Smart Lock Market to grow at 15.35% CAGR from 2022 to 2030
According to Renub Research latest report, “Smart Lock Market, Size, Global Forecast 2023-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis” Global Smart Lock Market is estimated to reach US$ 6.68 Billion by 2030. A smart lock is a type of locking mechanism that combines electronics and mechanics to enable remote access and entry into a building or property. It is utilized in a variety of industries and can be controlled through smartphones and other smart devices using communication technologies such as Wi-Fi, Bluetooth, Zigbee, or Z-Wave. The smart lock permits remote authentication of verified and authorized users, allowing them to unlock the lock and gain entry.
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Recent advancements in wireless technology, the growth of the Internet of Things (IoT), and the escalating demand for secure and convenient access control solutions have fuelled the rapid growth of the smart lock industry. These electronic locks can be remotely controlled via a smartphone or other connected device, enabling users to lock and unlock doors without the need for a physical key.
Smart Lock Market was US$ 2.19 Billion in 2022
Compared to traditional locks, smart locks provide several benefits such as enhanced convenience, improved security, and greater control over property access. Additionally, they can be integrated with other smart home devices like security cameras and smart thermostats, resulting in a comprehensive home automation system. As technology advances, the smart lock industry is expected to continue expanding and developing even more advanced access control solutions.
By Type: Deadbolts have largest market share in Global Smart Lock Market
Based on type, there are four divisions- Deadbolts, Lever Handles, Padlock, and Others. The largest market share in the smart lock industry is held by the deadbolts segment. This can be attributed to the growing use of deadbolts in residential and commercial settings. Deadbolts are favoured for their low installation cost, high durability, and ability to provide effective security against intrusion or attacks, making them popular in various applications, including residential and commercial. These benefits have contributed to the growth of the deadbolts segment in the smart lock industry.
The lever handles segment is expected to demonstrate the fastest revenue growth rate in the smart lock industry during the forecast period. This is primarily due to the increasing use of lever handles, which are particularly beneficial for older individuals, children, and those with disabilities due to their ease of use. Moreover, the growing demand for seamless integration with other smart devices and the surging popularity of smart home technology are further expected to propel the revenue growth of this segment.
On the other hand, the padlocks segment is projected to account for a significantly large revenue share during the forecast period. This is due to the increasing use of padlocks for securing outdoor storage areas such as sheds and storage units. Padlocks are particularly helpful for organizations that require secure lockers for staff or clients.
By Technology: Biometrics will drive future Smart Lock Market
Keypads, RFID cards, Biometrics, and Wireless, are the different types of technologies used in smart locks. Advanced technologies such as biometrics, multi-factor authentication, and encryption are expected to be incorporated into smart locks in the future to enhance their security features. This will result in improved protection against unauthorized access and provide users with greater peace of mind.
Biometric authentication smart locks offer several advantages over traditional locks and even other types of smart locks. They provide enhanced security as biometric data is unique to each individual and cannot be easily replicated or stolen. They also eliminate the need for physical keys, which can be lost or stolen, and passwords, which can be easily forgotten or hacked.
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By Application: Residential segment holds the largest Revenue Share
The application of smart locks is prevalent in Residential, Commercial, Critical infrastructure, and other sectors. The residential segment holds the largest revenue share, driven by the growing popularity of smart home technology and increasing demand for home security systems. Homeowners are increasingly turning to smart locks due to their ease of use, convenience, and ability to integrate with other smart devices.
Furthermore, the ability to remotely manage multiple entry points and track premises security has driven the adoption of smart locks in spaces like schools and churches. As a result, stakeholders are investing significant amounts in this technology to meet the increasing demand. These statistics underscore the importance for organizations in these spaces to prioritize the highest levels of security, particularly in light of the prevalence of mass shootings in public areas.
By Distribution Channel: Online channels are driving the sales of Smart Lock Market
Distribution of smart locks is possible through online channels and offline channels. The online smart locks market is expected to continue to grow in the coming years as more consumers seek out smart home solutions and the convenience of online shopping. The growing demand for home automation and smart home technology has led to an increase in the availability of smart locks through online channels. Many consumers are looking for ways to improve the security of their homes while also enjoying the convenience of remote access and monitoring, which smart locks can provide.
Region: North America, Europe & Asia-Pacific will lead the Smart Lock Market
North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa are the regions that comprise the smart lock market. The North American region is home to numerous manufacturing and technology companies. In recent years, the deployment of smart locks has increased in this region due to the growing number of smartphone users, who value the easy user interface and convenience offered by these devices. Other factors driving the growth of the smart locks market in North America include the increasing awareness of secure home solutions, the constant development of smart devices such as smartphones, the rising disposable income of consumers, and the booming availability of internet services.
The market is highly competitive with major players such as Allegionplc, Avent, AssaAbloy, DormaKaba Holding AG, Samsung, Zhejiang Dahua Technology Co. Ltd., Spectrum Brands Holdings, Inc., and Panasonic Corporation vying for a share.
Type – Smart Lock Market breakup from 4 Viewpoints: (Deadbolts, Lever Handles, Padlock and Others)
Technology – Smart Lock Market breakup from 4 Viewpoints: (Keypads, RFID cards, Biometrics and Wireless)
Application – Smart Lock Market breakup from 4 Viewpoints: (Residential, Commercial, Critical infrastructure and others)
Distribution Channel – Smart Lock Market breakup from 2 Viewpoints: (Online and Offline)
Region – Smart Lock Market breakup from 5 Viewpoints:
- North America
- Latin America
Company has been covered from 3 Viewpoints:
- Recent Development
- Allegion plc.,
- DormaKaba Holding AG
- Zhejiang Dahua Technology Co. Ltd.,
- Spectrum Brands Holdings, Inc.,
- Panasonic Corporation
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