Smart Lock Market Revenue, Leading Players and Demand Forecast 2029

Smart Lock Market is expected to grow at 12.6 % through 2022 to 2029, reaching nearly USD 4.83 Bn.

Smart Lock Market Report Scope and Research Methodology

Report Scope

The Global Smart Lock Market Report 2023-2029 offers an extensive analysis of the industry, encompassing market dynamics, segmentation, drivers, restraints, and regional trends. This report provides valuable insights into the current and future landscape of the smart lock market.

Research Methodology

Our research methodology combines rigorous data analysis with extensive industry research, drawing from primary and secondary sources to ensure data accuracy and relevance. The report offers an in-depth examination of market trends, competitive landscapes, and regional dynamics.

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What are Smart Lock Market Dynamics?

Drivers
Several factors are driving the growth of the global smart lock market:

Security and Safety: Rising security and safety concerns are boosting the demand for smart locks.
Increased Smartphone Usage: The growing use of smartphones and connected devices is fueling market growth.
Innovative Features: Smart locks offer improved features compared to traditional lock systems, attracting consumers.

Restraints

Hackers pose a threat to the reliability of smart locks if they are not regularly updated. Additionally, power outages can disrupt the operation of smart locks, impacting their reliability. These concerns may affect consumer perception of smart lock reliability.

Smart Lock Market Segmentation?

The segment for deadbolts had the largest market share in terms of lock type in 2022. The expansion of this market is being driven by the expanding applications in different industries and simplicity of installation. One of the most popular styles of exterior home locks is the deadbolt. The expansion of this market is being driven by its low installation costs, excellent durability, and efficient defence against intense incursions or attacks in residential, commercial, and other verticals. Additionally, industry giants like Kwikset are expanding their selection of high-tech deadbolts with integrated features like low battery warning, one-touch locking, and personalised user codes, drawing in a sizable user base.

The smart lock market for the Bluetooth communication protocol sector had the biggest market share in 2022, according to communication protocol. Users can only control their Bluetooth smart locks if they are close to their residences due to the 300-foot maximum range of these devices. It is a practical technology that may be applied to a variety of tasks, such as access control, jewellery storage, and asset security. It is a very economical smart lock with a setup that offers convenience and security to customers. During the anticipated timeframe, this aspect is driving up demand for smart locks.

The Touch Based section of the smart lock industry has the fastest growing unlocking mechanism in terms of unlocking method. The touch-based unlocking system for smart locks uses fingerprint recognition technology. It is quick and simple to identify and authenticate persons using their fingerprints. Modern home security systems can benefit greatly from biometric authentication, which is also a trend that is rising with the smart home movement. Biometric authentication uses personally identifiable information maintained securely on-device (whether the lock itself or a fingerprint-secured access card) for maximum privacy, in contrast to password-protected smart locks. Because of this, biometrics are hard to hack.

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Who are Smart Lock Market Key Players?

1. ASSA ABLOY (Sweden)
2. Allegion plc (Ireland)
3. dormakaba Group (Switzerland)
4. Spectrum Brands Holdings, Inc. (U.S.)
5. Salto Systems S.L. (Spain)
6. Carrier (U.S.)
7. Cansec Systems Ltd. (Canada)
8. GANTNER Group (UAE)
9. Master Lock Company LLC (U.S.)
10.Master Lock Company LLC (U.S.)
11.Samsung (South Korea)
12.SentriLock, (U.S.)
13.Avent Security (Vietnam)
14.DESSMANN Schliessanlagen GmbH (Singapore)
15.Haven Lock, Inc., (U.S.)
16.Dahua Technology Co., Ltd (China)

Table of content for the Smart Lock Market includes:

Part 01: Executive Summary

Part 02: Scope of the Smart Lock Market Report

Part 03: Global Smart Lock Market Landscape

Part 04: Global Smart Lock Market Sizing

Part 05: Global Smart Lock Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Regional Insights:

North America: A technologically advanced region with a significant market for smart lock technology, driven by home security awareness and smart home trends.

Asia Pacific: Expected to be the fastest-growing region, with a significant increase in residential and commercial projects and smart city initiatives.

Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2021)
Past Pricing and price curve by region (2018 to 2021)
Market Size, Share, Size & Forecast by different segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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