WI-FI Based Smart Locks Market- Global Industry Analysis (2024-2030) by Type, End-User and Region

WI-FI Based Smart Locks Market Overview

Wi-Fi-based Smart locks operate without the usage of electrical wiring to lock and unlock doors. Internal battery support systems are frequently used to power them and they are connected to WI-FI to enable the smart features. WI-FI Smart door locks are widely accessible and allow users to open and close doors without the usage of keys. WI-FI Smart door locks can offer consumers with a level of security that traditional locks and alarms cannot. Mobile apps allow users to lock and open the door remotely, as well as share access with a group of people. Physical keypads are still available for many locks, although they are no longer the primary method of entry.

 

The residential and non-residential building industries offer prospective growth prospects for wireless door lock makers. Construction and industrialization are on the rise around the world, propelling the expansion of the security solutions market and affecting sales of Wi-Fi-enabled smart locks.

 

 

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WI-FI Based Smart Locks Market Dynamics:

The growing usage of Wi-Fi-based smart locks in the residential and industrial sectors is driving the market's growth. Increasing investment in the creation of smart city projects in major parts of the world, combined with expanding the building and construction industry, is expected to propel the Wi-Fi-based smart locks market to significant growth during the forecast period. Furthermore, the growing demand for smart locks in developing nations is expected to generate profitable prospects for global market players in the future years.

 

The rise of the wi-fi-based smart lock market can be attributable to increased investments in Research and development, the entry of new companies, product innovation, technological advances, efficient resource allocation, and increasing competitiveness among business rivals to extend its geographical and client base. In the near future, positive government policies which are more inclined towards security and incentives, as well as favorable regulations, are expected to affect the growth of the wi-fi-based smart lock market. Customers' spending capacity is predicted to rise in tandem with their disposable income, which is further expected to boost the market for wi-fi-based smart locks.

 

WI-FI Based Smart Locks Market Drivers

The rapid adoption in use of smartphones and other smart devices has resulted in a significant increase in demand for smart homes in developed regions over the last few years. As security is also becoming smart for these smart homes, the need for Wi-Fi Based smart locks is increasing, as they bring in ease of use and better security features compared to traditional locks.

 

The growing trend and implementation of the Internet of Things (IoT), as well as growing security and privacy concerns, are driving global adoption of smart home security devices. The growing consumer awareness of the benefits of advanced security solutions is expected to boost product sales worldwide. Security has always been a major concern for apartment dwellers, which is another factor driving the developed market's growth.

 

Furthermore, the increase in the number of smartphone users worldwide has boosted the deployment of smart locks in recent years, owing to enhanced benefits such as easy user interface and user convenience.

 

WI-FI based Smart lock systems have high installation and maintenance costs, and such high costs are more than what most people in developing countries could afford, which restraints the adoption of WI-FI-based smart locks on a large scale by consumers in developing economies. The vulnerability of these locks, as they are software-driven, is one of the major restraints for the increase in the adoption of this new tech for the masses. The high cost of devices, misplacing of smartphones, and fear of privacy intrusion are expected to hinder the market growth.

 

Some of the WI-FI based Smart lock Market opportunities are listed below:

• Various online rental services these days, such as Air-BNB, are using these as a feature to ease the checking in and out of their customers.
• Smart locks are simple to install and can be attached to the existing deadbolt lock on the door to keep the original keys as well as the new key, which has built-in Wi-Fi; thus, the locks do not require an additional bridge to connect them to the Wi-Fi.
• The integration of Wi-Fi technology into the door lock offers full voice control along with remote access functionality.
• The increasing adoption rate for smart homes and IoT of things in smart homes has led to a surge in the installations of these smart locks in most developed countries.

 

WI-FI Based Smart Locks Market by Region

By Region the WI-FI Based Smart locks Market can be segmented into five main regions North America, Europe, Asia Pacific, Middle East, and Africa, South America:

• The North American market has accounted for the largest market share in 2021 and is predicted to grow at a significant rate during the forecasted period. The regional growth can be attributed to the high adoption rate of advanced technologies coupled with key market players such as August, Inc. (U.S.) and Goji (U.S.).
• The market growth in the Asia-Pacific region is expected to be driven by increasing emphasis on the development of smart city projects in developing countries particularly China, India, Japan, South Korea, etc.
• European region is expected to grow at a substantial CAGR during the forecasted period, this growth can be attributed to the rising investment in development of security door locks in government and other infrastructure spaces.
• The Middle East and Africa along with the South America are predicted to grow at a significant rate.

