Smart Lock Market Set to Double Revenue by 2029, Driven by Rising Security Concerns and Increased Adoption of Smart Home Technology
The global Smart Lock Market is poised for significant growth, with its size reaching US$ 2.11 billion in 2022 and projected revenue expected to surge at a robust CAGR of 12.6%, reaching nearly US$ 4.83 billion by 2029, according to a recent report by Maximize Market Research.
Market Dynamics:
The smart lock trend is notably making waves in the hospitality sector post-COVID-19, as digital check-ins and smartphone-controlled door locks become increasingly popular. In a survey conducted in early 2022, 70% of hotel guests in Asia, Europe, and North America expressed interest in digitizing the check-in/check-out process.
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Smart Lock Market Scope:
Maximize Market Research's Smart Lock Market Report provides a comprehensive analysis of the market, using a dynamic research methodology. The report covers major growth drivers, market dynamics, challenges, and scope, as well as PESTLE, Porter, and SWOT analyses. It also includes information on the latest developments and technologies in the global Smart Lock market.
The report provides detailed information on the global Smart Lock market, including market shares, supply chain analysis, and key success factors. It also includes the opinions of industry experts from top leading organizations in the global Smart Lock market.
Segmentation Analysis:
by Lock Type
Deadbolt Locks
Lever Handles
Server locks & Latches
Knob Locks
Others
In 2022, the deadbolts segment had the largest market share by lock type. This segment is growing because of its ease of installation and growing applications across many industries. One of the most popular styles of exterior house locks is the deadbolt. The growth of this segment is being driven by factors such as low installation costs, excellent durability, and effective protection against intense incursions or attacks in residential, commercial, and other verticals. Additionally, industry leaders like Kwikset are expanding their line of sophisticated deadbolts with integrated features like one-touch locking, low battery alerts, and personalised user codes, drawing in a sizable user base.
by Communication
Protocol Bluetooth
WiFi
Z-Wave
Others
In terms of communication protocol, the Bluetooth communication protocol segment of the smart lock market held the biggest market share in 2022. The 300-foot range of Bluetooth smart locks means that users can only control their locks when they are in close proximity to their residences. It's a practical technology that can be applied to a variety of scenarios, such as access control, jewellery storage, and asset security. Customers can enjoy convenience and security with this incredibly low-cost and reasonably priced smart lock configuration. Throughout the forecast period, this factor is driving the growth of the smart locks market.
by Unlocking Mechanism
Keypad
Card Key
Touch Based
Key Fob
Smartphone-Based
According to unlocking mechanism, the touch-based segment of the smart lock market is expanding at the quickest rate. The touch-based unlocking mechanism of smart locks makes use of fingerprint recognition technology. People can be quickly and easily identified and authenticated using fingerprint recognition technology. Incorporating biometric authentication into contemporary home security systems can enhance their usefulness and align with the growing smart home movement. In contrast to password-protected smart locks, biometric authentication maximises privacy by using personally identifiable information that is securely stored on the device (which could be the lock itself or an access card secured with a fingerprint). Because of this, biometrics are hard to hack.
by Vertical
Commercial
Residential
Institutional & Government
Industrial
Transportation & Logistic
According to Vertical, with 65.7% of the revenue share in 2022, the residential segment led the smart lock market. The primary factors contributing to the market growth during the forecast year are the growing global penetration of smart homes as well as the rising number of new and renovation projects in this industry. The increasing cost-effectiveness of sophisticated security devices like motion detectors, door and window opening sensors, and remote door locking and unlocking is also anticipated to propel the uptake of smart locks in the residential market.
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Key Players are:
1. ASSA ABLOY (Sweden)
2. Allegion plc (Ireland)
3. dormakaba Group (Switzerland)
4. Spectrum Brands Holdings, Inc. (U.S.)
5. Salto Systems S.L. (Spain)
6. Carrier (U.S.)
7. Cansec Systems Ltd. (Canada)
8. GANTNER Group (UAE)
9. Master Lock Company LLC (U.S.)
10.Master Lock Company LLC (U.S.)
11.Samsung (South Korea)
12.SentriLock, (U.S.)
13.Avent Security (Vietnam)
14.DESSMANN Schliessanlagen GmbH (Singapore)
15.Haven Lock, Inc., (U.S.)
16.Dahua Technology Co., Ltd (China)
Regional Analysis
The report provides the statistical market growth data for every influencing economy in the global Smart Lock market. The various countries like North America, Asia-Pacific, Europe, Latin America, and MEA are considered while preparing report. All the emerging trends with population growth along with government strategies and regulations are covered in the report. The final conclusion part of regional insights consists, of all economies’ in the market influencing data in the form of historical as well as forecasted period.
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Key Questions answered in the Smart Lock Market Report are:
- What is the forecast period of the Smart Lock Market?
- What is the competitive scenario of the Smart Lock market?
- Which region held the largest market share in the Smart Lock Market?
- What are the opportunities for the Smart Lock Market?
- What are the restraining factors in the Smart Lock market?
- Who are the key players of the Smart Lock market?
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include science and engineering, electronic components, industrial equipment, technology, and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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