Smart Lock Market Business Scenario, Size, Share, Growth, Insights, Industry Analysis, Trends and Forecasts Report 2028

The global smart lock market size is expected to reach USD 8.87 billion in 2028 at a CAGR of 15.0% during the forecast period, according to the latest report by Emergen Research. Increasing need for safety and security of property, personal items, and other valuable items, rising adoption of smart home automation systems, growing preference for smart locks in commercial and corporate buildings, and rapid advancements in the smart lock technology are key factors expected to drive market revenue growth over the forecast period. Growing use of smart locks in hospitality sector to improve in-room security and to regulate access to authorized individuals in factories, airports, banks, and defense zones, among others are some other key factors fueling the revenue growth of the market.

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Some Key Highlights in the Report:

• Deadbolts segment is expected to account for largest revenue share in the global market between 2021 and 2028 owing to increasing demand for deadbolts in residential and commercial buildings as they offer enhanced security and durability. Rising adoption of touch-screen deadbolt and smart deadbolts owing to their easy installation and remote control is also contributing to the revenue growth of the segment.
• Biometric segment revenue is expected to register robust revenue CAGR over the forecast period owing to increasing adoption of biometric smart locks that offer palm, face, iris, voice, and fingerprint recognition in residential and commercial buildings. Revenue growth of this segment can also be attributed to growing demand for smart locks integrated with 3D biometric fingerprint sensors and robust security software that offer enhanced security and improved user convenience.

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For the purpose of this report, Emergen Research has segmented the global smart lock market on the basis of lock type, authentication method, communication protocol, application outlook, and region:

• Lock Type Outlook (Revenue, USD Billion; 2018-2028)
  • Lever Handles
  • Deadbolts
  • Padlocks
  • Others

• Authentication Method Outlook (Revenue, USD Billion; 2018-2028)
  • Pin Code
  • Biometric
  • RFID Cards

• Communication Protocol Outlook (Revenue, USD Billion; 2018-2028)
  • Wi-Fi
  • Bluetooth
  • Others

• Application Outlook (Revenue, USD Billion; 2018-2028)
  • Residential
  • Commercial
  • Industrial
  • Institutional & Government

• Regional Outlook (Revenue, USD Billion; 2018-2028)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. U.K.
    3. France
    4. BENELUX
    5. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. U.A.E.
    3. South Africa
    4. Rest of MEA