WiFi Smart Lock Market Size, Share, Growth, and Industry Analysis, By Type (Password Lock, Fingerprint Lock, Induction Lock, Remote Lock and Others), By Application (Home Smart Lock, Hotel Smart Lock, Office Smart Lock, Shared-bicycle Smart Lock and Others), Regional Insights, and Forecast To 2032

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WIFI SMART LOCK MARKET REPORT OVERVIEW

The global wifi smart lock market size was forecasted to be worth USD 1.62 billion in 2023, expected to achieve USD 18.95 billion by 2032 with a CAGR of 31.45% during the forecast period.

The term "WiFi smart lock" refers to a technology-enabled electromechanical lock that uses a wireless protocol and a cryptographic key to lock and unlock security gateways and doors. Smart lock access is provided by sending secure signals through smartphones or biometric readers. It uses either Wi-Fi or Bluetooth connectivity to provide better security and convenience to the user.

COVID-19 Impact: Pandemic Caused Lockdown Led in Downfall of the Market Demand

The global COVID-19 pandemic has been unprecedented and staggering, with the WiFi smart lock market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID-19 had a significant impact on the majority of North American countries in 2020. The increase in COVID-19 cases across the region during the first half of 2020 caused governments to enact emergency laws, including limits on the operational activities of various sectors. However, effective COVID-19 vaccination drives performed by governments across the area, as well as the return of industrial operations, stabilised the market's development in the first half of 2021.

LATEST TRENDS

"Biometric Authentication in the Smart Locks to Uplift the Market Demand"

Biometric technologies such as fingerprint scanning and facial recognition are becoming increasingly popular in the worldwide smart lock market. These cutting-edge authentication systems provide enhanced security and simplicity by eliminating the need for physical keys or personal identification number (PIN) numbers. Companies like as August and Yale, for example, provide fingerprint-scanning smartlocks that allow customers to unlock doors using their unique biometric information.

Similarly, Latch provides smart locks with facial recognition capabilities, allowing for simple and safe access control. The introduction of biometrics into smart locks demonstrates the market's emphasis on improving user experience and increasing the overall security of smart lock systems. As a result, the increasing use of biometric authentication in smart locks is a trend that is likely to fuel the growth of the smart door lock market under consideration over the forecast period.

WIFI SMART LOCK MARKET SEGMENTATION

• By Type

Based on type, the WiFi smart lock market is classified into password lock, fingerprint lock, induction lock, remote lock and other.

• By Application

Based on end user, the WiFi smart lock market is classified into home smart lock, hotel smart lock, office smart lock, shared-bicycle smart lock and others.

DRIVING FACTORS

"Rising Demand and the Convenience to Boost the Market Growth"

WiFi technology, which provides clients with seamless connectivity and enhanced convenience, has a big impact on the market. Wi-Fi-enabled smart locks are becoming increasingly prevalent as smart home solutions grow more widespread. These locks let consumers to remotely control and monitor their doors while providing access to selected personnel via smartphone apps or voice assistants. The Schlage Encode Smart WiFi Deadbolt and the August WiFi Smart Lock, for example, are popular solutions on the market in focus. WiFi is an important technology in the worldwide smart door lock market because it enables users to manage access codes, receive real-time notifications, and connect to other smart devices. As a result of the benefits of WiFi technology in smart locks, the WiFi technology sector is predicted to gain traction and hence fuel the expansion of the WiFi smart lock market under consideration over the forecast period.

"Growing Number of Smart Cities to Strengthen the Market Structure "

Smart cities are intended to improve the quality of life for their citizens by leveraging technology and data. This includes the use of smart locks, which can help to ensure both public and private safety. Advanced video surveillance systems, access control systems, and other technology that can detect and respond to security threats in real time are examples of smart security solutions.

Furthermore, the expanding use of Internet of Things (IoT) devices and other technologies is driving the increased adoption of smart locks. These technologies make it easier to gather, analyse, and respond to real-time data from smart locks, enabling for more efficient and effective security operations. Globally, the increasing number of smart cities is likely to cause considerable growth in the global smart door lock market during the forecast period.

RESTRAINING FACTORS

"Lack of Awareness Among End-Users to Hamper the Market Demand"

The availability of such technologies can assist people and organizations understand the security risks and dangers that they may face, allowing them to implement cost-effective security measures. Organizations can suffer if they compromise on security. Most organizations in poor countries are now unaware of security breaches that could result in the loss of confidential data. As a result, businesses must raise awareness of future technology through trade shows, seminars and webinars, and other promotional events. The lack of understanding has a negative impact on the general adoption of smart lock systems and stifles market growth. As a result, a lack of knowledge among end-users about smart security solutions may stymie WiFi smart lock market growth throughout the forecast period.

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WIFI SMART LOCK MARKET REGIONAL INSIGHTS

"North American Region to Lead the Market with Well-Established Firms and Innovative Product Lines"

During the projected period, North America is expected to be the leading region in the global WiFi smart lock market share. A number of well-established North American enterprises are driving the market's expansion. For example, August Home offers a variety of smart lock systems with cutting-edge features such as voice assistant integration and remote access control. Furthermore, as a result of the government's emphasis on data security and privacy, manufacturers are being forced to improve their product lines and adopt trustworthy cybersecurity safeguards. Overall, the North American smart lock market is predicted to grow fast during the forecast period as a result of manufacturers' creative product lines and supporting government programmes aimed at increasing security in the IoT context. Such reasons would boost the growth of the smart locks market throughout the forecast period.

KEY INDUSTRY PLAYERS

"Notable Players contributing towards the market"

The market's expansion was significantly impacted by the techniques employed by market participants in recent years, such as extensions. The report covers details and information about the firms and their interactions with the market.

List of Top Wifi Smart Lock Companies

• Lockitron (U.S.)
• Dessmann (Germany)
• Schlage Sense (U.S.)
• Sesame (India)
• SALTO (Spain)
• Kwikset (U.S.)
• ASSA ABLOY (Sweden)
• Goji (U.K)
• Dormakaba (Switzerland)
• Sony (Japan)
• Allegion (Ireland).

REPORT COVERAGE

The report is an analysis of all market aspects for the forecast period. It also shows the evaluation of opportunities, trends, market share, product innovations, technology innovations, driving factors, restraints and others that contribute towards the market growth. This report covers a comprehensive backdrop analysis, an assessment of the parent market, intensive study in the market dynamics. Past historical, current, and projected size of the market from the point of both value and volume. Researching of recent industry developments, deep study on market shares and strategies of major players and the emerging niche segments and regional market areas are covered in the report.