The Smart Lock Market is projected to reach $5.53 billion by 2029, at a CAGR of 14.7% during the forecast period of 2022–2029. Based on volume, the global smart locks market is projected to reach 49.9 million units by 2029, at a CAGR of 15.3% during the forecast period. The growth of this market is attributed to the increasing safety & security concerns, the growing awareness of consumers about the benefit and comfort offered by smart locks, the increasing smart home penetration, and the rising acceptance of advanced access control and authentication technologies.

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Additionally, the increasing adoption of IoT-based security systems, the rising proliferation of smart cities, and the growing integration of biometric technologies into smart locks are expected to offer significant opportunities for the growth of this market. However, the high cost of smart locks, perception of unreliability, and lack of awareness among customers can restrain the growth of this market.

Growing safety and security concern is expected to drive market growth

Smart locks come in different shapes and forms. Some are enhanced by security cameras, keypads, and touchpads, while others can be controlled remotely directly from a mobile app, allowing more control and efficiency. The recent versions of these wirelessly connected security devices may accelerate their adoption rate.

The growing security concern is a major factor driving the rapid adoption of smart locks. Smart locks work on IoT connectivity that synchronizes the lock with the user’s smartphone or other portable control devices and thus contributes to ease of use and maintenance of the system in private homes, buildings, and housing compounds. These locks provide efficient and user-friendly services, and their high efficiency and sophistication have led to their deployment in various premises to boost security.

The growing need for identification and authentication in various premises such as individual houses, condominiums, hotels, retail stores, banks and financial institutions, corporate buildings, and commercial buildings contributed to the increased demand for smart locks. Furthermore, the increasing safety concern regarding home leads to the rise in demand for smart locks as they help prevent unauthorized access.

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Research Methodology

1. Research Approach
2. Data Collection & Validation
2.1. Secondary Research
2.2. Primary Research
3. Market Assessment
3.1. Market Size Estimation
3.2. Bottom-Up Approach
3.3. Top-Down Approach
3.4. Growth forecast
4. Assumptions for the Study
Asia-Pacific to be the Fastest Growing Regional Market

Based on geography, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. During the forecast period, Asia-Pacific is projected to register the highest CAGR due to the presence of rapidly developing economies, consistent technological advancements in access control and authentication technology, and government initiatives to integrate access control and authentication technologies in various public services. Moreover, increased adoption of advanced technologies, including artificial intelligence, IoT, and biometric recognition, is also contributing to the growth of the smart locks market in Asia-Pacific.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by the leading market participants in the smart locks market between 2020 and 2022. The key players profiled in the smart lock market report 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).

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Scope of the report:

Smart Lock Market, by Lock Type

Deadbolt Locks
Lever Handles
Knob Locks
Other Lock Types
Smart Lock Market, by Connectivity

Single Connectivity
RFID
Bluetooth
WiFi
Other Single Connectivity Modes
Multi Connectivity
Smart Lock Market, by Operating Mode

Single Operating Mode
Keypad
Smart Card
Touch-based
Key Fob
Smartphone-based
Multi Operating Mode
Smart Lock Market, by Application

Access Control & Authentication
Asset Control
Read Top Blog on Smart Lock Market: https://meticulousblog.org/top-10-companies-in-the-smart-lock-market

Smart Lock Market, by End User

Residential
Commercial
BFSI
IT & Telecom
Government & Public Sector
Retail
Hospitals
Education
Hospitality
Industrial
Manufacturing
Transportation & Logistics
Other Industries

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