Smart Lock Market Worth $5.53 Billion by 2029
Meticulous Research®—a leading global market research company, published a research report titled, ‘Smart Lock Market by Lock Type (Deadbolt, Lever Handles, Others), Connectivity, Operating Mode, Application (Access Control & Authentication, Asset Control), End User (Residential, Commercial, Others), and Geography—Global Forecasts to 2029’.
According to this latest publication from
Meticulous Research®, the smart locks market is
projected to reach $5.53 billion by 2029, at a CAGR of 14.7% from 2022–2029.
Based on volume, the global smart locks market is projected to reach 49.9
million units by 2029, at a CAGR of 15.3% during the forecast period. The
growth of this market is attributed to the increasing safety & security
concerns, the growing awareness about the benefit and comfort offered by smart
locks among consumers, the increasing smart home penetration, and the rising
acceptance of advanced access control and authentication technologies. Additionally,
the increasing adoption of IoT-based security systems, the rising proliferation
of smart cities, and the growing integration of biometric technologies into
smart locks are expected to offer significant opportunities for the growth of
this market. However, the high cost of smart locks, perception of
unreliability, and the lack of awareness among customers can restrain the
market growth.
The smart locks market is segmented by lock type, operating mode, connectivity, application and end user. The study also evaluates industry competitors and analyzes the regional and country-level markets.
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Scope of the report:
Smart Lock Market, by
Lock
Type
·
Deadbolt Locks
·
Lever Handles
·
Knob Locks
·
Other Lock Types
Smart Lock Market, by
Connectivity
·
Single
Connectivity
o
RFID
o
Bluetooth
o
WiFi
o
Other Single Connectivity Modes
·
Multi
Connectivity
Smart Lock Market, by
Operating Mode
·
Single Operating Mode
o
Keypad
o
Smart Card
o
Touch-based
o
Key Fob
o
Smartphone-based
·
Multi Operating Mode
Smart Lock Market, by
Application
·
Access Control & Authentication
·
Asset Control
Smart Lock Market, by
End User
·
Residential
·
Commercial
o
BFSI
o
IT &
Telecom
o
Government & Public
Sector
o
Retail
o
Hospitals
o
Education
o
Hospitality
·
Industrial
o
Manufacturing
o
Transportation & Logistics
o
Other
Industries
Smart Lock Market,
by Geography
·
North America
o
U.S.
o
Canada
·
Europe
o
U.K.
o
Germany
o
France
o
Italy
o
Spain
o
Netherlands
o
Sweden
o
Rest of Europe
·
Asia-Pacific
o
China
o
India
o
Japan
o
South Korea
o
Singapore
o
Rest of Asia-Pacific
·
Latin America
o
Brazil
o
Mexico
o
Rest of Latin America
·
Middle East & Africa
o
UAE
o
Israel
o
Rest of Middle East & Africa
To gain more insights into the market with a detailed table of
content and figures, click here:
Based on lock type, the smart
locks market is segmented into deadbolt locks, lever handles, knob locks, and
other locks. In 2022, the deadbolt locks segment is expected to account for the
largest share of the global smart locks market. This segment is also projected
to register the highest CAGR during the forecasted period. The large market
share of this segment is attributed to deadbolt locks’ low installation cost,
high durability, and effective protection against intense intrusion or attacks
in residential, commercial, and other verticals.
Based on connectivity, the smart
locks market is segmented into single connectivity and multi connectivity. The
single connectivity segment is further segmented into RFID, Bluetooth, Wi-Fi,
and other single connectivity modes. In 2022, the multi connectivity segment is
expected to account for the largest share of the global smart locks market.
This segment is also projected to register the highest CAGR during the
forecasted period. Smart locks have various connectivity options, all of which
have distinct features that increase the ability to use remote features. These
devices may support one or several different wireless network standards, such
as Wi-Fi, Bluetooth, Zigbee, Z-Wave, Thread, and LoRa. These multiple
connectivity standards are crucial for smart lock operation, serving different
but complementary purposes.
