Smart Lock Market Analysis

Lock Type (Deadbolt Locks, Lever Handles, Server locks & Latches, Knob locks)

Deadbolt locks segment is projected to hold the largest share, accounting for 46% of the global smart lock market share. The segment’s growth is attributed to its robust security features. Adding deadbolt mechanisms to smart locks adds another layer of security and makes it harder for unauthorized people to break in. Compared to other locks, deadbolt locks are frequently simpler to install in already-existing doors. They are therefore a practical option for homeowners who want to increase security without having to make large changes to their doors.

With the help of smart deadbolt locks, customers can check the condition of their locks and lock or unlock doors from any location with an internet connection. This function improves security and convenience, especially for homeowners who wish to control who has access to their property while they are abroad. Consumer interest in smart deadbolt locks has increased as a result of greater knowledge about home security and the advantages of smart technology, propelling the segment’s growth within the market.

Application (Commercial, Residential, Institutional & Government, Industrial, Transportation & Logistic)

Residential segment is established to garner the majority smart lock market share, over the foreseen period. The market encounter significant revenue in this segment which can be attributed to the growing global use of smart homes as well as the rise in new building and restoration projects in the industry in recent years. Increased use is anticipated to result from the lower cost of contemporary security solutions such as fingerprint door locks, motion detectors, door and window opening sensors, and remote door locking and unlocking.

The creation of locks that work with Z-Wave, ZigBee, and BLE is becoming more popular, especially for mass-market residential applications, drawing in a large customer base. In a Survey conducted by Research Nester Analysts, each of the top four use cases for smart door locks is of interest to at least 70% of the managers and owners of apartment buildings.

Our in-depth analysis of the global market includes the following segments: