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Key Trend Reshaping the Smart Locks Market in 2025: Technological Advancements Reshape The Smart Lock Market
Smart Locks Market Size
The smart locks market is predicted to expand with the rising number of both residential and commercial projects. Residential projects encompass buildings intended for living purposes, while commercial projects include buildings rented out for business purposes. Both these types of projects are increasingly opting for smart locks as they offer enhanced security through various technologies. For example, in November 2023, the Office of National Statistics in the UK reported that total new work had escalated by £18,161 million. This significant rise, comprising growth in both the private sector by 16.8% and the public sector by 13.1%, signifies the increasing number of both residential and commercial projects. Consequently, this uptick in projects is contributing to the advancement of the smart locks market.
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What is the projected compound annual growth rate (CAGR) of the smart locks market from 2025 to 2034, and what factors influence it?
The market for smart locks has witnessed a significant expansion in recent years. The size of the market, which was $2.66 billion in 2024, is projected to reach $3 billion in 2025, reflecting a compound annual growth rate (CAGR) of 12.7%. The historic growth of this sector is due to factors such as improved affordability of the products, advancements in design and aesthetics, a surge in residential and commercial construction, increased use of smartphones, and a rising consumer desire for convenience.
In the coming years, a substantial increase is projected for the smart locks market, as it's poised to reach a valuation of $5.35 billion by 2029, rising at a compound annual growth rate (CAGR) of 15.6%. This anticipated growth during the forecasted period can be traced back to a number of factors. These include the influence of government mandates and plans, the proliferation of e-commerce and digital sales, integration into smart building solutions, focus on energy conservation and sustainability, and expanded interest in intelligent access control for enterprises. Key trends observed during this period are the customization and aesthetic appeal, power-saving design essences, smart locks specifically for rental accommodations, an emphasis on straightforward installation processes, and the sophistication of biometric authentication.
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How are the latest trends influencing the growth of the smart locks market?
The rise of technological innovation is a notable trend gaining traction in the smart lock industry. Main players in this sector are heavily invested in devising novel technological solutions to address customer needs. For example, in November 2022, Yale Home India, a firm based in India that manufactures digital locks, introduced the Yale YDM7220 BioSecure that utilizes ioSecure technology. This system is a smart lock outfitted with superior technology, designed to ensure that every touchpoint in your home is consistently sanitized and cleaned to minimize microbial pollution and disease transmission.
What are the major segments of the smart locks market and their role in driving growth?
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
Subsegments:
1) By Deadbolts: Keyless Deadbolts, Biometric Deadbolts, Smart Deadbolt With Keypad
2) By Commercial: Electronic Keypad Locks, Smart Access Control Systems, RFID Locks, Keyless Entry Systems For Businesses
3) By Padlocks: Bluetooth Padlocks, Smart Combination Padlocks, Biometric Padlocks
4) By Other Products: Smart Door Handles, Smart Garage Door Locks, Smart Lockboxes
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Which regions are key players in the growth of the smart locks market?
North America was the largest region in the smart locks market in 2024.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
Who are the key firms paving the way for growth in the smart locks market?
Major companies operating in the smart locks market include 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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What Is Covered In The Smart Locks Global Market Report?
•Market Size Forecast: Examine the smart locks market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the smart locks market for a structured understanding.
•Key Players Overview: Analyze major players in the smart locks market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the smart locks market.
•Segment Contributions: Evaluate how different segments drive overall growth in the smart locks market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the smart locks market.
•Industry Challenges: Identify potential risks and obstacles affecting the smart locks market.
•Competitive Landscape: Review strategic developments in the smart locks market, including expansions, agreements, and new product launches.
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