Intelligent Electronic Lock Market Size, Share, Growth, And Industry Analysis, By Type (Deadbolt, Lever Handle, Padlock and Other), By Application (Residential, Hospital, Enterprise, Critical Infrastructure and Other), Regional Forecast By 2031

Updated On: 08 April 2024

Intelligent Electronic Lock Market Report Overview

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The global intelligent electronic lock market size was USD 5708.8 million in 2022, as per our research, the market is expected to reach USD 14018.52 million in 2031, exhibiting a CAGR of 10.5% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the intelligent electronic lock market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Intelligent electronic locks are those that use internet devices, such as locking mechanism systems that automatically open and close. Digital technology is the foundation of token-based identity management devices. These door-mounted locking mechanisms are operated via a keyboard. Keyless entry, remote access, and customizable user codes are just a few of the cutting-edge features that are offered when replacing conventional mechanical locks with them.

In the time frame anticipated, it's believed that technological innovations such as  Artificial Intelligence (AI), the Internet of Things (IoT), and Machine Learning (ML) will accelerate the implementation of intelligent electronic locks. The need for locks is always rising, notably in all sectors of tourism and lodging around the globe, as a result of people' rising attention to the advantage and convenience they provide. They have been used in many places to bolster security due to their intricacy and excellent reliability.

COVID-19 Impact: Concerns about Contacting the Virus gave Rise to Keyless Solutions during the Pandemic

The market for clever electronic locks has been significantly impacted by the COVID-19 epidemic. People are now placing a higher value on safety, cleanliness, and contactless solutions, which has raised the need for clever locks. As a result of worries about the virus spreading, remote access, touchless entry, and keyless solutions became more common. Additionally, the expansion of e-commerce has increased sales for residential security systems and package delivery boxes.

Latest Trends

"Launch of New Products with Technology that Prevents Proliferation on Departmental Systems"

The adoption of IoT to advance non-contact lock technology gained traction as top companies presented solutions that required less human interaction. Kwikset introduced its updated product line in March 2020, which features the Microban SilverShield technology that prevents viral proliferation on departmental systems. By launching key locks and intelligent electronic locks by the end of 2021, the company is also committed to growing its collaboration with Microban.

Intelligent Electronic Lock Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Deadbolt, Lever Handle, Padlock and Other

• By Application Analysis

Based on application, the market can be divided into Residential, Hospital, Enterprise, Critical Infrastructure and Other

Driving Factors

"Growing Expansion of Home Automation has a Favorable Impact on the Locks Sector"

The increasing expansion of home automation will have a favorable effect on the intelligent electronic lock sector. Customers expect simultaneously data security and privacy in their homes, therefore the widespread adoption of intelligent home technology has caused concern. Even though they are far away from the property, they still want to secure the doors, look out for burglars, or surveil. All of these things are possible with intelligent locks. All users need to do to obtain access is couple the deadbolt with Wifi or bluetooth, then use their phone's voice or tap to unlock it. Advanced durability, warning, and proximity detection systems help them to improve security.

"Rising IoT Penetration makes it Possible for Users to Control their Homes with their Smartphones  "

The global intelligent electronic lock business will expand due to the growing IoT penetration. IoT-capable sensors link intelligent locks to smartphones or other internet-connected gadgets. Users of these locks can easily acquire remote connection and distribute digital passes to other guests who wish to enter the building or home. They are also connected with other Internet of Things (IoT) devices, such as digital assistants, which automate tasks including switching on lights or setting off the surveillance system if an entrance is left unlocked beyond the normal business hours.

Restraining Factors

"Risk of Hackers and High Installation Costs are Factors that might Restrain the Market Growth"

Hacking concerns and high installation costs may restrain the intelligent electronic lock market growth. Thieves will be able to penetrate electronic locks and get access through weak electronic security precautions, even though they eliminate the problems associated with traditional lock picking. For installing and integrating the lock system, a technician must also be recruited. In addition to that, batteries must be changed on a constant schedule. Then there are fees for upkeep and repairs. These costs build up to a significant amount, when with a classic lock and key system they did not.

Intelligent Electronic Lock Market Regional Insights

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"North America to Lead the Market due to Widespread Adoption of Smart Home Applications in the Region"

The intelligent electronic lock market share is dominated by North America, with the United States being the region's biggest market. Due to the widespread adoption of smartphones as well as other connected devices, there has been an enormous increase in demand for connected residences and applications in North America during the past five years. Individuals who were early investors of smart home technologies have a serious concern about house protection. Uses for smart homes include detectors, webcams, smart electronic locks, and burglar alarms. To enhance their quality of life, individuals are choosing smart home systems that include cutting-edge security mechanisms. The market for locks is expected to grow as a result of all these factors.

Key Industry Players

"Key Players Focus on Partnerships and R&D to Gain a Competitive Advantage in the Industry"

Rapid transformation is being seen in the intelligent electronics lock sector. Over the course of a few years, it has kept consolidating as the top corporations compete to have the largest market share. Many businesses take actions such as collaborations, financing, R&D, mergers, and acquisitions to be able to differentiate their range from rivals and stick out in the industry.

List of Market Players Profiled

• Goji (U.K.)
• SentriLock (U.S.)
• Yale (U.S.)
• Cansec System (Canada)
• UniKey Technologies (U.S.)
• Weiser (U.S.)
• August Home (U.S.)
• Avent Security (Sweden)
• Haven (U.K.)
• Kwikset (U.S.)

Report Coverage

This report covers the intelligent electronic lock market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2031. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.