Global Smart Lock Market is currently worth $1.87 billion and is projected to grow to $4.36 billion by 2028 at a CAGR of 12.84% during the forecast period, 2022–2028.
Westford, USA, Oct. 10, 2022 (GLOBE NEWSWIRE) -- There is no doubt that the smart lock industry is growing rapidly. This is due to the increased demand for security and convenience that these locks offer. Homeowners and businesses are both benefiting from the use of smart locks, as they provide an extra layer of security. In addition, they are also becoming more affordable and easier to install. The major factors driving the growth of the smart lock market include the increasing adoption of smartphones and other connected devices, rising concerns over security and safety, and the growing adoptions of the Internet of Things (IoT) and big data analytics in various end-use industries.
In terms of revenue, the residential sector is expected to grow at the highest CAGR during the forecast period. The increasing number of gated communities, villas, and apartments equipped with smart locks is one of the key factors driving the growth of global smart lock market. The commercial sector is also expected to witness significant growth during the review period because of the growing adoption of smart locks in various applications such as office buildings, retail stores, hotels, and hospitals.
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APAC is expected to be the fastest-growing smart lock market during the forecast period. The region has witnessed a rapid economic transformation in recent years owing to factors such as industrialization, urbanization, and rising disposable incomes. This has led to an increase in demand for security products and solutions from both residential and commercial sectors.
Overall, SkyQuest’s analysis paints a positive picture for the future of the smart lock market. With continued growth and innovation, smart locks are poised to become an increasingly important part of consumers’ lives in the years to come. As the demand for smart locks grows, so does the competition. There are many different brands and models in the global smart locks market, all vying for a share of the market.
Growing Integration of Voice Assistance in Smart Locks
As we move into a more connected world, it's no surprise that voice assistance is becoming more integrated into everyday lives. And one area where this is particularly apparent is in the realm of smart locks. While early versions of smart locks were notoriously finicky and difficult to use, the latest generation of devices has made huge strides in terms of both functionality and usability. One of the most convenient features of these new smart locks is the ability to control them with voice. With a voice-activated smart lock, consumers can simply say "unlock" or "lock" to control the device in the global smart lock market.
There are a number of different companies making these types of locks, including August, Schlage, and Kwikset. And it's not just big names that are getting in on the action – start-ups such as Latch and Otto are also making their mark in this growing market.
One thing to keep in mind is that not all voice assistants are created equal. Some, like Amazon's Alexa and Apple Siri have been designed specifically for use with smart home devices. Others, like Google Assistant, are more general purpose and can be used with a variety of different devices across global smart lock market.
Of course, as with any new technology, there are still some kinks to be worked out. But as voice-activated smart locks become more common, SkyQuest is sure to see even more improvements in both functionality and usability.
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Smart Lock with Wi-Fi and Fingerprint are Gaining Popularity
According to a recent report by SkyQuest on smart lock market, smart locks with Wi-Fi and fingerprint capabilities are gaining popularity among consumers. This is likely due to the increased security that these features offer. Most of the consumers prefer Wi-Fi enabled smart locks because they can be controlled remotely, making it difficult for intruders to gain access. Fingerprint recognition adds an additional layer of security, as it is nearly impossible to copy someone's fingerprint.
The added security of smart locks with Wi-Fi and fingerprint recognition is likely to appeal to consumers who are concerned about home security. These locks can be a bit more expensive than traditional locks, but the consumers’ peace of mind is keeping smart lock market is keeping the market grow at healthy CAGR.
One option that is gaining in popularity is the August Smart Lock Pro + Connect. This smart lock has both Wi-Fi and fingerprint capabilities, making it one of the most secure on the market. It also allows consumer to control it using their smartphone or voice commands, making it very convenient.
There are many major companies across global smart lock market that are offering smart locks that are integrated with Wi-Fi and fingerprint technology. This is a great option for those who are looking for added security for their home or office. Here are some of the top companies offering this type of lock:
Recent Developments in Smart Lock Market
In September 2022, Alfred, the smart home company, has teamed up with Wi-Charge to deliver the first wirelessly-charged smart locks. The new locks, which are available for both indoor and outdoor use, use Wi-Charge's long-range wireless charging technology to stay powered up without the need for a power outlet or batteries.
In September 2022, Masonite is proud to announce five new home builder partners who will be offering M-Pwr™ smart doors as part of their homebuilding packages. This innovative new technology gives homeowners the ability to control and monitor their doors and smart lock from anywhere in the world using a smartphone or tablet.
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Top Players in Global Smart Lock Market
Guangdong Be-Tech Security Systems (China)
The Chamberlain Group, Inc. (US)
Adel Marketing (M) Sdn. Bhd. (Malaysia)
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SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
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