Smart locks offer a range of applications, features, and uses that enhance convenience and security. They can be used in residential homes, commercial buildings, and vacation rentals. Key features include keyless entry, remote access control via smartphones or voice assistants, activity monitoring, and integration with smart home systems. Smart locks provide convenient access management for homeowners, allow remote locking and unlocking, and enable temporary access permissions for guests. Overall, they provide enhanced security, seamless integration with smart devices, and a modern and convenient way to control property access.
According to Data Bridge Market Research, the Global Smart Lock Market is USD 2,842.18 million in 2021 and is expected to reach USD 12,302.56 million by 2029. The market is expected to grow with a CAGR of 20.10% in the forecast period of 2022 to 2029.
“Security concerns among consumers boost the market’s growth”
The smart lock market is experiencing significant growth driven by increasing consumer security concerns. With rising instances of burglary and unauthorized access, individuals are seeking advanced solutions to protect their homes and properties. Smart locks offer enhanced security features such as biometric authentication, remote monitoring, and activity logs, providing users with greater control and peace of mind. Additionally, the convenience and integration with smart home systems further contribute to the market's growth as consumers embrace the benefits of a connected and secure living environment.
What restraints the growth of the global smart lock market?
“High costs associated with smart lock technology restraints the market’s growth”
The high costs associated with smart lock technology restrain the smart lock market's growth. Smart locks' advanced features and functionality often result in higher price points than traditional locks. This affordability barrier limits the adoption of smart locks, especially among price-sensitive consumers. Additionally, installation and maintenance costs may further contribute to the overall expense. Manufacturers and industry players need to address these cost concerns and find ways to make smart lock solutions more accessible and affordable to accelerate market growth.
Segmentation: Global Smart Lock Market
The global smart lock market is segmented on the basis of type, communication protocol, unlocking mechanism, and application.
- On the basis of type, the smart lock market has been segmented into deadbolt, lever handles, padlock, and others.
- On the basis of communication protocol, the smart lock market has been segmented into bluetooth, Wi-Fi, and others.
- On the basis of unlocking mechanism, the smart lock market has been segmented into keypad, card key, touch based, key fob, smartphone based.
On the basis of application, the smart lock market has been segmented into commercial, residential, industrial, government institution, and others.
Regional Insights: North America dominates the Global Smart Lock Market
North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029 due to the high spending capacity of customers enables them to invest in advanced security solutions such as smart locks. There is a growing awareness and concern regarding security, prompting individuals to prioritize adopting security-enhancing technologies like smart locks.
Asia-Pacific, on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029 due to the increasing number of residential and commercial projects and ongoing smart city initiatives in developing countries. These initiatives drive the demand for advanced security solutions like smart locks, as they are vital in ensuring the safety and security of buildings and infrastructure within these projects.
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The Prominent Key Players Operating in the Global Smart Lock Market Include:
- ASSA ABLOY (Sweden)
- Allegion plc (Ireland)
- dormakaba Group (Switzerland)
- Spectrum Brands Holdings, Inc. (U.S.)
- Salto Systems S.L. (Spain)
- Carrier (U.S.)
- Cansec Systems Ltd. (Canada)
- GANTNER Group (U.A.E.)
- Master Lock Company LLC (U.S.)
- Master Lock Company LLC (U.S.)
- Samsung (South Korea)
- SentriLock, (U.S.)
- Avent Security (Vietnam)
- DESSMANN Schliessanlagen GmbH (Singapore)
- Haven Lock, Inc., (U.S.)
- Dahua Technology Co., Ltd (China)
Above are the key players covered in the report, to know about more and exhaustive list of global smart lock market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Smart Lock Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
