Meticulous Research®, a recognized leader in market research, has unveiled 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’.

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This report highlights that the smart lock market is projected to reach $5.53 billion by 2029, with a CAGR of 14.7% from 2022 to 2029. The market is also set to produce 49.9 million units by 2029, reflecting a CAGR of 15.3%. The expansion of this market can be attributed to heightened security concerns, an increased focus on smart home technology, and the adoption of advanced IoT solutions. Nevertheless, high prices and concerns about reliability could pose challenges to growth.

Market Segmentation by Lock Type The smart lock market can be segmented into deadbolt locks, lever handles, knob locks, and others. Deadbolt locks are anticipated to retain the largest market share throughout the forecast period, primarily due to their affordability, durability, and effectiveness in providing security.

Connectivity Insights Smart locks feature single connectivity options and multi-connectivity capabilities. The multi-connectivity segment dominated the market in 2022 and is expected to grow rapidly, driven by the demand for interoperability across different wireless protocols.

Operating Modes Smart locks operate using either single or multi-operating modes. The multi-operating mode segment captured the largest share in 2022 and is projected to see significant growth as consumers seek customizable security solutions that offer multiple access methods.

Application Areas In terms of application, smart locks primarily serve access control & authentication and asset control purposes. The access control & authentication segment held the largest market share in 2022, fueled by the growing adoption of biometric technologies and consumer demand for sophisticated security solutions.

End User Segmentation End users of smart locks are divided into residential, commercial, and industrial sectors. The commercial segment held the largest share in 2022, driven by an increasing need for sophisticated access control systems. The residential segment, however, is expected to experience the fastest growth due to the rising prevalence of smart homes.

Geographical Analysis The Asia-Pacific region emerged as the largest market for smart locks in 2022 and is expected to experience substantial growth during the forecast period. This growth is primarily driven by rapid economic development, technological advancements, and government initiatives to promote smart security solutions.

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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).

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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