Newark, June 26, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the smart lock market will grow to USD 2.67 billion in 2022 and reach USD 12.40 billion by 2032. In just ten years, the increase in government initiatives in several nations aimed at promoting inexpensive housing for the lower-income population is helping to boost the market growth over the forecast period. Moreover, the increased awareness of home security solutions and the benefits of smart locks, like connection via smart devices & remote access capabilities, are expected to propel the market growth.
Get Sample PDF Brochure: https://www.thebrainyinsights.com/enquiry/sample-request/13534
Key Insight of the Smart Lock Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in the smart lock market. Key factors favouring the growth of the smart lock market in North America include the advancements in technology that are anticipated to drive market growth in this region. Moreover, the high spending capacity of customers and the increase in security concerns within the region are also helping to boost the market growth in this region.
The touch based segment is expected to augment the smart lock market during the forecast period.
The unlocking mechanism segment is divided into touch based, card key, key fob, smartphone based, and keypad. The touch based segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the rising innovations in smartphone technology.
The deadbolt segment market size was USD 0.31 billion in 2022
The type segment is divided into lever handles, deadbolt, padlock, and others. The deadbolt segment is anticipated to dominate the market over the forecast period owing to the deadbolt locks’ high durability, low installation cost, and adequate security against intense intrusion or attacks in residential, commercial, and other verticals. Further, by 2032, the lever handles segment will likely dominate the market due to the product's popularity among customers due to its compact structure & durability.
The commercial segment is anticipated to dominate the market by 41.06% in 2032.
The application segment is divided into industrial, residential, commercial, government institution, and others. The commercial segment is anticipated to dominate the market in the forthcoming years due to the increasing number of new construction & home remodeling projects.
The Bluetooth segment’s market size was USD 1.12 billion in 2022
The communication protocol segment is divided into Wi-Fi, Bluetooth, and others. The Bluetooth segment is anticipated to dominate the market in the forthcoming years due to the increasing demand for connected wearables. Also, the limited 300-foot range of Bluetooth smart locks, which users can only operate if they are close to their homes, is expected to drive the segment’s market growth.
For more information in the analysis of this report: https://www.thebrainyinsights.com/report/smart-lock-market-13534
Market Dynamics
Driver: The growing safety & security concern:
The increasing terrorist threats, crime rates, and a low police-population ratio drive market growth. Also, increasing urbanization across the world is propelling market growth. Moreover, an increase in smartphone users globally has driven the adoption of advanced protection solutions and is expected to drive market growth. Additionally, increased adoption of advanced technologies, including artificial intelligence, IoT, and biometric recognition, is expected to propel the market growth.
Restraint: The high costs:
Smart locks are enormously more expensive than traditional locks, which is hindering market growth. Moreover, the switching price of smart locks is high, making it less attractive for customers to invest in, restraining the market growth.
Opportunity: The raised use of IoT-based services:
The technological improvements & modernization in production techniques, as well as an upsurge in research & development activities, are the opportunity factor for market growth. Moreover, the ever-increasing customer demand for modern access control & authentication devices is stimulating market growth.
Direct purchase a single user copy of the report: https://www.thebrainyinsights.com/buy-now/13534/single
Some of the major players operating in the smart lock market are:
• Avent Security
• Dessmann
• ADEL Group
• ASSA ABLOY AB
• Allegion plc
• GANTNER Electronic GmbH
• Gate
• Cansec Systems Ltd.
• Master Lock Company LLC
• Haven Lock, Inc.
Key Segments cover in the market:
By Unlocking Mechanism:
• Touch Based
• Card Key
• Key Fob
• Smartphone Based
• Keypad
By Type:
• Lever Handles
• Deadbolt
• Padlock
• Others
By Application:
• Industrial
• Residential
• Commercial
• Government Institution
• Others
By Communication Protocol
• Wi-Fi
• Bluetooth
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
Schedule a Consultation Call with Our Analysts/Industry Experts to Find Solution for Your Business at: https://www.thebrainyinsights.com/enquiry/speak-to-analyst/13534
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
Contact Us
Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: sales@thebrainyinsights.com
Web: www.thebrainyinsights.com
