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Research Reports

Demand for Residential Smart Lock Market to Grow 2.7X Through 2029

Published by FACT MR

Posted on September 24, 2021

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Heightened connectivity of smart devices with public, private, and residential infrastructure generating a simultaneous demand for smart locks. Enhanced security, safety, and monitoring of properties for theft prevention is enabling the deployment of smart lock systems. The global smart locks market is projected to grow at a dexterous 16% CAGR through 2029. Countries across the world are leveraging advancement in infrastructural technology such as smart surveillance, enhanced sensors, and mobile control of security systems. Market players are heavily investing in research and development of smart slocks to increase convenience and enhance security.

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Key Takeaways of Smart Lock Market Study

On the back of product factors such as price, durability, and security, deadbolt type of smart locks will grow over 4X during the forecast period.
On the back of consumer demands for smart hospitality and ease of access to services, the lever handle segment will register ~17% CAGR between 2019 and 2029.
Increased disposable income of millennial consumers is propelling the residential application segment to quadruple through 2029. Further, penetration of smart devices in developing economies will contribute significantly to the growth of the smart locks market in the coming decade.
Critical infrastructure such as server rooms, and big data centres exhibit the highest growth rate of more than 19% from 2019 to 2029. Increasing digitization of business operations creates a surging demand for smart locks for critical IT infrastructures.
Enterprise applications are set to offer growth opportunities on the back of early adoption by multinationals. The enterprise segment will grow at a stupendous 17% CAGR during the projection period.
Asia Pacific ( East Asia & South Asia & Oceania) will generate incremental dollar opportunities with stupendous 19% (East Asia) and 22%(South Asia & Oceania) CAGR during the projection period. Developing countries with skillful workforces are innovating disruptive smart lock technology.

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Global Smart Lock Market: In-Depth Assessment on Key Segments

The global smart lock market is segmented on the basis of type, application and region.

Type	Deadbolt Lever Handles Padlock Others
Application	Residential Hospitality Enterprise Critical Infrastructure Others

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Smart Features in Smart Locks- Key Growth Strategy

Market players are differentiating products based on features that increase security while at the same time enhance convenience. Smart locks that lock and unlock automatically by detecting the arrival of owners is an ideal example of innovative products. Facial recognition and fingerprint sensors increase product efficiency. Mobile adaptability will continue to bolster growth for the smart locks market. Surging penetration of smart phones among consumers in developing countries paired with digitization of economies will impel the demand for smart locks during the forecast period. The competitive landscape is shaped by disruptive innovation and strategic development partnerships. Prevalence of products such as Google Home, Apple Homekit, and Amazon Smart home devices among consumers will have a rippling effect on the demand for smart locks compatible with these smart home platforms.

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