Smart locks are electronic locks that can be operated by a variety of communication protocols, including Bluetooth and Wi-Fi. They come in different types such as padlocks, lever handles, deadbolts, and others. When compared to traditional mechanical locks, these locks provide more security and convenience since they can be locked and unlocked remotely through a smartphone app, voice command, or key fob. Smart locks can also be paired with other smart home systems and appliances, such as security cameras, alarm systems, and virtual assistants, to give a comprehensive security solution. Some smart locks also have advanced features including biometric authentication and temporary authorization codes, which allow users to provide restricted access to specified individuals. They are popular in home, government, and commercial settings.
Key Drivers of the Smart Locks Market
Increasing Adoption of Smart Homes
The smart home adoption, as well as the rise of market players offering home automation technologies, are driving up demand for smart locks. Companies in the sector focus on creating innovative techniques, such as remote locking and opening of windows and doors. For instance, in October 2022, Level Home Inc. announced Level Lock+, the latest generation of its top-tier range of smart lock devices. The company is reinventing the smart home. Level Lock+, which is exclusive to Apple, seamlessly blends Apple's house keys technology, allowing owners to securely lock and unlock their homes by tapping their iPhone or Apple Watch to their Level Lock+. Owing to Apple Home keys, which fully leverage the privacy and security capabilities embedded into the iPhone and Apple Watch, the Level Lock+ can give top-notch protection with daily convenience and exquisite design.
Growing Security Demand
The growth of the smart locks industry is also attributed to the rising security need. People are getting more concerned about the security of their homes and workplaces as the number of thefts and burglaries increases. Traditional mechanical locks, which can be easily broken or surpassed by attackers, are no longer sufficient to give the level of protection individuals seek. Nowadays, smart locks not only come with a pin lock, but biometric sensor, one-time codes, and real-time monitoring options as well. For instance, in April 2023, Geonfino, a leading smart door lock brand, announced the launch of three new products- G4 Pro fingerprint door lock, G4 Pro+G2 smart lock, and S1 Pro smart lock. These products feature a unique six-in-one unlocking techniques such as app control, physical key, IC card, fingerprint, password, and G2 gateway.
Expansions and Innovations by Major Market Players
The smart locks market has significant contributors such as Yale Locks & Hardware, Allegion PLC, August Inc., Dormakaba Group, Salto Systems SL, Hanman International Pte Ltd., U-TEC Group Inc., Master Lock Company LLC, Kwikset (Spectrum Brands Inc.), Lockly, Nuki Home Solutions, and Netatmo (Legrand), among others. These players assist in the market’s growth with the launch of new products and through collaborations and investments. Some of the recent developments in the market include-
• On April 17, 2023, Huawei unveiled a new smart door lock during a product launch conference in Shanghai. The Huawei Smart Door Lock Series 2.0 is an improvement of the Smart Door Lock, which was released in 2022 and includes a slew of security features. The door lock has a new AI 3D facial recognition 2.0 that boosts unlocking speed by 20%, and it can be opened whether in low light, backlight, or bright light. There is also a dual-engine AI fingerprint system incorporated, which makes it easier for kids and the elderly to open the door.
• In February 2023, KoreLock, a startup developing IoT Smart Lock technology, secured investment to assist in the development of its Smart Lock technology and software platform. Iron Gate Capital and Kozo Keikaku Engineering, Inc., both private equity firms, have invested alongside management in the company. KoreLock specializes in integrated printed circuit board solutions that assist smart lock makers in overcoming the hurdles of establishing linked Smart Locks, lowering costs, and shortening time-to-market.
• In September 2022, Yale Home released its latest smart lock collection, the Yale Assure Lock 2, which provides simple and secure smart home access. The model features Bluetooth for in-home control, Wi-Fi for remote administration, Z-Wave for Ring Alarm and Samsung SmartThings users. The locks also have a Matter Smart Module, making Yale one of the first smart locks to be Matter-compatible.
• In September 2022, Alfred International Inc., a smart lock innovator with class-leading designs and flexibility, and Wi-Charge, a leader in long-range wireless power solutions, announced the commercial availability of the first wirelessly charged smart locks for real estate developers in the US and Canada. Alfred ML2 smart mortise locks with wireless power options are creating a new standard in commercial and residential sectors for safety, security, and automation.