Smart Lock Market on Track for 18.10% CAGR, Estimated to Reach USD 11.92 Billion By 2032

𝐓𝐡𝐞 𝐬𝐦𝐚𝐫𝐭 𝐥𝐨𝐜𝐤 𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐢𝐳𝐞 𝐰𝐚𝐬 𝐯𝐚𝐥𝐮𝐞𝐝 𝐚𝐭 𝐔𝐒𝐃 𝟐.𝟔𝟗 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟑. 𝐓𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐢𝐬 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐞𝐝 𝐭𝐨 𝐠𝐫𝐨𝐰 𝐭𝐨 𝐔𝐒𝐃 𝟏𝟏.𝟗𝟐 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 𝟐𝟎𝟑𝟐, 𝐞𝐱𝐡𝐢𝐛𝐢𝐭𝐢𝐧𝐠 𝐚 𝐜𝐨𝐦𝐩𝐨𝐮𝐧𝐝 𝐚𝐧𝐧𝐮𝐚𝐥 𝐠𝐫𝐨𝐰𝐭𝐡 𝐫𝐚𝐭𝐞 (𝐂𝐀𝐆𝐑) 𝐨𝐟 𝟏𝟖.𝟏𝟎% 𝐟𝐫𝐨𝐦 𝟐𝟎𝟐𝟒 𝐭𝐨 𝟐𝟎𝟑𝟐.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐞𝐟𝐢𝐧𝐢𝐭𝐢𝐨𝐧:

Keyless smart locks with electronic features are able to connect with other household electronic devices through Wi-Fi or Bluetooth technology. Users have the option to use either a special electronic fob or the smart lock app on your phone to manage the locks. The person can send temporary keys to others, granting them access to the home for a specific time frame. Moreover, smart lock technology is notable for its ease of use and uniqueness in contrast to traditional practices.

𝐂𝐡𝐞𝐜𝐤 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐟𝐨𝐫 𝐋𝐚𝐭𝐞𝐬𝐭 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐓𝐫𝐞𝐧𝐝𝐬: https://www.polarismarketresearch.com/industry-analysis/smart-locks-market/request-for-sample

𝐆𝐫𝐨𝐰𝐭𝐡 𝐃𝐫𝐢𝐯𝐞𝐫𝐬 𝐚𝐧𝐝 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬:

● Enhanced funding for smart cities and industrial initiatives will contribute to the growth of the market. The growing use of automation and connectivity in industries has resulted in a higher demand for advanced security solutions, prompting increased investments in technologies like smart locks.
● Key market leaders are dedicated to offering financially viable products and developing creative solutions, such as the ability to unlock and lock doors and windows remotely. Because voice assistants are becoming more common in households, manufacturers are incorporating voice-controlled locking features into their products.

𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

Leading companies in the market prioritize strategic acquisitions to enhance their R&D capabilities and gain a competitive advantage, allowing them to provide users with innovative products. Here is the list of the leading companies operating in the smart lock market:

• August Home, Inc.
• Avent Security
• Cansec Systems Ltd.
• Goji
• HavenLock, Inc.
• Honeywell International Inc.
• Kwikset
• MUL-T-LOCK TECHNOLOGIES LTD.
• Onity Inc.
• Schlage
• Sentrilock, LLC
• Smart Locking Logic Proprietary Limited
• UniKey Technologies, Inc.
• Yale Lock
• Zigbang Co., Ltd.

𝐌𝐚𝐤𝐞 𝐚𝐧 𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.polarismarketresearch.com/industry-analysis/smart-locks-market/inquire-before-buying

𝐒𝐦𝐚𝐫𝐭 𝐋𝐨𝐜𝐤 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬:

• The deadbolt segment accounted for the largest revenue share in the smart lock market. This can be attributed to the growing acceptance of the product across various industries and its easy-to-install nature. Key factors contributing to the surge in the deadbolt segment comprise cost-effective installation, outstanding durability, and reliable protection against intrusion. Moreover, businesses are actively expanding their array of products and services.

• The residential segment accounted for the highest market share. The substantial growth in revenue can be attributed to the increasing worldwide embrace of smart home technology, associated with a surge in both new construction initiatives and renovation projects. The growing accessibility of modern security solutions, such as motion detectors, door and window opening sensors, and remote door locking and unlocking, is anticipated to drive the growth of the market.

• North America dominated the largest market contributor in the smart lock market. The increase in demand for advanced security solutions, the growing popularity of smart homes, and the necessity for effective and seamless access management. Moreover, the surging requirement for secure access control solutions, coupled with the adoption of cutting-edge technologies like Bluetooth, NFC, and ZigBee in North America is more, and it is anticipated to drive the growth of the market.

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:

The smart lock market is mainly segmented based on product, technology, authentication method, application, and region. Based on the product analysis, in 2022, the deadbolt segment held the largest income share in the market due to its easy installation process and increasing usage in multiple industries.

Moreover, according to the application analysis, in 2022, the residential segment held the largest market share. The rise in earnings can be attributed to the increasing demand for smart home technology and the growth in new construction and renovation endeavors.

𝐒𝐦𝐚𝐫𝐭 𝐋𝐨𝐜𝐤, 𝐏𝐫𝐨𝐝𝐮𝐜𝐭 𝐎𝐮𝐭𝐥𝐨𝐨𝐤
• Deadbolt
• Lever Handle
• Padlock
• Others

𝐒𝐦𝐚𝐫𝐭 𝐋𝐨𝐜𝐤, 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 𝐎𝐮𝐭𝐥𝐨𝐨𝐤
• Bluetooth
• Wi-Fi
• Thread
• Zigbee
• Z-Wave
• Others

𝐒𝐦𝐚𝐫𝐭 𝐋𝐨𝐜𝐤, 𝐀𝐮𝐭𝐡𝐞𝐧𝐭𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐌𝐞𝐭𝐡𝐨𝐝 𝐎𝐮𝐭𝐥𝐨𝐨𝐤
• Biometric
• Pin Code
• RFID Cards

𝐒𝐦𝐚𝐫𝐭 𝐋𝐨𝐜𝐤, 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐎𝐮𝐭𝐥𝐨𝐨𝐤
• Hospitality
• Residential
• Government
• Commercial
• Others

𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐭𝐡𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐂𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐞𝐫𝐞: https://www.polarismarketresearch.com/industry-analysis/smart-locks-market

𝐁𝐫𝐨𝐰𝐬𝐞 𝐏𝐌𝐑 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞 𝐟𝐫𝐨𝐦 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐭 𝐏𝐮𝐛𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬:

Cyber Security Market: https://www.whatech.com/og/markets-research/it/887935-cyber-security-market-anticipates-exponential-growth-to-usd-504-46-billion-by-2030-with-a-9-7-cagr.html

Industrial IoT Market: https://www.whatech.com/og/markets-research/it/887948-industrial-iot-market-on-track-to-hit-usd-2-580-89-billion-by-2032-propelled-by-an-impressive-cagr-of-23-5.html

Master Data Management Market: https://www.whatech.com/og/markets-research/it/887346-master-data-management-market-soars-to-54-05-billion-usd-predicted-cagr-of-15-8-by-2030.html

Metaverse Market: https://www.whatech.com/og/markets-research/it/887367-metaverse-market-to-witness-impressive-40-5-cagr-set-to-reach-usd-1-780-35-billion-by-2032.html

𝐂𝐨𝐧𝐭𝐚𝐜𝐭:
Likhil G
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