Smart Lock Market Worth $5.53 Billion by 2029

Smart Lock Market Worth $5.53 Billion by 2029

Global Smart Lock Market 2022-2029 Meticulous Research , a global market research leader, 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." According to this new report from Meticulous Research , the smart lock market is expected to reach $5.53 billion by 2029, growing at a CAGR of 14.7% from 2022 to 2029. In terms of volume, the global smart locks market is predicted to hit 49.9 million units by 2029, with a CAGR of 15.3% during the forecast period. This market growth is driven by rising safety and security concerns, increased consumer awareness of the benefits and convenience of smart locks, growing smart home adoption, and acceptance of advanced access control technologies. Additionally, the adoption of IoT-based security systems, the proliferation of smart cities, and the integration of biometric technologies into smart locks are expected to present significant opportunities for market expansion. However, high costs, perceived unreliability, and lack of customer awareness may hinder growth. The report segments the smart locks market by lock type, operating mode, connectivity, application, and end user. It also assesses industry competitors and analyzes regional and country-level markets. Based on lock type, the market is divided into deadbolt locks, lever handles, knob locks, and other locks. In 2022, deadbolt locks are expected to hold the largest market share and register the highest CAGR during the forecast period, due to their low installation cost, durability, and effective protection against intrusion. In terms of connectivity, the market is segmented into single and multi connectivity. The single connectivity segment includes RFID, Bluetooth, Wi-Fi, and other modes. In 2022, multi connectivity is expected to dominate the market and register the highest CAGR. Multiple connectivity options enhance the usability of smart locks by supporting various wireless network standards like Wi-Fi, Bluetooth, Zigbee, Z-Wave, Thread, and LoRa. For operating mode, the market is segmented into single and multi operating modes. The single operating mode includes keypad, smart card, touch-based, key fob, and smartphone-based options. In 2022, the multi operating mode segment is expected to lead the market and register the highest CAGR. Multi operating modes provide added security and customization features, driving this segment's growth. Page 1 of 3 Meticulous Research| sales@meticulousresearch.com

Global Smart Lock Market 2022-2029 Based on application, the market is segmented into access control & authentication and asset control. In 2022, access control & authentication is expected to hold the largest market share and register the highest CAGR. The segment's growth is driven by the acceptance of advanced access control technologies and rising consumer demand for modern access control devices. Regarding end users, the market is segmented into residential, commercial, and industrial sectors. In 2022, the commercial segment is expected to hold the largest market share, driven by increased safety and security awareness and the need for high-level access control systems. However, the residential segment is expected to register the highest CAGR due to rising smart home penetration and increased affordability of modern security solutions. Geographically, the market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to hold the largest market share and witness rapid growth during the forecast period, 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). Download Sample Copy Here : https://www.meticulousresearch.com/download-sample- report/cp_id=5359 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? Page 2 of 3 Meticulous Research| sales@meticulousresearch.com

Global Smart Lock Market 2022-2029 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 Page 3 of 3 Meticulous Research| sales@meticulousresearch.com