Press release
Smart Locks Market to Surge to $5.53 Billion by 2029
This significant growth is driven by a surge in safety and security concerns, heightened consumer awareness of the advantages and convenience offered by smart locks, increased smart home integration, and the broader acceptance of advanced access control and authentication technologies. Additionally, the adoption of Internet of Things (IoT)-based security systems, the expansion of smart cities, and the growing integration of biometric technologies into smart locks are anticipated to further fuel market expansion. Nonetheless, challenges such as the high cost of smart locks, perceptions of unreliability, and limited customer awareness could potentially hinder market growth.
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Market Segmentation and Insights :
The smart locks market is segmented by lock type, operating mode, connectivity, application, and end-user, with each segment providing unique insights into market dynamics.
1. Lock Type: The market is segmented into deadbolt locks, lever handles, knob locks, and other types. Deadbolt locks are projected to dominate, holding the largest market share in 2022 and experiencing the highest CAGR throughout the forecast period. Their cost-effectiveness, durability, and superior protection against intrusions make them a preferred choice across residential, commercial, and industrial sectors.
2. Connectivity: The smart locks market is categorized into single connectivity and multi-connectivity types. The multi-connectivity segment, encompassing RFID, Bluetooth, Wi-Fi, and other modes, is expected to lead the market. This segment's growth is attributed to the diverse connectivity options that enhance the functionality and remote accessibility of smart locks, supporting various wireless network standards like Wi-Fi, Bluetooth, Zigbee, Z-Wave, Thread, and LoRa.
3. Operating Mode: This segment is divided into single operating mode and multi-operating mode. The multi-operating mode, which includes keypad, smart card, touch-based, key fob, and smartphone-based methods, is anticipated to hold the largest market share and record the highest CAGR. The demand for customizable, secure, and efficient access control solutions is driving the growth of this segment.
4. Application: The smart locks market is segmented into access control & authentication and asset control. The access control & authentication segment is expected to command the largest market share in 2022 and exhibit the highest CAGR. This growth is driven by the increasing adoption of advanced technologies such as fingerprint, face, IRIS, voice recognition, and smart cards, alongside a growing demand for modern access control devices and technological advancements.
5. End-User: The market is segmented into residential, commercial, and industrial sectors. The commercial segment is projected to hold the largest share in 2022 due to rising awareness of security, the need for sophisticated access control systems for multiple premises, and smart city initiatives. Conversely, the residential segment is expected to experience the highest CAGR, fueled by increased smart home penetration, affordability of modern security solutions, and ongoing home improvement projects.
Regional Overview :
Geographically, the smart locks market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. Asia-Pacific is poised to dominate the market in 2022 and is expected to experience rapid growth throughout the forecast period. This growth is attributed to the region's rapidly developing economies, continuous technological advancements, and government initiatives promoting the integration of access control and authentication technologies in public services. The adoption of advanced technologies, including AI, IoT, and biometric recognition, is also contributing to the market's expansion in Asia-Pacific.
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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).
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?
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