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Smart Lock Market Set to Reach USD 12302.56 million by 2029, Driven by CAGR of 20.10% | Data Bridge Market Research
Explore Further Details about This Research Smart Lock Market Report
https://www.databridgemarketresearch.com/reports/global-smart-lock-market
As per the FBI statistics, home burglaries accounted for 17.1% of all property crimes in 2020. By subcategorization, forcible entry was involved in 56.7% of burglaries, and burglary offenses victims suffered an estimated USD 3.4 billion in property losses in 2020. This suggests possibilities for more secure and advanced security systems. The increasing Internet penetration and popularity of IoT, combined with the benefits of connecting smart locks to the Internet, are among the major factors creating a significant opportunity for the smart lock market to grow. Therefore, the market is estimated to grow rapidly over forecasted period.
Global Smart Lock Market was valued at USD 2842.18 million in 2021 and is expected to reach USD 12302.56 million by 2029, registering a CAGR of 20.10% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behavior.
Market Definition
Smart lock are electromechanical devices that allow users to unlock their device remotely and come with inbuilt Wi-Fi or Bluetooth. It allows us to monitor our device at all times and have enhanced security features and tons of customizations. It also offers several customized entry and exit options through fingerprint, face unlock, through our smart phones or even gestures.
Some of the major players operating in the smart lock market are-
ASSA ABLOY (Sweden)
Allegion plc (Ireland)
dormakaba Group (Switzerland)
Spectrum Brands Holdings, Inc. (U.S.)
Salto Systems S.L. (Spain)
Carrier (U.S.)
Cansec Systems Ltd. (Canada)
GANTNER Group (UAE)
Master Lock Company LLC (U.S.)
Master Lock Company LLC (U.S.)
Samsung (South Korea)
SentriLock, (U.S.)
Avent Security (Vietnam)
DESSMANN Schliessanlagen GmbH (Singapore)
Haven Lock, Inc., (U.S.)
Dahua Technology Co., Ltd (China)
Drivers
Growth in Security Concerns
The widespread adoption of smart home devices has minimized the concerns because consumers want data privacy and security in their homes, provided by smart locks. The individuals must simply pair the Bluetooth or Wi-Fi device with a deadbolt to gain access with a phone tap or voice command. They improve security by utilizing advanced presence detection, durability, and alert systems. Easy access and quick authentication have become the norm. As a result, the consumers' security concerns largely boost the overall market demand.
Furthermore, the rapid growth of home automation will further propel the growth rate of smart lock market. Additionally, the commercial and residential sectors adopt the app-based smart lock systems because they enable quick tracking and logging and increase efficiency over the forecast period.
Global Smart Lock Market Scope
The smart lock market is segmented on the basis of type, communication protocol, unlocking mechanism and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
Deadbolt
Lever Handles
Padlock
Others
Communication Protocol
Bluetooth
Wi-Fi
Others
Unlocking Mechanism
Keypad
Card Key
Touch Based
Key Fob
Smartphone Based
Application
Commercial
Residential
Industrial
Government Institution
Others
Overview of the Smart Lock Market report
To gain information about the top players in this industry, their product portfolios, and their key strategies.
To describe major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Smart Lock Market and submarkets.
To assess the market shares for new entrants
Strategic profiling of the key players and brands
To describe the industry trends and developments
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