Exploring the $5.53 Billion Smart Lock Market: Growth Prospects

Deeya5220

posted on 5 months ago — updated on 1 second ago

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The Smart Lock Market is projected to reach $5.53 billion by 2029, at a CAGR of 14.7% during the forecast period of 2022–2029.

Meticulous Research®, a premier global market research firm, has issued a 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 Meticulous Research®, the smart lock market is expected to grow to $5.53 billion by 2029, with a CAGR of 14.7% from 2022 to 2029. Volume-wise, the market is projected to reach 49.9 million units by 2029, at a CAGR of 15.3%. Growth drivers include rising security concerns, increased consumer awareness, smart home penetration, and advanced access control technology acceptance. IoT security systems, smart city initiatives, and biometric integration also contribute to market growth, while high costs and limited awareness may constrain it.

The report segments the market by lock type, operating mode, connectivity, application, and end user, and includes a competitor analysis and regional market assessment.

Lock types include deadbolt locks, lever handles, knob locks, and others. Deadbolt locks are expected to lead the market in 2022 due to their affordability, durability, and security.

Connectivity options are divided into single and multi connectivity, with single connectivity including RFID, Bluetooth, Wi-Fi, etc. Multi connectivity is expected to dominate in 2022, offering various wireless network supports for enhanced functionality.

Operating modes are split into single and multi operating modes, with single modes including keypad, smart card, touch-based, key fob, and smartphone-based options. Multi operating modes are projected to lead in 2022, offering added security and customization.

Applications include access control & authentication and asset control. Access control & authentication is expected to hold the largest share in 2022, driven by advanced access control technology adoption and consumer demand for modern devices.

End users are categorized into residential, commercial, and industrial sectors. The commercial segment is expected to dominate in 2022 due to increased security needs and smart city initiatives. The residential sector is projected to grow fastest due to smart home adoption and affordable security solutions.

Geographically, the market covers North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. Asia-Pacific is expected to lead in 2022 and grow rapidly, driven by technological advancements and government initiatives in access control technologies.

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).

Download Sample Copy Here : https://www.meticulousresearch.com/download-sample-report/cp_id=5359

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?