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.
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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.
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 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.
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.
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.
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?
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