Top Companies in Smart Lock Market | Industry Key Players, Opportunities, Market Outlook by Vantage Market Research

Upcoming Trends in Smart Lock Market

The global Smart Lock market is valued at USD 1,863.8 Million in 2021 and is projected to reach a value of USD 3,639.5 Million by 2028 at a CAGR of 11.8% over the forecast period. The smart lock market is anticipated to observe growth in the near future, owing to the growing security and safety concerns. The heavy investments done by market players in Research and Development (R&D) activities by market players and the rising focus of society on IoT are also anticipated to support market growth. Additionally, factors such as rising demand for portable security devices, emerging smart city projects, and rising security threats are expected to stimulate growth.

High durability, low installing cost, and security from robbers and attackers in commercial and residential places will boost the Smart lock market growth. Moreover, the increasing number of smartphones and rising acceptance of smart technology, and integration of smart devices such as smartphones and tablets are predicted to open new opportunities for the smart lock market during the forecast period. However, fear of privacy intrusion, fluctuating prices, high cost of devices and loss of smartphones, and lack of awareness among end-user might hamper the market growth.  

Some of the key players operating in the smart lock market are listed below:

1. Allegion PLC

Allegion plc is an American Irish-domiciled provider of security products for homes and businesses. It comprises thirty-one global brands, including CISA, Interflex, LCN, Schlage, and Von Duprin. The US$12 billion company sells products in more than 130 countries across the world. The company is listed as ALLE (NYSE) in the stock market. In 2020, the company generated revenue of USD 27.1 billion and has 10,000 employees working.

2. ASSA ABLOY AB

Assa Abloy AB is a Swedish conglomerate whose offerings include products and services related to locks, doors, gates, and entrance automation. Related products and services include controlling access and confirming identities with keys, cards, tags, mobile, and biometric identity verification systems. The company is listed as ASSA-B (STO) in the stock market and generates revenue of approximately USD 100.8 billion. The company had 48,353 employees working in 2019.

3. Spectrum Brands Holdings, Inc.

Spectrum Brands Holdings, Inc. is an American diversified company. Headquartered in Middleton, Wisconsin, it was established in 2005 as the successor company to Rayovac Corporation. It is one of the Fortune 500 companies and among the largest of its kind on the list.

4. Onity, Inc.

Onity was founded in 1941 as a lock manufacturer known as Talleres de Escoriaza S.A. Onity Inc. is now part of Carrier Global Corporation (NYSE: CARR). Onity is now a leading global provider of electronic locking systems in many industries.

5. Salto Systems S.L.

SALTO Systems revolutionized access control with the introduction of the SALTO Virtual Network SVN data-on-card technology and the advanced battery-operated wireless electronic smart door lock range in 2001. For nearly 20 years SALTO has been synonymous with innovative solutions, including stand-alone, cloud-based, and mobile applications, that set new standards in security, manageability, flexibility, and design that bring real-world benefits to virtually any door and building type. Across a broad range of industries and applications, SALTO is widely recognized as a global market leader in smart electronic access control solutions.

6. Gantner Electronic GmbH

Since its inception around 40 years ago in Vorarlberg/Austria, GANTNER has established itself as a pioneer in the field of contactless Near Field Communication (NFC) electronic hardware. GANTNER supplies solutions based on NFC/RFID technology for leisure facilities such as fitness clubs, attraction and water parks, public pools and spas, as well as commercial, educational, and healthcare institutions. The company’s leading solutions for access control, electronic locking for lockers, cashless payment, and ticketing software can be found in many of the world’s most prestigious leisure facilities.  The company is active in over 60 countries with subsidiaries in Germany, the United Kingdom, Dubai, and Australia, the continuously growing company currently has a worldwide workforce of over 400. GANTNER is certified according to the ISO 9001 quality management as well as ISO 14001 environmental management and has received multiple excellent awards for innovation, product design, and best employer of the region. GANTNER has been part of the SALTO Grou0070 since 2020. With this, two successful companies complete and complement their product and solution portfolio in order to be able to offer an even broader and more comprehensive range of solutions from now on.

7. Cansec Systems

Cansec Systems is a Canadian access control manufacturer specializing in the design and manufacture of innovative proximity, biometrics, and keypad access control systems.

8. MIWA Lock Co.

Since 1945, MIWA Lock Company, Ltd. has grown to become Japan's foremost provider of high-performance locks and security systems. From the first offline electronic hotel locking system, which MIWA developed in 1981, to today's flagship product, the RFID technology ALV2 system, MIWA sets the global standard for programmable lock technology.

9. Master Lock Company LLC

Master Lock is an American company that develops padlocks, combination locks, safes, and related security products. Now a subsidiary of Fortune Brands Home & Security, Master Lock Company LLC was formed in 1921 by locksmith-inventor Harry E. Soref and is headquartered in Oak Creek, Wisconsin.

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