Meticulous Research®, a leading global market research organization, has released a 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.”
The report from Meticulous Research® forecasts that the smart lock market will reach $5.53 billion by 2029, growing at a CAGR of 14.7% from 2022 to 2029. The market volume is expected to reach 49.9 million units by 2029, at a CAGR of 15.3%. Market growth is driven by increased security concerns, consumer awareness, smart home adoption, and advanced access control technologies. Additional growth factors include IoT-based security systems, smart city projects, and biometric technology integration, although high costs and limited awareness may restrain growth.
The report categorizes the smart lock market by lock type, operating mode, connectivity, application, and end user, and provides competitor analysis and regional market assessments.
Lock types include deadbolt locks, lever handles, knob locks, and others. Deadbolt locks are anticipated to lead the market in 2022 due to their cost-efficiency, durability, and security.
Connectivity is segmented into single and multi connectivity, with single connectivity options like RFID, Bluetooth, Wi-Fi, etc. Multi connectivity is expected to dominate in 2022, providing support for various wireless networks and enhancing remote functionality.
Operating modes are divided into single and multi operating modes, with single modes including keypad, smart card, touch-based, key fob, and smartphone-based options. Multi operating modes are expected to lead in 2022, offering enhanced security and customization.
Applications are divided into access control & authentication and asset control. Access control & authentication is expected to hold the largest market share in 2022, driven by the adoption of advanced access control technologies and consumer demand for modern devices.
End users include residential, commercial, and industrial sectors. The commercial sector is expected to lead in 2022 due to heightened security needs and smart city initiatives. The residential sector is projected to grow fastest, driven by smart home adoption and affordable security solutions.
Geographically, the market covers North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. Asia-Pacific is expected to dominate in 2022 and experience rapid growth, driven by technological advancements and government initiatives in access control technologies.
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).
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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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