The global smart lock market size is poised to grow by USD 8.62 billion during 2019-2023, registering a CAGR of close to 15% during the forecast period. However, the market is anticipated to witness a decelerating year-over-year growth during the forecast period.
The market is driven by the integration of HMI technologies in smart locks. In addition, the integration of advanced technologies in smart locks is anticipated to further boost the growth of the smart lock market.
Vendors in the market are integrating human-machine interface (HMI) technologies including facial recognition, biometrics, and virtual assistants in their product offerings. These technologies are enabling the end-users to control functions such as locking, unlocking, and changing settings of smart locks through voice commands. These features also help in enhancing security and the user experience, in turn, driving the growth of smart locks market during the forecast period.
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Major Five Smart Lock Market Companies:
Allegion Plc
Allegion Plc is headquartered in Ireland and offers products through segments, namely locks/locksets/portable locks/key systems and service; electronic products/access-control systems/time, attendance and workforce productivity; door closers/controls/exit devices; doors/door systems; and other accessories. In January 2019, the company launched Schlage Encode Smart WiFi Deadbolt smart lock, a Wi-Fi-enabled smart lock that can connect with Amazon and Ring devices. In addition, the company offers smart locks in different series including the AD series, NDE wireless locks, and LE wireless locks.
APX Group Holdings Inc.
APX Group Holdings Inc. is headquartered in the US and offers an integrated smart home system with in-home consultation, professional installation, and support through its Vivint business segment. In January 2018, at CES 2018, Vivint launched a free app that extends smart home security. The app can monitor neighborhood activity through a network of shared residential cameras. The firm offers Wi-Fi-enabled smart locks offering features such as mobile lock access, alerts, notifications, and complete security.
ASSA ABLOY AB
ASSA ABLOY AB is headquartered in Sweden and operates in key business segments including mechanical locks, lock systems and fittings; electromechanical and electronic locks; security doors and hardware; and entrance automation. The company provides the August Smart Lock and August Smart Lock Pro + Connect product offerings for the global smart lock market.
Honeywell International Inc.
Honeywell International Inc. is headquartered in the US and offers services through its key business segments including aerospace, Honeywell building technologies, performance materials and technologies, and safety and productivity solutions. The company’s key offerings in the smart lock market include the Bluetooth-enabled deadbolt door locks and doorknob locks.
Samsung Electronics Co. Ltd.
Samsung Electronics Co. Ltd. is headquartered in South Korea and offers products through key business segments including consumer electronics, information technology & mobile communications, device solutions, and Harman. The firm offers smart locks such as SHP-DP609, SHP-DR708, SHP-DP738, and SHP-DP727.
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