The global smart lock market is a rapidly growing industry that has been fueled by the increasing adoption of smart home technology. According to the latest report by Reports and Data, the market size was USD 2.36 Billion in 2022 and is expected to register a revenue CAGR of 18% over the forecast period.
The rising utilization of smart home technology has been a significant driver of the market growth. Smart homes allow homeowners to remotely monitor and control various aspects of their homes, and smart locks are becoming an essential aspect of home security systems. Smart locks allow customers to lock and unlock their doors from any location globally through their connected devices such as smartphones, providing convenience and enhanced security.
Moreover, the demand for enhanced protection has been driving the market revenue growth for home security systems. With traditional lock and key systems becoming less effective, customers are increasingly turning to smart locks as a means of providing additional security. These locks can be integrated with home security systems, enabling property owners to monitor their homes and receive immediate alerts if there are any security breaches.
The growing adoption of smart locks in the hospitality industry is another key factor driving the market growth. Hotels are increasingly incorporating smart lock technology to improve their guests' experience by allowing them to check-in and access their rooms through their smartphones. This technology eliminates the need for physical keys, which can be easily lost or stolen, enhancing guest security and convenience.
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the segmentation of the smart lock market. It is interesting to note that the residential segment accounted for the largest revenue share in 2022. This trend is consistent with the growing popularity of smart home technology, which includes various devices and systems that are designed to make homes more efficient, secure, and comfortable.
Smart locks, in particular, have gained popularity among homeowners due to their ease of use and ability to enhance home security. With smart locks, homeowners can control access to their homes remotely, monitor who enters and leaves their property, and receive alerts if there is any suspicious activity.
Top Companies Operating in the Global Smart Lock Market:
ASSA ABLOY AB, Allegion plc, Honeywell International Inc., Dormakaba Holding AG, Spectrum Brands Holdings, Inc., SALTO Systems, Samsung SDS Co., Ltd., August Home, Inc., Kwikset Corporation, and Yale Security, Inc.
Additionally, smart locks can be integrated with other smart devices, such as security cameras and smart doorbells, to create a comprehensive home security system that provides homeowners with peace of mind. As more consumers adopt smart home technology, the demand for smart locks is likely to continue growing, and the residential segment of the smart lock market may remain a significant source of revenue for manufacturers and vendors.
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The global market is further segmented into type and application:
Type Outlook (Revenue, USD Billion; 2022 - 2032)
- Deadbolt
- Lever Handles
- Padlock
Application Outlook (Revenue, USD Billion; 2022 - 2032)
- Residential
- Hospitality
- Enterprise
- Critical Infrastructure
- Others
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Some Key Highlights from the Report
- It is predicted that in 2022, deadbolts will be the best-selling type of locks. This is due to their exceptional security features and compatibility with smart home technology, making them a popular choice for both residential and commercial properties.
- The residential segment was the highest revenue-generating category in 2022, mainly attributed to the surging demand for smart home technologies and the need for reliable home security systems. Homeowners are increasingly adopting smart locks, as they offer convenience, ease of use, and seamless integration with other smart devices.
- During the forecasted period, North America is expected to hold the highest proportion of revenue in the market due to the rising demand for advanced security systems, increasing popularity of smart homes, and the need for convenient and efficient access control. The market growth is further driven by the rising demand for sophisticated and secure access control systems, as well as the adoption of innovative smart lock technologies such as Bluetooth, NFC, and ZigBee.
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