(I-BusinessNews.Com, April 04, 2022 ) The smart lock market is estimated to be valued at USD 2.1 billion in 2022 and reach USD 3.9 billion by 2027, registering a CAGR of 12.9% between 2022 and 2027. The growth of the smart lock 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.
All information regarding the properties of a smart lock and its virtual key is stored in the vendor’s cloud server. Smart locks allow for easy sharing of keys to other authorized persons and unauthorized entry and breakage of the lock to be monitored and reported. However, the vendor cloud server can be attacked through code injection, cross-site scripting, password eavesdropping, and other means. Data communication taking place between a smartphone and a smart lock through the Bluetooth Low Energy (BLE) protocol can also be hacked through a man-in-the-middle (MITM) attack.
Market for deadbolt locks to hold the highest market share during the forecast period
The smart lock market for the deadbolts segment accounted for the largest market share in 2021. The growth of this segment can be attributed to their increasing applications in various verticals and ease of installation. Deadbolts are among the most common exterior residential locks. Factors such as low installation cost, high durability, and effective protection against intense intrusion or attacks in the residential, commercial, and other verticals are contributing to the growth of this segment.
Smart lock market for Bluetooth communication to hold the highest market share from 2022 to 2027
The smart lock market for the Bluetooth communication protocol segment accounted for the largest market share in 2021. Bluetooth is a communication protocol that functions by maintaining the balance between parameters such as wide range, low power consumption, high reliability, bandwidth, and cost. This factor is fueling the demand for smart locks based on this protocol and driving market growth.
Smart lock market for keypad unlocking mechanism to hold the highest market during the forecast period
The smart lock market for the keypad unlocking mechanism segment is expected to hold the largest market share during the forecast period. A Wi-Fi-based smart lock equipped with a smart keypad is an excellent addition to a smart home system. The device can open door locks without using a smartphone. It is excellent for use in homes but is expected to be ideal for rentals and businesses.
Smart lock market for residential vertical to hold the highest share from 2022 to 2027
The smart lock market for the residential vertical accounted for the largest market share in 2021. The growth of this market can be attributed to the increasing demand for smart homes and rising urbanization across the globe. The growing urban population is increasing the need for better infrastructure equipped with security systems to protect people and property.
Smart lock market in APAC to hold the highest market share from 2022 to 2027
The smart lock market in APAC is expected to grow at the highest CAGR during the forecast period. The vast population base, a large extent of ongoing research and development (R&D) activities, and increasing urbanization are expected to fuel the adoption of smart locks in APAC. Also, the growing terrorist threats and crime rates and a low police-population ratio in APAC countries are expected to create high demand for smart locks.
Key Market Players
The Smart lock market is dominated by players such as ASSA ABLOY AB (Sweden), dormakaba Group (Switzerland), Spectrum Brands, Inc. (US), SALTO Systems, S.L. (Spain), and Allegion plc (Ireland).
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