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According to this report, the global smart lock market is set to reach $5.53 billion by 2029, exhibiting a strong CAGR of 14.7% from 2022 to 2029. In terms of volume, the market is projected to reach 49.9 million units by 2029, driven by a CAGR of 15.3%. Growth is largely attributed to the increasing need for advanced security systems, the rise of smart homes, and the adoption of IoT technology in security solutions. However, the market’s growth may be hampered by the high cost of smart locks and consumer concerns regarding reliability.
Lock Types in the Market The smart lock market is categorized by lock type, with deadbolt locks, lever handles, and others being key segments. Deadbolt locks dominated the market in 2022 due to their affordability and durability, making them a popular choice for both residential and commercial settings.
Connectivity Features Smart locks utilize various connectivity options, such as Wi-Fi, Bluetooth, and multi-connectivity systems. Multi-connectivity solutions took the largest share of the market in 2022 and are expected to grow further as the need for interconnected devices continues to rise.
Operating Mode Insights Based on operating mode, smart locks are segmented into single and multi-operating modes. The multi-operating mode segment captured the largest share in 2022, driven by growing demand for customizable and user-friendly security systems that can operate through various methods such as keypads and mobile apps.
Application Segmentation Smart locks are primarily used for access control & authentication and asset control. The access control & authentication segment held the largest share in 2022, fueled by increasing consumer demand for biometric and voice-based recognition systems that offer enhanced security.
End User Segmentation End users of smart locks include residential, commercial, and industrial sectors. The commercial sector took the largest share in 2022, driven by the need for enhanced access control in businesses. However, the residential sector is expected to show the highest growth, with smart home adoption and affordability playing a key role.
Regional Growth The Asia-Pacific region dominated the global smart lock market in 2022 and is anticipated to experience substantial growth over the forecast period. Technological advancements and government initiatives to integrate smart solutions are driving this growth.
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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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