Embracing Smart Living: Smart Lock Market Expected to Reach $3.9 Billion by 2027


Posted July 26, 2023 by avinashgogawale14

With a projected revenue value of USD 2.14 billion in 2022 and a projected CAGR of 12.9% from 2023 to 2027, the worldwide Smart Lock Market is expected to reach USD 3.9 billion by 2027.
 
The Smart Lock Market is expected to expand significantly. According to estimates, the market, which was valued at USD 2.1 billion in 2022, would soar to USD 3.9 billion by 2027, representing a remarkable Compound Annual Growth Rate (CAGR) of 12.9% between 2022 and 2027.

The report emphasises how the growing emphasis on convenience and security is driving an increase in demand for smart lock technology across a range of industries, including residential and commercial. The smart lock market is expected to experience considerable expansion and transformation in the near future as a result of technical advancements and the increased usage of IoT-based devices.

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Due to the rising acceptance of these cutting-edge technologies as well as the construction of urban infrastructure in emerging economies, the market for IoT-based security systems is anticipated to experience a phenomenal growth. During the review period, these developments are anticipated to present businesses operating in this area with chances that will be extremely profitable. A rising desire for smarter and more effective security solutions is fueling the growth of the IoT-based security systems market and providing exciting opportunities for market participants to profit from.

The smart lock market includes major Tier I and II players like ASSA ABLOY AB (Sweden), dormakaba Group (Switzerland), Spectrum Brands, Inc. (US), SALTO Systems, S.L. (Spain), Allegion plc (Ireland), and others. These players have a strong market presence for Smart lock across various countries in North America, Europe, APAC, and RoW.

Rising adoption of smartphones and other connected devices

The market for smart locks is being significantly stimulated by the growing popularity of smartphones and other linked devices. Particularly evident in industrialised economies are the rising sales of tablets, smartphones, and other connected gadgets, which are also rapidly increasing in emerging markets like China, India, Malaysia, and Indonesia. Companies have a strong incentive to strategically invest in smartphone-based applications and mobile websites as internet usage continues to rise and smartphones become an indispensable part of people's lives. More consumers are predicted to follow this trend as they look for convenient security solutions that can be controlled through their mobile devices.

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Deadbolt locks is expected to hold the highest market share during the forecast period

Deadbolt locks are projected to rule the market and hold the largest market share over the projection period. These locks are very common for locking outside residential doors, and they come in different categories, with Grade 1 being the highest and Grade 3 being the lowest, based on their strength, longevity, and durability. One of the factors for their success is that the majority of smart lock systems are made to work with current deadbolts, giving customers an extra degree of security and convenience. Deadbolt locks are widely used and continue to dominate the smart lock market because of their familiarity and adaptability.

Residential vertical to hold the largest market size of smart lock market during the forecast period

The residential vertical, which includes both condominiums and single-family homes, is anticipated to keep its position as the largest market segment in the smart lock industry throughout the projection period. The tremendous rise in this industry sector can be ascribed to a number of factors, such as the growing interest in cutting-edge security systems, rising urbanisation, and increased demand for smart home technologies. Leading suppliers of smart locks for the residential market include ASSA ABLOY (Sweden), August Home (US), Spectrum Brands (US), and Gate (US), which contributes to the vertical's ongoing growth and popularity in the smart lock market.

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Smart lock market in APAC to hold the highest CAGR during the forecast period

The Asia-Pacific (APAC) region is anticipated to have the highest Compound Annual Growth Rate (CAGR) in the Smart Lock Market during the forecast period. The region's emerging economies, which are seeing a boom in the adoption of security systems, should be credited for this expansion. This is especially true given the region's expanding industrial infrastructure and rising demand for connected security devices. Additionally, it is anticipated that the APAC region's vast population base, increasing research and development (R&D) activities, and growing urbanisation would further spur the use of smart locks, making it a very promising and lucrative market for companies in the sector.

Key players in the smart lock market are ASSA ABLOY AB (Sweden), dormakaba Group (Switzerland), Spectrum Brands, Inc. (US), SALTO Systems, S.L. (Spain), Allegion plc (Ireland), Honeywell International Inc. (US), Dahua Technology Co., Ltd (China), Samsung Electronics Co., Ltd. (South Korea), Vivint, Inc. (US), ZKTECO CO., LTD. (China), igloohome Pte Ltd (Singapore), RemoteLock (US), Onity (US), Master Lock Company LLC. (US), MIWA Lock Co. (Japan), SentriLock (US), Avent Security (China), HavenLock, Inc. (US), Shenzhen Vians Electric Lock Co., Ltd. (China), Anviz Global Inc. (US), CANDY HOUSE, Inc. (US), AMADAS (South Korea), Thekeywe (South Korea), Gate Video Smart Lock (US), and DESSMANN Schliessanlagen GmbH (Germany).

News Covered:

https://www.globenewswire.com/news-release/2023/03/16/2628363/0/en/Securing-Smart-Cities-with-Smart-Locks-The-Next-Big-Thing.html

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Last Updated July 26, 2023