Global Smart Lock Market Size to Exceed USD 9.8 Billion by 2032 | CAGR of 16.11%

Global Smart Lock Market Size to Exceed USD 9.8 Billion by 2032      

According to a research report published by Spherical Insights & Consulting, the Global Smart Lock Market Size is to Grow from USD 2.2 Billion in 2022 to USD 9.8 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 16.11% during the projected period. A smart lock is a more advanced version of a traditional lock. This lock is a Bluetooth or Wi-Fi smart home device that allows users to lock and unlock doors with the touch of a finger or a simple voice command.

Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on "Global Smart Lock Market Size, Share, and COVID-19 Impact Analysis, By Type (Deadbolt, Lever Handles, Padlock, Others), By Product (Biometric Door Locks (Face Recognition, Palm Recognition, Iris Recognition, Fingerprint Recognition) Smart Card Door Locks, Electric Strike Door Locks, Others), By Connectivity (Wi-Fi, Bluetooth, ZigBee, Others), By End-User (Residential, Hospitality, Commercials, Government, Retail, Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/smart-lock-market

A smart lock is a more advanced version of a traditional lock. This lock is a Bluetooth or Wi-Fi smart home device that allows users to lock and unlock doors with the touch of a finger or a simple voice command. After authentication, the smart door lock can be operated wirelessly by a cryptographic key, enabling only those who are granted access. Customers typically desire enhanced locking/unlocking systems, therefore smart locks are expected to gain popularity as a result of such advancements. Individual homes, hotels, supermarkets, banks, financial institutions, corporate structures, and commercial buildings all have an increasing need for advanced security systems. The growing security concern is the primary driver of the increased adoption of smart locks. Since its inception, smart locks have grown to provide effective and user-friendly services. Furthermore, because so many people want to use the same facility, the new smart lock launches built for enterprises and office spaces have enormous growth potential. The need for improved security has compelled management to accelerate the process of opening doors for authorized individuals. Despite their high efficiency and sophistication, they have been utilized to increase security in several settings. Smart locks have a significant switching cost, making them less attractive to consumers. The risk of hackers further reduces consumers' trust in the credibility of smart locks. If smart locks are not routinely updated, they may become vulnerable to hackers.

COVID-19 Impact

During COVID-19, rising demand for smart door locks fueled market growth. The COVID-19 pandemic increased the demand for advanced home security systems for affected people or individuals who did not take appropriate precautions, such as wearing masks or sanitization, resulting in further transmission. To reduce the spread of the virus, people throughout the world began installing smart home devices that require less human participation and contact, and traditional security systems were removed.

The deadbolt segment dominates the market with the largest revenue share more than 43.8% over the forecast period.

Based on type, the global smart lock market is segmented into deadbolts, lever handles, padlocks, and others. Among these, the deadbolt segment is dominating the market with the largest revenue share more than 43.8% over the forecast period. This expansion can be ascribed to the product's expanding deployment across numerous industries, as well as its straightforward installation procedure. Low installation costs, high durability, and suitable security measures all contribute to the lock market's growth. Furthermore, companies are concentrating on expanding their product portfolio.

The biometric segment is witnessing significant CAGR growth over the forecast period.

Based on product, the global smart lock market is segmented into biometrics (face recognition, palm recognition, iris recognition, fingerprint recognition) smart card door locks, electric strike door locks, and others. Among these, the biometric segment is witnessing significant CAGR growth over the forecast period. The touch-based unlocking mechanism of smart locks uses fingerprint recognition technology. Fingerprint recognition is a quick and easy way to identify and authenticate people. While complementing the growing smart house trend, biometric authentication can add significant value to modern home security systems. Instead of password-protected smart locks, biometric authentication uses personally identifiable information saved securely on-device (whether the lock itself or a fingerprint-secured access card) for maximum security. As a result, biometrics are difficult to compromise.

The Bluetooth segment is expected to hold the rapid revenue growth of the global Smart Lock market during the forecast period.

Based on the connectivity, the global smart lock market is classified into Wi-Fi, Bluetooth, ZigBee, and others. Among these, the Bluetooth segment is expected to grow at a rapid pace during the forecast period. Since the limited 300-foot range of Bluetooth smart locks, users can only operate them while they are close to their homes. It is a useful technology that may be utilized for various purposes, including asset security, jewelry storage, and access control. It is a low-cost and inexpensive smart lock configuration that offers consumers convenience and security. During the projected period, this factor will drive the growth of the smart locks market.

The residential segment is projected to grow at the highest CAGR in the market during the forecast period.

Based on end-users, the global smart lock market is segmented into residential, hospitality, commercials, government, retail, and others. Among these, the residential segment grows at the highest CAGR growth over the forecast period. Its large revenue generation can be attributed to expanding global smart house usage as well as a recent increase in new construction and restoration projects. The lower cost of current safety features like as motion detectors, door and window opening sensors, and remote door locking and unlocking is expected to encourage even more adoption.

North America dominates the market with the largest market share over the forecast period

North America is dominating the largest market share over the forecast period, owing to advancements in smart locks technology. This is mostly due to extensive technological use and the fast adoption of smart houses. Customers' high buying power in the region, combined with increased security concerns, particularly in critical infrastructure and residential applications, has resulted in an advantageous regulatory climate for smart lock sales. Asia Pacific is expected to register the fastest CAGR growth rate during the forecast period. Significant growth could be attributed to a rise in residential and commercial developments, as well as ongoing smart city projects in developing countries such as India. Furthermore, smart home adoption is increasing considerably across the region, which is important for increasing awareness of new gadgets and technology. During the forecast period, Europe is expected to increase at a significant CAGR. Increased investment in designing security door locks for government and critical infrastructure locations in countries such as the United Kingdom, France, Benelux, the Nordics, and Germany can be ascribed to this expansion.

Major vendors in the Global Smart Lock Market include ASSA ABLOY, Samsung Group, Panasonic Corporation, Guangdong Be-Tech Security Systems, Honeywell International, Inc., DESSMANN, The Chamberlain Group, Inc., Kaadas, Masterlock, August Home, Kwikset, Techlicious LLC., Godrej Group, Adel Marketing (M) Sdn. Bhd., SCHLAGE, HavenLock, Inc., YALE, Xiaomi Corporation, Latchable, Inc, and among others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In March 2023, HavenLock Inc., a Tennessee-based veteran organization and creator of the groundbreaking Haven Lockdown System, announced the release of a Power G version of a smart locking system that is safe for educational and commercial use.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global smart lock market based on the below-mentioned segments:

Smart Lock Market, Type Analysis

• Deadbolt
• Lever Handles
• Padlock
• Others

Smart Lock Market, Product Analysis

• Biometric Door Locks (Face Recognition, Palm Recognition, Iris Recognition, Fingerprint Recognition)
• Smart Card Door Locks
• Electric Strike Door Locks
• Others

Smart Lock Market, Connectivity Analysis

• Residential
• Hospitality
• Commercials
• Government
• Retail
• Others

Smart Lock Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

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