Projected Growth of the Smart Lock Market: $5.53 Billion by 2029 |...

Projected Growth of the Smart Lock Market: $5.53 Billion by 2029

Blogs IT, Cloud, Software and Technology

Postado 2024-09-24 08:43:08

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Meticulous Research®, a prominent global market research company, has released a detailed report entitled ‘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’.

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According to the report, the global smart lock market is projected to grow to $5.53 billion by 2029, at a CAGR of 14.7% during the forecast period from 2022 to 2029. The market is also expected to reach 49.9 million units in volume by 2029, reflecting a CAGR of 15.3%. The growth is largely attributed to rising concerns about safety, increasing awareness of the benefits of smart locks, and the growing penetration of smart home technologies. However, challenges such as high costs and perceived reliability issues may restrain market growth.

Lock Type Breakdown The smart locks market is segmented by lock type into deadbolt, lever handles, and knob locks. The deadbolt locks segment held the largest market share in 2022 and is expected to maintain its dominance due to their cost-effectiveness and durability, which appeal to both residential and commercial consumers.

Connectivity Classification Connectivity options in the smart locks market are classified into single connectivity and multi-connectivity. In 2022, the multi-connectivity segment dominated the market, and its growth is driven by increasing consumer demand for devices that support multiple wireless protocols, enhancing usability.

Modes of Operation Smart locks can operate in either single or multi-operating modes, with the multi-operating mode segment capturing the largest market share in 2022. This segment is expected to continue to grow as consumers seek customizable security solutions that offer various access methods.

Applications in Security The primary applications for smart locks include access control & authentication and asset control. The access control & authentication segment accounted for the largest share in 2022, driven by the adoption of advanced technologies such as fingerprint and facial recognition.

End User Overview End users of smart locks are categorized into residential, commercial, and industrial segments. While the commercial sector held the largest market share in 2022, the residential sector is expected to show the highest CAGR, propelled by the rising demand for smart home solutions.

Regional Market Dynamics The Asia-Pacific region led the smart lock market in 2022 and is projected to grow rapidly over the forecast period. This growth is supported by technological advancements, government initiatives, and increased consumer adoption of smart security systems.

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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).

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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