Resources
About Us
Meticulous Research®—a leading global market research company, published a 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, Others), and Geography—Global Forecasts to 2029’.
According to this latest publication from Meticulous Research®, the smart locks market is projected to reach $5.53 billion by 2029, at a CAGR of 14.7% from 2022–2029. Based on volume, the global smart locks market is projected to reach 49.9 million units by 2029, at a CAGR of 15.3% during the forecast period. The growth of this market is attributed to the increasing safety & 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 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 cost of smart locks, perception of unreliability, and the lack of awareness among customers can restrain the market growth.
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-level markets.
Based on lock type, the smart locks market is segmented into deadbolt locks, lever handles, knob locks, and other locks. 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 locks 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, serving different but complementary purposes.
Based on operating mode, the smart locks market is broadly segmented into single operating 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. This segment is also projected to register the highest CAGR during the forecast period. 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 to drive 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 to drive the segment growth.
Based on end user, the smart locks market is broadly 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. 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, the residential segment is expected to register the highest CAGR during the forecast period. Factors such as the rising smart home penetration, an increase in new and restoration projects across the sector, 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 locks 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 factors such as 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 various public services. Moreover, increased 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.
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).
Download Sample Copy Here: https://www.meticulousresearch.com/download-sample-report/cp_id=5359
Key questions answered in the report-
Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Healthy Buildings Market to be Worth $71.5 Billion by 2031
Read MoreGenerative AI Market to Be Worth $133.9 Billion by 2031
Read MoreIndustrial Metaverse Market to be Worth $600.6 Billion by 2031
Read MoreCloud Encryption Market to be Worth $30.2 Billion by 2031
Read MoreSmart Contracts Market to be Worth $8.7 Billion by 2031
Read MoreIPTV Market to Be Worth $145.1 Billion by 2031
Read MoreSmart Parking Market to be Worth $22.9 Billion by 2031
Read MoreEnterprise AI Market to be Worth $171.2 Billion by 2031
Read MoreOver-the-air (OTA) Market to be Worth $20.7 Billion by 2031
Read MoreRF Test Equipment Market to be Worth $5.4 Billion by 2031
Read MoreAirport Security Market to be Worth $25.27 Billion by 2031
Read MoreAI in E-commerce Market to be Worth $11.1 Billion by 2031
Read MoreFood Traceability Market to be Worth $40.05 Billion by 2031
Read MoreSatellite Imaging Market to be Worth $8.6 Billion by 2031
Read MoreIoT Sensors Market to be Worth $71.6 Billion by 2031
Read MoreSmart Airports Market to be Worth $10.16 Billion by 2030
Read MoreEdge Security Market to Be Worth $82.4 Billion by 2031
Read MoreMetaverse Market to be Worth $815.8 Billion by 2030
Read MoreNFC Market to Reach $50.1 Billion by 2030
Read MoreBiosensors Market to be Worth $43.8 Billion by 2030
Read MoreSatellite IoT Market Worth $2.48 Billion by 2031
Read MoreSocial Media Management Market to Reach $109.4 Billion by 2031
Read MoreCloud Managed Services Market Worth $247.5 Billion by 2030
Read MoreSpeech-to-text API Market to be Worth $10 Billion by 2030
Read MoreOnline Gaming Market Worth $431.87 Billion by 2030
Read MoreCybersecurity Services Market Worth $158.4 Billion by 2030
Read MoreAviation MRO Market to be Worth $92.1 Billion by 2031
Read MoreSolid State Radar Market Worth $3.3 Billion by 2030
Read MoreIndustrial Asset Management Market Worth $14.4 Billion by 2029
Read More5G IoT Market Worth $17.68 Billion by 2030
Read MoreTokenization Market Worth $13.23 Billion by 2030
Read MoreSmart Retail Market Worth $91.36 Billion by 2030
Read MoreBusiness Intelligence Market Worth $47.9 Billion by 2029
Read MoreDigital Payment Market Worth $274.61 Billion by 2029
Read MoreMobile Security Market Worth $19.5 Billion by 2029
Read MoreAI Training Dataset Market Worth $9.35 Billion by 2029
Read MorePenetration Testing Market Worth $4.05 Billion by 2029
Read MoreCloud Security Market Worth $83.03 Billion by 2029
Read MoreBlockchain in Retail Market Worth $25.8 Billion by 2029
Read MoreSmart Building Market Worth $152.93 Billion by 2029
Read MoreIoT in Manufacturing Market Worth $233.6 Billion by 2029
Read MoreSmart Factory Market to be Worth $285.7 Billion by 2031
Read MoreSpeech Analytics Market Worth $14.1 Billion by 2029
Read MoreConnected Logistics Market to be Worth $57.75 Billion by 2029
Read MoreSmart Lighting Market Worth $39.91 Billion by 2029
Read MoreSmart Lock Market Worth $5.53 Billion by 2029
Read MorePoint-of-Sale Terminal Market Worth $152.5 Billion by 2029
Read MoreRegTech Market to be Worth $32.6 Billion by 2031
Read MoreEnvironmental Sensor Market Worth $13.53 Billion by 2029
Read MoreSecurity Analytics Market Worth $43.9 Billion by 2029
Read MoreGeospatial Solutions Market Worth $845.7 Billion by 2029
Read MoreMachine Condition Monitoring Market Worth $5.2 Billion by 2029
Read More5G Technology Market Worth $241.5 Billion by 2029
Read MorePackaging Automation Market to be Worth $118.8 Billion by 2031
Read MoreTokenization Market Worth $14.3 Billion by 2029
Read MoreIndustrial Cybersecurity Market Worth $49.53 Billion by 2030
Read MoreIoT in Retail Market Worth $42.6 Billion by 2029
Read MoreBiometric System Market Worth $51.6 Billion by 2029
Read MoreMobile Computer Market Worth $3.3 Billion by 2029
Read MoreVideo Analytics Market Worth $19.3 Billion by 2029
Read MoreRFID Market Worth $32.4 Billion by 2029
Read MoreApplication Security Market Worth $5.5 Billion by 2028
Read MoreNetwork Automation Market Worth $32.4 Billion by 2028
Read MoreSmart Water Management Market to be Worth $69.60 Billion by 2030
Read MoreVideo Conferencing Market Worth $24.4 Billion by 2028
Read MoreSCADA Market to be Worth $18.7 Billion by 2031
Read MoreGeospatial Analytics Market Worth $256 Billion by 2028
Read MoreAI in Manufacturing Market to Reach $84.5 Billion by 2031
Read MoreDigital Signage Market Worth $19.44 billion by 2027
Read MoreGraph Analytics Market Worth $2.03 Billion by 2027
Read MoreSmart Cities Market to be Worth $3,967.7 Billion by 2031
Read MoreAutomotive IoT Market Worth $541.73 billion by 2025
Read MoreDigital Twin Market to Be Worth $183 Billion by 2030
Read MoreFinTech Blockchain Market Worth $36.04 billion by 2028
Read MoreE-commerce Market to be Worth $21,168.6 Billion by 2030
Read MoreBlockchain Technology Market worth $28,248.7 million by 2025
Read MoreParking Management Market to be Worth $12.3 Billion by 2031
Read MoreArtificial Intelligence in Retail Market to Reach $92.7 Billion by 2031
Read MoreAgriculture IoT Market Worth $22.6 billion by 2028
Read MoreMobile Edge Computing (MEC) Market Worth $2.8 billion by 2027
Read More