means making locks that are customized to meet the unique needs of those businesses.
• Offering subscription-based services with extra features like advanced security monitoring, remote control, and access analytics is a great strategy in the market. It brings in a steady income, adds value for customers, and encourages long-term loyalty.

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Country-wise Analysis

Which factors are responsible for the US smart lock suppliers’ profits?

“Home Automation Trends: Increasing Smart Lock Adoption”

The use of smart home technologies is rapidly expanding in the United States. This trend is not complete without smart locks, which provide security and convenience. The US market for smart locks is being driven by consumers’ desire for automated and networked homes.

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About Fact.MR:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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