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Based on operating mode, the smart
locks market is broadly segmented into single operating mode and multi
operating mode. The single operating mode segment is further segmented into
keypad, smart card, touch-based, key fob, and smartphone-based. In 2022, the
multi operating segment is expected to account for the largest share of the
global smart locks market. This segment is also projected to register the
highest CAGR during the forecast period. Smart locks can be operated in
multiple ways, providing added security. Factors such as the rising need for
more security experience with customization features, convenience, control, and
efficiency are expected to drive the growth of this segment.
Based on application, the smart
locks market is segmented into access control & authentication and asset
control. In 2022, the access control & authentication segment is expected
to account for the largest share of the global smart locks market. This segment
is also projected to register the highest CAGR during the forecasted period.
Factors such as the rising acceptance of advanced access control &
authentication technologies such as fingerprint recognition, face recognition,
IRIS recognition, voice recognition, and smart card, along with the increasing
consumer demand for modern access control & authentication devices and consistent
technological advancements in access control & authentication technology
are expected to drive the segment growth.
Based on end user, the smart
locks market is broadly segmented into residential, commercial and industrial.
In 2022, the commercial segment is expected to account for the largest share of
the global smart locks market. The growth of this segment is attributed to the
growing awareness about safety & security, the growing need for high-level
access control systems for multiple premises & buildings, the increasing
smart city initiatives across the globe, and the rapidly increasing adoption of
smart locks in several commercial organizations.
However, the residential segment is expected
to register the highest CAGR during the forecast period. Factors such as the
rising smart home penetration, an increase in new and restoration projects
across the sector, increased affordability of modern security solutions such as
motion detectors, door and window opening sensors, and remote door locking, and
unlocking are expected to drive the growth of this segment.
Based on geography, the smart
locks market is segmented into North America, Asia-Pacific, Europe, Latin
America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to
account for the largest share of the smart locks market. The region is also
expected to witness rapid growth during the forecast period. The growth in this
region is mainly driven by factors such as the presence of rapidly developing
economies, consistent technological advancements in access control and
authentication technology, and government initiatives to integrate access
control and authentication technologies in various public services. Moreover,
increased adoption of advanced technologies, including artificial intelligence,
IoT, and biometric recognition, is also contributing to the growth of the smart
locks market in Asia-Pacific.
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Key Players:
The key players operating in the smart
lock market are ASSA ABLOY (Sweden), dormakaba Group (Switzerland), SALTO
Systems, S.L. (Spain), Allegion plc (Ireland), Honeywell International Inc.
(U.S.), Vivint Smart Home, Inc. (U.S.), ZKTECO CO., LTD. (China), igloocompany
Pte Ltd (Singapore), RemoteLock (U.S.), Onity (U.S.), Master Lock Company
LLC. (U.S.), MIWA Lock Co. (U.S.), Avent Security (China), Shenzhen
Vians Electric Lock Co., Ltd. (China), Samsung Electronics Co., Ltd.
(South Korea), SentriLock, LLC (U.S.), Zhejiang Dahua Technology Co., Ltd
(China), and DESSMANN Schliessanlagen GmbH (Germany).
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Key questions answered in
the report-
· Which are the
high-growth market segments based on lock type, connectivity, operating mode,
application, and end user?
· What was the
historical market for smart lock?
· What are the
market forecasts and estimates for the period 2022–2029?
· What are the
smart locks market's major drivers, restraints, and opportunities?
· Who are the
major players, and what shares do they hold in the smart lock market?
· How is the
competitive landscape in the smart locks market?
· What are the
recent developments in the smart locks market?
· What are the
different strategies adopted by the major players in the smart locks market?
· What are the
key geographic trends, and which are the high-growth countries?
· Who are the
local emerging players in the global smart locks market, and how do they
compete with the other players?
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