Increasing use of smart home technologies is anticipated to fuel market expansion for smart locks globally over the course of the forecast period. The need for smart electronic devices to monitor homes from a single platform has grown as urban households' lifestyles have changed exponentially. Some appliances offer home system control via non-acoustic sensors. These are mechanical accelerometers that detect certain surface vibrations and link to Wi-Fi to translate those vibrations into programmed action. Additionally, investors like smart home technologies because of their promise for the near future. Therefore, during the forecast period, these factors are anticipated to propel market expansion for smart locks worldwide. The worldwide smart locks market is anticipated to increase over the forecast period as a result of technological advancements that make mobile communication more affordable. This feature can be added to the apps and management systems used by the hotel industry and chains. Therefore, throughout the course of the forecast period, technological improvements are anticipated to fuel market expansion. Hotels have used smart locks widely because they alter the check-in and check-out experience for guests.
Coherent Market Insights estimates that in 2019, the market for Smart Locks was valued at US$ 434.4Mn, and it is anticipated to grow at a CAGR of 18.8% over the next five years.
Major Players in the Smart Locks Industry :
1. Apigy Inc. (Lockitron)
The company was started in 2009 and is based in California, United States. The Lockitron device, created by Apigy, allows users to remotely lock and unlock deadbolt locks using a mobile smartphone or remote control. A Lockitron device allows users to remotely lock and unlock doors using a smartphone.
2. Schlage
The business was started in 1920 and has its main office in San Francisco, California. The company's line of work involves the production of various metal goods, including hardware. Schlage revealed a refreshed brand identity in February 2021 that reflects its history and commitment to providing dependable home security and access solutions for customers.
3. Kwikset
The company was started in 1946 and is based in California, United States. The Corporation produces and sells door hardware, including locks. For both residential and commercial uses, the company offers door knobs and levers, deadbolts, handlesets, pocket door hardware, light commercial items, electronic keyless entry locks, and accessories. Kwikset debuted its two newest products in October 2022: SmartCodeTM 270 Touchpad Deadbolts and SmartCodeTM 260 Keypad Deadbolts.
4. Honeywell International Inc.
The company was started in 1906 and is located in North Carolina, United States. The business offers aerospace goods and services, control, sensing, and security systems for commercial buildings, as well as solutions for safety and productivity. Honeywell launched Bangalore Safe City Project's first phase successfully in March 2023. The new premium range for the Indian market, Blenze Pro Wiring Devices, was introduced by Honeywell in March 2023.
5. Havenlock Inc.
The company was started in 2019 and has its main office in Franklin, Tennessee, United States. The business conducts business as an interior design firm. The business provides services for designing, producing, value engineering, buying, shipping, and installation. With its innovative smart door lock system, Haven, the user's perceptions of how to safeguard their home and engage with its environment are upended.
6. Panasonic Corporation
The business was started in 1918 and is located in Kadoma, Osaka, Japan. Appliances are developed, designed, produced, and distributed by Panasonic Holdings Corporation. It was announced in March 2021 that Panasonic would purchase Blue Yonder for US$6.45 billion after acquiring a 20% stake in the company for 86 billion yen in 2020.
7. Vivint, Inc.
The company was founded in 1999 and is located in Utah, United States. The company Vivint, Inc. offers services and goods for smart homes. The business provides a comprehensive smart home system together with in-home installation, professional monitoring services, and consultancy. NRG announced the purchase of Vivint Smart Home for $2.8 billion in cash in December 2022.
*Definition: An electromechanical locking system that may be opened wirelessly by authorised users is known as a smart lock. When given these instructions by a verified user via a wireless protocol and a cryptographic key to start the authorization procedure, a smart lock locks and unlocks a door.
