- In April 2023, ASSA ABLOY Group, a global leader in access solutions, embarked on a unique initiative in South Africa to secure businesses and homes through its advanced smart lock solutions. This project aims to enhance safety and security for various environments, demonstrating ASSA ABLOY's commitment to innovative technology and reliable access control. The initiative emphasizes their global expertise while addressing local needs for improved security in residential and commercial settings
- In March 2023, HavenLock Inc., a veteran-led company from Tennessee, announced the launch of a Power G version of its smart locking system, specifically designed for schools and commercial settings. This innovative Haven Lockdown System enhances security measures, providing a reliable solution for emergency situations. The development underscores HavenLock's dedication to creating advanced safety technologies that protect vulnerable environments, ensuring peace of mind for institutions and their communities
- In March 2023, Honeywell International Inc. successfully implemented the Bengaluru safe city project, aiming to enhance safety for citizens through its advanced smart lock and security technologies. This initiative utilizes cutting-edge technology to create a safer urban environment, showcasing Honeywell’s commitment to leveraging its expertise in security solutions. The project reflects the growing importance of smart technology in urban safety, ultimately fostering a secure community atmosphere
- In February 2023, Sentrilock, LLC, a leader in electronic lockbox solutions for real estate, announced a partnership with the Chesapeake Bay and Rivers Association of REALTORS (CBRAR) to develop a smart electronic lockbox marketplace for REALTOR members. This collaboration aims to provide enhanced security and accessibility for real estate professionals, facilitating smoother transactions. The initiative demonstrates Sentrilock's commitment to innovation and improving operational efficiency in the real estate industry
- In January 2023, Schlage, a top provider of access and home security solutions under Allegion Plc, launched the Schlage Encode Smart Wi-Fi Lever at the NAHB International Builders’ Show (IBS) 2023. This residential smart lock features Wi-Fi connectivity, allowing users to manage access remotely via an app. The Encode lever signifies Schlage’s focus on integrating advanced technology into home security, ensuring convenience and enhanced control for homeowners seeking reliable security solutions
Frequently Asked Questions
The market is segmented based on Segmentation, By Type (Deadbolt, Lever Handles, Padlock, Server Locks and Latches, Knob Locks, and Others), Communication Protocol (Bluetooth, Wi-Fi, Z-Wave, Zigbee, and Others), Unlocking Mechanism (Keypad, Card Key, Touch Based, Key Fob, and Smartphone Based), Application (Commercial, Residential, Industrial, Government Institution, and Others) – Industry Trends and Forecast to 2031
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The Global Smart Lock Market size was valued at USD 4.10 USD Billion in 2023.
The Global Smart Lock Market is projected to grow at a CAGR of 20.1% during the forecast period of 2024 to 2031.
The major players operating in the market include ASSA ABLOY, Allegion plc, dormakaba Group, Spectrum Brands Holdings , Salto Systems S.L.,.
The market report covers data from the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
