Key factors driving the growth of the smart lock market globally include increased global internet penetration, increased consumer awareness about advanced security systems, and higher reliance on mobile applications to make daily processes easier. Smart locks without power locks use Wifi or Bluetooth to connect to other home appliances installed. Locks can be operated by a special power cord or by installing a smart lock app on the phone.

Highly flexible yet simple to use

The user can send temporary keys to people, giving them home access within a specified time. In addition, smart lock technology is easy to use and unique compared to conventional methods. For instance, security solutions with passwords, ID codes, machine keys, and code names are tedious to take care of and can potentially lead to theft or loss of data. Smart keys work on an IoT connection, which synchronises with the user's smartphone to gain control. This smart lock feature makes it reliable, unique, and easy to use and strengthens its market presence.

New innovations helped businesses during lockdown

During the first couple of quarters of 2020, the Covid-19 pandemic slowed the pace of new smart lock installations. Drastic changes such as cross-border trade prohibitions, economic uncertainty, restrictive standards necessitating temporary shutdowns of industrial facilities, and stay-at-home orders for the general public produced a difficult situation for the industry. Nonetheless, measures such as embedding touchless technologies into their products, developing mobile apps for performing operations, and offering products at lower pricing on the available modes helped businesses increase their ROI during these essential lockdown instances.

Summary of smart lock market findings: 

• The global market is driven by the increased global internet penetration, increased consumer awareness about advanced security systems, and a higher reliance on mobile applications to make daily processes easier. Growing usage of smart locks in residential security will propel the overall market in the forecast period.

• Based on the type segment, the analysts at Grand View found that the lever handle type of locks is anticipated to expand with the highest CAGR of 22.4% during the forecast period of 2023-2030. This is attributed to the modernising operations in the hospitality sector to meet tourist security needs.

• Based on applications, the hospitality segment is expected to exhibit the highest CAGR of 23.8% from 2023 to 2030, owing to the rapid implementation of smart locks to accommodate consumers' growing security concerns throughout their visits.

• The North American region contributed the largest revenue share in 2022 to the smart lock market owing to the advancements in technology across the region.

Key players covered in the Grand View Research report include August Home, Inc. (Assa Abloy), Avent Security, Cansec Systems Ltd, Havenlock Inc., Kwikset (Spectrum Brands Holdings Inc.), Mul-T-Lock Technologies (Assa Abloy), Schlage (Allegion Plc), Zigbang Co. Ltd (Previously Samsung SDS), Sentrilock LLC, Smart Locking Proprietary Limited, Unikey Technologies Inc, Yale Locks (Assa Abloy), Goji, Onity Inc. (Carrier Global Corporation), and Honeywell Inc.