Meticulous Research®, a globally recognized market research company, has published an extensive 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’.
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According to the latest data from Meticulous Research®, the smart lock market is expected to achieve a value of $5.53 billion by 2029, growing at a CAGR of 14.7% from 2022 through 2029. Additionally, the market volume is anticipated to reach 49.9 million units, with a CAGR of 15.3%. This growth is largely driven by escalating concerns regarding security, increasing consumer knowledge of smart locks, and rising smart home integration. Nevertheless, high costs and a perception of unreliability may hinder the market’s full potential.
Market Segmentation by Lock Type Smart locks are categorized by type into deadbolt, lever handles, and other locks. In 2022, deadbolt locks captured the largest share of the market and are expected to continue leading due to their affordability, robustness, and effectiveness in preventing unauthorized access.
Connectivity Insights The smart locks market is segmented by connectivity into single connectivity and multi-connectivity options. The multi-connectivity segment was the largest in 2022 and is projected to continue growing due to the demand for comprehensive connectivity options across various wireless protocols.
Operating Modes Available Smart locks operate in either single or multi-operating modes. The multi-operating mode segment held the largest market share in 2022 and is expected to see significant growth due to increasing consumer demand for customizable and user-friendly security systems.
Applications of Smart Locks In terms of application, smart locks cater to access control & authentication and asset control needs. The access control & authentication segment dominated the market in 2022, driven by consumer demand for advanced security measures, including biometric and voice recognition technologies.
End User Segmentation Overview The market can be segmented by end users into residential, commercial, and industrial sectors. While the commercial segment led the market share in 2022, the residential segment is predicted to show the highest growth rate during the forecast period due to increasing smart home technology adoption.
Geographical Insights The Asia-Pacific region led the smart locks market in 2022 and is expected to witness considerable growth driven by technological advancements, government initiatives, and the integration of advanced security solutions across various sectors.
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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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