Smart Lock Systems

Smart Lock Market Worth $5.53 Billion by 2029

Global Smart Lock Market - 20222029 Meticulous Research , an esteemed global market research provider, has published a new 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. This latest release from Meticulous Research forecasts the smart lock market to surge to $5.53 billion by 2029, at a compound annual growth rate (CAGR) of 14.7% from 2022 to 2029. The market volume is expected to reach 49.9 million units by 2029, with a CAGR of 15.3% during this time. This growth is primarily driven by heightened safety and security concerns, increased consumer awareness of smart locks' benefits, the growing prevalence of smart homes, and the rising adoption of advanced access control and authentication technologies. Additional growth opportunities are anticipated due to the adoption of IoT-based security systems, the development of smart cities, and the integration of biometric technologies into smart locks. However, high costs, perceived reliability issues, and consumer awareness gaps might pose challenges to market growth. The smart lock market is segmented into lock type, operating mode, connectivity, application, and end user, with the report offering detailed competitor analysis and market evaluations across regions and countries. The market categorization by lock type includes deadbolt locks, lever handles, knob locks, and other varieties. Deadbolt locks are expected to dominate the market in 2022, holding the largest share, and are forecasted to achieve the highest CAGR during the forecast period. The popularity of deadbolt locks is attributed to their cost-effectiveness, durability, and robust protection against forced entry, which makes them ideal for residential, commercial, and other sectors. Page 1 of 3 Meticulous Research| sales@meticulousresearch.com

Global Smart Lock Market - 20222029 Regarding connectivity, the market is segmented into single connectivity and multi-connectivity options. The single connectivity segment is further divided into RFID, Bluetooth, Wi-Fi, and other modes. The multi-connectivity segment is expected to hold the largest share of the market in 2022 and is projected to register the highest CAGR during the forecast period. Multi-connectivity smart locks support various wireless networking standards like Wi-Fi, Bluetooth, Zigbee, Z-Wave, Thread, and LoRa, enhancing functionality and user experience. The market's operating mode segment is split into single operating mode and multi operating mode. Single operating modes include keypad, smart card, touch-based, key fob, and smartphone-based systems. The multi-operating mode segment is anticipated to lead the market in 2022 and achieve the highest CAGR during the forecast period, driven by the demand for more secure, customizable, and user-friendly smart locks. When analyzed by application, the market is categorized into access control & authentication and asset control. The access control & authentication segment is expected to hold the largest market share in 2022 and is predicted to grow at the highest CAGR during the forecast period. The segment s growth is driven by the increasing adoption of advanced access control technologies, including fingerprint recognition, facial recognition, IRIS recognition, voice recognition, and smart cards, coupled with the rising demand for modern access control systems. The smart lock market is also segmented by end user into residential, commercial, and industrial segments. The commercial segment is expected to dominate the market in 2022, capturing the largest share, driven by increasing safety and security awareness, the need for advanced access control systems across multiple locations, and the expanding use of smart locks in commercial properties. However, the residential segment is anticipated to register the highest CAGR during the forecast period, fueled by the growing adoption of smart homes, increased new construction and renovation projects, and the rising affordability of modern security solutions. Geographically, the smart lock market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. Asia-Pacific is forecasted to lead the market in 2022 and to experience the fastest growth during the forecast period. The region s growth is driven by rapidly expanding economies, continuous advancements in technology, and government efforts to integrate advanced access control and authentication technologies into public infrastructure. Moreover, the increasing adoption of technologies such as AI, IoT, and biometric recognition is expected to further propel the smart lock market in Asia-Pacific. Key Players: Some of the key players operating in the metal powder market are H gan s AB (Sweden), GKN Powder Metallurgy (U.K.), Advanced Technology & Materials Co., Ltd. (China), Sandvik AB (Sweden), AMETEK Inc. (U.S.), Tekna Holding ASA (Canada), BASF SE (Germany), Aubert & Duval (France), Alcoa Corporation (U.S.), ATI Inc. (U.S.), Carpenter Technology Corporation (U.S.), RusAL (Russia), Rio Tinto (U.K.), Kymera International (U.S.), and Praxair S.T. Technology, Inc. (U.S.) Download Sample Report Here @ https://www.meticulousresearch.com/download- sample-report/cp_id=5860 Page 2 of 3 Meticulous Research| sales@meticulousresearch.com

Global Smart Lock Market - 20222029 Key questions answered in the report- Which are the high-growth market segments based on metal type, application, source, production, and end user? What was the historical market for metal powder? What are the market forecasts and estimates for the period 2024 2031? What are the major drivers, restraints, and opportunities in the metal powder market? Who are the major players, and what shares do they hold in the metal powder market? What is the competitive landscape like in the metal powder market? What are the recent developments in the metal powder market? What are the different strategies adopted by the major players in the metal powder market? What are the key geographic trends, and which are the high-growth countries? Who are the local emerging players in the metal powder market, and how do they compete with the other players? 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