Smart Lock Market Worth $5.53 Billion by 2029

Meticulous Research®, a global leader in market research, has published a comprehensive 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.”

The latest report from Meticulous Research® forecasts that the global smart lock market will grow to $5.53 billion by 2029, at a compound annual growth rate (CAGR) of 14.7% from 2022 to 2029. The market is projected to reach 49.9 million units by 2029 in terms of volume, at a CAGR of 15.3% over the forecast period.

 The primary drivers of this market growth include increasing safety and security concerns, rising consumer awareness of smart lock benefits, the growing adoption of smart homes, and the proliferation of advanced access control and authentication technologies. The market is also expected to benefit from the widespread adoption of IoT-based security systems, the development of smart cities, and the integration of biometric technologies into smart locks. However, challenges such as high costs, reliability issues, and lack of consumer awareness could pose obstacles to market expansion.

The smart lock market is segmented by lock type, operating mode, connectivity, application, and end user, with the report providing detailed analysis at regional and national levels.

By lock type, the market is divided into deadbolt locks, lever handles, knob locks, and other types. Deadbolt locks are expected to dominate the market in 2022, holding the largest share, and are forecasted to register the highest CAGR during the forecast period. The popularity of deadbolt locks is attributed to their cost-effectiveness, durability, and enhanced protection against forced entry, making them ideal for residential, commercial, and other sectors.

The market is further segmented by connectivity into single connectivity and multi-connectivity options. The single connectivity segment is categorized into RFID, Bluetooth, Wi-Fi, and other modes. The multi-connectivity segment is anticipated to hold the largest market share in 2022 and is expected to register the highest CAGR during the forecast period. Multi-connectivity smart locks, which support various wireless networking standards like Wi-Fi, Bluetooth, Zigbee, Z-Wave, Thread, and LoRa, offer increased functionality and versatility, making them increasingly popular.

The market’s operating mode segment is divided into single operating mode and multi-operating mode. Single operating modes include keypad, smart card, touch-based, key fob, and smartphone-based systems. The multi-operating mode segment is expected to lead the market in 2022 and register the highest CAGR over the forecast period, driven by the demand for more secure, customizable, and user-friendly smart lock systems.

In terms of application, the market is split into access control & authentication and asset control. The access control & authentication segment is expected to account for the largest market share in 2022 and is projected to grow at the highest CAGR during the forecast period. The growth of this segment is driven by the increasing adoption of advanced access control technologies, including fingerprint recognition, facial recognition, IRIS recognition, voice recognition, and smart cards, coupled with the rising demand for modern access control devices.

The smart lock market is also segmented by end user into residential, commercial, and industrial segments. The commercial segment is expected to dominate the market in 2022, capturing the largest share, driven by increasing awareness of safety and security, the need for advanced access control systems across multiple locations, and the expanding use of smart locks in commercial properties. However, the residential segment is anticipated to register the highest CAGR during the forecast period, fueled by the growing penetration of smart homes, the increase in new construction and renovation projects, and the affordability of modern security solutions.

Geographically, the smart lock market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. Asia-Pacific is forecasted to lead the market in 2022 and register the fastest growth during the forecast period. The region’s growth is driven by the presence of rapidly developing economies, continuous technological advancements, and government initiatives aimed at integrating advanced access control and authentication technologies into public services. Moreover, the increasing adoption of AI, IoT, and biometric recognition technologies is expected to further drive the smart lock market in Asia-Pacific.

Key Players:

Some of the key players operating in the metal powder market are Höganäs AB (Sweden), GKN Powder Metallurgy (U.K.), Advanced Technology & Materials Co., Ltd. (China), Sandvik AB (Sweden), AMETEK Inc. (U.S.), Tekna Holding ASA (Canada), BASF SE (Germany), Aubert & Duval (France), Alcoa Corporation (U.S.), ATI Inc. (U.S.), Carpenter Technology Corporation (U.S.), RusAL (Russia), Rio Tinto (U.K.), Kymera International (U.S.), and Praxair S.T. Technology, Inc. (U.S.)

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Key questions answered in the report-

• Which are the high-growth market segments based on metal type, application, source, production, and end user?
• What was the historical market for metal powder?
• What are the market forecasts and estimates for the period 2024–2031?
• What are the major drivers, restraints, and opportunities in the metal powder market?
• Who are the major players, and what shares do they hold in the metal powder market?
• What is the competitive landscape like in the metal powder market?
• What are the recent developments in the metal powder market?
• What are the different strategies adopted by the major players in the metal powder market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the metal powder market, and how do they compete with the other players?

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