A smart lock, also referred to as a digital or electronic lock is an electronic and mechanical locking device that opens wirelessly by authorizing user authentication. These are innovative devices that have transformed traditional lock and key systems into connected and advanced solutions for business and home security. These electronic devices can be controlled and monitored remotely through smartphone applications and various other smart devices. It provides an enhanced level of convenience, security, and flexibility as compared to the traditional method of locks.

Smart locks have different key features such as remote access, keyless entry, integration with smart home systems, activity monitoring, security alerts, temporary access, battery-powered, and Wi-Fi connectivity among others. These features offer enhanced security, customization, convenience, and various other benefits. There are two types of smart locks namely deadbolt replacements which replace the whole deadbolt in the door and deadbolt adapters that need swapping out part of the deadbolt in the home or office.

Smart lock devices are used by different properties such as short-let properties, offices, commercial and retail units, and shared spaces such as gyms, studios, and halls. These areas have a higher footfall than a standard residential home and thus people prefer access at different times. It becomes difficult to have control over access and thus smart locks could be an effective solution for the same. Smart locks could work both with physical keys and digital keys.

With several benefits, there are also different constraints of smart locks. These devices rely on battery power and thus need periodic replacements or recharging. There is a risk of connectivity issues as these devices are dependent on the internet. Device compatibility and integration into smart homes could be another challenge. Lastly, the cost of installation and maintenance is higher for smart locks.

Some Top Companies Operating in the Smart Lock Industry:

Schlage:

Schlage is one of the well-known brands in the field of commercial and residential security and provides a wide range of high-quality door hardware including locks and locksets. Its products offer various connectivity options such as Wi-Fi and Bluetooth that allow users to control and monitor the locks remotely through smartphones. These smart locks are designed to integrate with different popular smart home platforms such as Amazon Alexa, Apple HomeKit, Google Assistant, and others. Schlage also offers different design options that can suit the different architectural types and personal preferences of the customers.

Yale:

One of the widely known and reputed brands in the market of locks and security solutions. The firm has established itself as a leader in providing high-quality locking systems and products. With a history of producing traditional mechanical locks for commercial and residential applications recently, Yale has ventured into the world of smart locks, offering a keyless entry solution and integrating modern technology with traditional security expertise.

Allegion plc:

Allegion plc is a publicly traded company that is known for its focus on security products. This is a leading company with products such as locks, access control systems, and door closers among others. The firm also offers biometric solutions for access control. Allegion is highly committed to investing in research and development and staying ahead in technological advancements in security solutions.

Cansec Systems Ltd:

Cansec Systems primarily focused on offering access control systems for a range of applications such as commercial, institutional, and industrial settings. It is known for manufacturing different access control panels that are designed to manage and control access for security. Cansec offers card readers and different associated credentials as a major part of its access control solutions. The firm serves a diverse customer base that includes institutions, organizations, businesses, and others.

Salto Systems S.L:

Salto System is a Spanish company that specializes in electronic access control solutions for different uses. It offers a range of smart locks and readers that majorly utilize RFID technology for securing access control. Salto control systems are designed to integrate with various other security technologies, building management systems, and IoT devices. The smart locks and accessories provided by Salto are convenient, flexible, and easy to install.

Assa Abloy:

Assa Abloy is a renowned brand that offers different products and services that are related to locks, gates, doors, and entrance automation. It manufactures both mechanical and electro-mechanical locks. The firm also provides different solutions such as access management, authenticity, biometrics, brand protection products, contactless RFID tags, and government IDs to different companies.

Onity, Inc.:

Onity Inc. is one of the leading manufacturers of electronic-looking systems. The company has expanded its portfolio of facility management products including different electronic in-room safes, energy management systems, electronic locking solutions, and mobile key solutions. Onity serves different customers across corporates, hospitality, education, and government among others.

Smart Lock Market Scenario:

The global smart lock market size was USD 2 billion in 2022 and is expected to register a robust revenue CAGR of 19% during the forecast period. This growth can be significantly driven by factors such as high focus on safety and security across commercial, residential, and industrial settings, increasing penetration of smartphones and smart devices, rising integration of smart homes, and growing awareness about benefits of smart locks. In addition, development of core technologies like AI, IoT, big data, and cloud-based applications is expected to drive the smart lock market going ahead.

However, smart locks cost more as compared to the traditional locks present in the market. Further, the threat of hackers could also hamper the reliability of smart locks among customers. If smart locks are not updated regularly, they become vulnerable to hackers. It can be disrupted by cyber attackers who can fake the access coders with smartphones. To cater to these problems, businesses and companies are heavily investing in research and development activities to launch advanced technologies to secure locks.