 

WI-FI Based Smart Locks Market Segment Analysis

By type, the Wi-Fi-based smart locks market has been bifurcated into the Door Levers locks, Deadbolts and Padlocks.

Door Levers Locks – A Door lever lock, as the name suggests, uses levers to open the door in which it's installed and it is secured with the WIFI based smart lock.

Deadbolts – The deadbolt lock has a bolt that is activated by the sensors via WIFI signal. It has good security because it is not spring activated and cannot be "jimmied" opened with a knife blade or credit card.

Padlocks – A Padlock is a removable lock with a shackle that can be passed through a staple or link and then secured.

Based on application type, the smart locks market is segmented into residential, commercial, and industrial.

 

 

 

Residential – The growing public concern about their safety and security is the primary factor driving the global adoption of smart locks. The rising number of local thefts is encouraging people to install smart locks in their homes, which allow for a more advanced security system.

 

Commercial – As most of the business owners also have high security risks for their business related need this type of a WI-FI smart locking system helps them be more secure with real time updates and control over their security.

 

Industrial – Users are slowly but gradually adopting and integrating its smart locks with smartphone functionalities in order to keep them connected via the internet in order to receive notifications and continuously monitor the entries and exits.

 

The report's goal is to provide industry stakeholders with a comprehensive analysis of the WI-FI Based Smart Locks market. The report identifies the dominant trends in the WI-FI Based Smart Locks market and how these trends will impact new business investments and market development over the forecast period. The report also assists in understanding the WI-FI Based Smart Locks Market dynamics and competitive structure by analyzing market leaders, market followers, and regional market players.

 

The qualitative and quantitative data provided in the WI-FI Based Smart Locks market report will assist in understanding which market segments, regions, and factors affecting the market, as well as key opportunity areas, will drive the industry and market growth over the forecast period. The report also includes the competitive analysis of the industry's key players, as well as their recent developments in the WI-FI Based Smart Locks market. The report investigates the key players in the WI-FI Based Smart Locks market in terms of company size, market share, market growth rate, revenue, production volume, and profits.

 

 

The report includes Porter's Five Force Model, which aids in the development of market business strategies. The report assists in determining how many competitors exist, who they are, and how good their products are in the WI-FI Based Smart Locks market. The report also examines whether it is easy for a new player to gain a foothold in the WI-FI Based Smart Locks market, whether they enter or exit the market on a regular basis, whether the market is dominated by a few players, and so on.

 

A PESTEL Analysis is included with this report, which aids in the development of company strategies, is also included in the report. Political factors can help determine how much a government can influence the WI-FI Based Smart Locks market. Economic variables which help aid in the analysis of economic performance drivers influencing the WI-FI Based Smart Locks market. Legal factors which aid in understanding the impact of the surrounding environment and the impact of environmental concerns on the WI-FI Based Smart Locks market.

 

WI-FI Based Smart Locks Market Scope

Wi-Fi-based Smart Locks Market
Market Size in 2023	USD 3.13 Bn.
Market Size in 2030	USD 15.09 Bn.
CAGR (2024-2030)	25.2%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	by type Door Levers Locks Deadbolts Padlocks
	by End User Residential Commercial Industrial
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

WI-FI Based Smart Locks Market Key Players

• August, Inc. (U.S.)
• ASSA ABLOY (Sweden)
• Allegion (Ireland)
• Dormakaba (Switzerland)
• SALTO (Europe)
• Nello (EU)
• Dessmann (Singapore)
• RemoteLock (U.S.)
• Goji (U.S.)
• UniKey Technologies (U.S.)
• Yale (U.S.)
• Danalock (Denmark)
• Lockitron Bolt (U.S.)
• LockState, Inc. (U.S.)
• Haven (Switzerland)
• Sesame (Canada)
• Kwikset (U.S.)
• Ola Locks (China).