Smart Lock Market to Reach $5.53 Billion and 49.9 Million Units by 2029 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®
REDDING, Calif., Nov. 23, 2022 /PRNewswire/ -- According to a new market research report titled, "Smart Lock Market by Lock Type (Deadbolt, Lever Handles, Others), Connectivity, Operating Mode, Application (Access Control & Authentication, Asset Control), End User (Residential, Commercial, Industrial), and Geography - Global Forecast to 2029", the smart lock market is projected to reach $5.53 billion by 2029, at a CAGR of 14.7% from 2022 to 2029. Based on volume, the global smart lock market is projected to reach 49.9 million units by 2029, at a CAGR of 15.3% during the forecast period.
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Smart locks are keyless locks that allow you to open your door without a physical key. They can be controlled remotely using a smartphone app. Many models feature a numeric keypad on the lock for entering a unique access code. Moreover, a smart lock connects to the home's Wi-Fi network, which allows it to receive the code or smartphone command to lock or unlock.
The growth of this market is attributed to the increasing safety & security concerns, the growing awareness of consumers about the benefit and comfort offered by smart locks, the increasing smart home penetration, and the rising acceptance of advanced access control and authentication technologies. In addition, the increasing adoption of IoT-based security systems, the rising proliferation of smart cities, and the growing integration of biometric technologies into smart locks are expected to offer significant opportunities for the growth of this market. However, the high costs of smart locks, the perception of unreliability, and the lack of awareness among customers can restrain the market growth of this market.
Growing safety and security concerns are expected to drive the growth of the smart lock market
Smart locks come in different shapes and forms. Some are enhanced by security cameras, keypads, and touchpads, while others may be remotely controlled by a mobile app, allowing more control and efficiency.
The most recent versions of these wirelessly connected security devices may accelerate their adoption rates. The growing security concern is a major factor driving the rapid adoption of smart locks. Smart locks work on IoT connectivity that synchronizes the lock with the user's smartphone or other portable control device and thus contributes to ease of use and maintenance of the system in office buildings and housing compounds. Smart locks are efficient and user-friendly services. Their high efficiency and sophistication have led to their deployment in various premises to boost security. The growing need for identification and authentication in various premises such as individual houses, condominiums, hotels, retail stores, banks and financial institutions, corporate buildings, and commercial buildings contributes to the increased adoption of smart locks. Furthermore, the increasing safety concerns regarding homes also lead to the rise in demand for smart locks as they help prevent unauthorized access.
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To provide efficient analysis, Meticulous Research® has segmented this market based on lock type (deadbolt, lever handles, knob, and other lock types), connectivity (single (RFID, Bluetooth, Wi-Fi, other single connectivity modes) and multi), operating mode (single operating mode (keypad, smart card, touch-based, key fob, smartphone-based) and multi operating mode)), application (access control & authentication, asset control), end user (residential, commercial (BFSI, it & telecom, government & public sector, retail, hospitals, education, hospitality), and industrial (manufacturing, transportation & logistics, and other industries)), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
Based on lock type, the smart locks market is segmented into deadbolt locks, lever handles, knob locks, and other lock types. In 2022, the deadbolt locks 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. The large market share of this segment is attributed to deadbolt locks' low installation cost, high durability, and effective protection against intense intrusion or attacks in residential, commercial, and other verticals.
Based on connectivity, the smart lock market is segmented into single connectivity and multi 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 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. Smart locks have various connectivity options, all of which have distinct features that increase the ability to use remote features. These devices may support one or several different wireless network standards, such as Wi-Fi, Bluetooth, Zigbee, Z-Wave, Thread, and LoRa. These multiple connectivity standards are crucial for smart lock operation to serve different but complementary purposes.
Based on application, the smart lock 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 to drive the segment growth.
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Based on end user, the smart lock market is segmented into residential, commercial and industrial. In 2022, the commercial segment is expected to account for the largest share of the global smart locks market. However, the residential segment is expected to register the highest CAGR during the forecast period. Factors such as the rising smart home penetration, increased new and restoration projects across the sector in recent years, and increased affordability of modern security solutions, such as motion detectors, door and window opening sensors, and remote door locking and unlocking, are expected to drive the growth of this segment.
Based on geography, the smart lock market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account 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 the presence of rapidly developing economies, consistent technological advancements in access control and authentication technology, and government initiatives to integrate access control and authentication technologies in a variety of public services. Moreover, greater adoption of advanced technologies, including artificial intelligence, IoT, and biometric recognition, is also contributing to the growth of the smart locks market in Asia-Pacific.
The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players operating in this market, including 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).
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
Scope of the report:
Smart Locks Market by Lock Type
Smart Locks Market, by Connectivity
Smart Locks Market, by Operating Mode
Smart Locks Market, by Application
Smart Locks Market, by End User
Smart Locks Market, by Geography
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About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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