Lock Market Worth
Meticulous Research® a leading global market research company, published a research report titled, ‘Smart LockMarketby Lock Type (Deadbolt, Lever Handles, Others), Connectivity, Operating Mode, Application (Access Control & Authentication, Asset Control),EndUser(Residential,Commercial,Others),andGeography—GlobalForecaststo 2029’
According to this latest publication from Meticulous Research®, the smart locks market is projectedtoreach$5.53billionby2029,ataCAGR of14.7%from2022 2029.Based onvolume, the global smart locks market is projected to reach 49.9 million units by 2029, at a CAGR of 15.3%duringtheforecastperiod.Thegrowthofthismarketisattributedtotheincreasingsafety & security concerns, the growing awareness about the benefit and comfort offered by smart locks among consumers, the increasing smart home penetration, and the rising acceptance of advanced access control and authentication technologies. Additionally, the increasing adoptionofIoT basedsecuritysystems,therisingproliferationofsmartcities,andthegrowing integration of biometric technologies into smart locks are expected to offer significant opportunities for the growth of this market. However, the high cost of smart locks, perception of unreliability, and the lack of awarenessamong customers can restrain the marketgrowth.
The smart locks market is segmented by lock type, operating mode, connectivity, application and end user. The study also evaluates industry competitors and analyzes the regional and country levelmarkets.
SmartLockMarket,byConnectivity
SmartLockMarket,byOperatingMode
SmartLockMarket,byApplication
Industrial
Retail
Education
Manufacturing
SmartLockMarket,byGeography
North America
U.S.
Canada
Europe
U.K.
Germany
France
Italy
Spain
Netherlands
Sweden
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Singapore
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
UAE
Israel
Rest of Middle East & Africa
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/smart-lock-market-5359
Basedonlocktype, the smart locks market is segmented into deadbolt locks, lever handles, knoblocks,andotherlocks.In2022,thedeadboltlockssegmentisexpectedtoaccountforthe largest share of the global smart locks market. This segment is also projected to register the highest CAGR during the forecasted period. The large market share of this segment is attributed to deadbolt locks’ low installation cost, high durability, and effective protection againstintense intrusion or attacks in residential, commercial, and other verticals.
Basedonconnectivity,thesmartlocksmarketissegmentedintosingleconnectivityandmulti connectivity. The single connectivity segment is further segmented into RFID, Bluetooth, Wi Fi, and other single connectivity modes. In 2022, the multi connectivity segment is expected to accountforthelargestshare oftheglobalsmartlocksmarket. Thissegmentisalsoprojected to register the highest CAGR during the forecasted period. Smart locks have various connectivityoptions,all ofwhich havedistinctfeaturesthatincrease theabilitytouse remote features.Thesedevicesmaysupportoneorseveraldifferentwirelessnetworkstandards,such as Wi Fi, Bluetooth, Zigbee, Z Wave, Thread, and LoRa. These multiple connectivity standards are crucial for smart lock operation, serving differentbut complementary purposes.
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Basedonoperatingmode,thesmartlocksmarketisbroadlysegmentedintosingleoperating mode and multi operating mode. The single operating mode segment is further segmented into keypad, smart card, touch based, key fob, and smartphone based. In 2022, the multi operating segment is expected to account for the largest share of the global smart locks market.ThissegmentisalsoprojectedtoregisterthehighestCAGRduringtheforecastperiod. Smart locks can be operated in multiple ways, providing added security. Factors such as the rising need for more security experience with customization features, convenience, control, and efficiency are expected todrive the growth of this segment.
Based on application, the smart locks market is segmented into access control & authentication and asset control. In 2022, the access control & authentication segment is expected to account for the largest share of the global smart locks market. This segment is also projected to register the highest CAGR during the forecasted period. Factors such as the rising acceptance of advanced access control & authentication technologies such as fingerprint recognition, face recognition, IRIS recognition, voice recognition, and smart card, along with the increasing consumer demand for modern access control & authentication
devices and consistent technological advancements in access control & authentication technology are expected todrive the segment growth.
Basedonenduser,thesmartlocksmarketisbroadlysegmentedintoresidential,commercial and industrial. In 2022, the commercial segment is expected to account for the largest share of the global smart locks market. The growth of this segment is attributed to the growing awareness about safety & security, the growing need for high level access control systems for multiple premises & buildings, the increasing smart city initiatives across the globe, and the rapidly increasing adoption of smart locks in several commercial organizations.
However,theresidentialsegmentisexpectedtoregisterthehighestCAGRduringtheforecast period.Factorssuchastherisingsmarthomepenetration,anincreaseinnewandrestoration projectsacrossthesector,increasedaffordabilityofmodernsecuritysolutionssuchasmotion detectors, door and window opening sensors, and remote door locking, and unlocking are expected to drive the growth of this segment.
Basedongeography, the smart locks market is segmented into North America, Asia Pacific, Europe,LatinAmerica,andtheMiddleEast&Africa.In2022,Asia Pacificisexpectedtoaccount for the largest share of the smart locks market. The region is also expected to witness rapid growth during the forecast period. The growth in this region is mainly driven by factors such asthe presence of rapidlydeveloping economies, consistenttechnologicaladvancements in accesscontrolandauthenticationtechnology,andgovernmentinitiativestointegrateaccess control and authentication technologies in various public services. Moreover, increased adoption of advanced technologies, including artificial intelligence, IoT, and biometric recognition, isalso contributing to the growth of the smart locksmarket in Asia Pacific.
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KeyPlayers:
The key players operating in the smart lock market are ASSA ABLOY (Sweden), dormakaba Group(Switzerland),SALTOSystems,S.L.(Spain),Allegionplc(Ireland),HoneywellInternational 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).
• Which are the high growth market segments based on lock type, connectivity, operating mode,application,and end user?
• What was the historicalmarket for smart lock?
• What are the market forecasts and estimatesfor the period 2022 2029?
• What are the smart locks market'smajordrivers, restraints, and opportunities?
• Who are the major players, and what sharesdo they hold in the smart lock market?
• How is the competitive landscape in the smart locksmarket?
• What are the recentdevelopments 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?
• Whoare the localemerging players in the globalsmart locksmarket,and howdo they compete with the other players?
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