Press release
Smart Locks Global Market Worth $4.6 Billion By 2028 Rapid Growth Predicted CAGR of 14.0% | Allegion PLC, Assa Abloy AB., August Home., Onity Inc., Salto Systems.
Smart Locks Global Market
Smart Locks Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $4.6 billion In 2028 At A CAGR Of 14.0% :
The smart locks market size has grown rapidly in recent years. It will grow from $2.39 billion in 2023 to $2.72 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The growth in the historic period can be attributed to increased product affordability, evolving design and aesthetics, growing residential and commercial construction, smartphone penetration, consumer demand for convenience..
The smart locks market size is expected to see rapid growth in the next few years. It will grow to $4.6 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to government initiatives and regulations, expansion of e-commerce and online sales, integration with smart building solutions, focus on energy efficiency and sustainability, growing interest in smart access control for businesses.. Major trends in the forecast period include customization and aesthetics, energy-efficient design considerations, smart locks for rental properties, focus on user-friendly installation, biometric authentication advancements..
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Smart Locks Market Major Segments
The smart locks market covered in this report is segmented -
1) By Product: Deadbolts, Commercial, Padlocks, Other Products
2) By Communication Technology: Wi-Fi, Bluetooth, Zigbee, Z-Wave
3) By Authentication Method: Biometric, Pin Code, RFID Cards
4) By Application: Residential, Hospitality, Enterprise, Critical Infrastructure, Other Applications
Key Driver - Residential And Commercial Projects Fuel Smart Lock Market
An increase in the number of residential and commercial projects is expected to propel the growth of the smart locks market going forward. Residential projects refer to the buildings that are used for residential purposes and commercial projects refer to the buildings that are lent for business purposes. Smart locks are adopted by both commercial and residential projects as they provide safety by using different technologies. For instance, according to the Office of National Statistics, a UK-based government department, the monthly construction output increased by 3.5% in volume in November 2021. In addition, according to Invest India, an India-based national investment promotion and facilitation agency, the construction industry in India is expected to reach $1.4 trillion by 2025. Therefore, the increase in the number of residential and commercial projects is driving the smart locks market growth.
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Prominent Trend - Technological Advancements Reshape The Smart Lock Market
Technological advancements are a key trend gaining popularity in the smart lock market. Major companies operating in the smart lock sector are focused on developing new technological solutions to meet consumer demand. For instance, in November 2022, Yale Home India, an India-based digital lock manufacturing company, launched the Yale YDM7220 BioSecure based on ioSecure technology. The Yale YDM7220 BioSecure is a smart lock system equipped with advanced technology that ensures that every touchpoint in your home receives regular cleaning and sanitization to reduce microbial contamination and the spread of diseases.
Smart Locks Market Players
Major companies operating in the smart locks market report are Allegion PLC, Assa Abloy AB., August Home., Cansec Systems Ltd., Dorma + Kaba Holding AG., Gantner Electronic GmbH., HAVENLock., Honeywell International Inc., Master Lock Company LLC., Onity Inc., Salto Systems., Samsung Electronics Co., Ltd., Schlage., Spectrum Brands Holdings, Inc., UniKey Technologies Inc., U-tec Group Inc., Vivint Inc., Avent Security., Goji., SDS Smart Locks., Mul-T-Lock., Panasonic Corporation., Guangdong Be-Tech Security Systems., DESSMANN., The Chamberlain Group, Inc., Kaadas., Kwikset., Techlicious LLC., Godrej Group., Adel Marketing (M) Sdn. Bhd.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the smart locks market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart locks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart Locks Market Report Structure
3. Smart Locks Market Trends And Strategies
4. Smart Locks Market - Macro Economic Scenario
5. Smart Locks Market Size And Growth
…..
27. Smart Locks Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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