NEW YORK, United States, June 06, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Padlock Smart Lock Market By Vertical (Institution & Government, Commercial, Industrial, And Residential), By Communication Protocol (Bluetooth, Wi-Fi, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global Padlock Smart Lock Market size was worth at around USD 2.42 billion in 2022 and it is expected to surpass USD 9.88 billion by 2030, growing at a compound annual growth rate (CAGR) of approximately 19.22% during the forecast period 2023 to 2030.”
What is Padlock Smart Lock? How big is the Padlock Smart Lock Industry?
Report Overview:
The padlock smart lock industry refers to the market for electronic locks or safety devices that are controlled using a mobile application or with the aid of voice commands and other types of smart home devices. They are designed to ensure enhanced security to the users along with convenience as compared to traditional locks. Padlock smart locks operate on technologies such as Wi-Fi and Bluetooth that allow users to operate the lock from a distance, even remotely. It also provides monitor access and alerts in case of theft or unwanted entry.
With the growing investment toward home automation, the padlock smart lock market is expected to continue its increasing growth rate during the forecast period; however, it may also come across certain growth restrictions and challenges due to several interdependent factors.
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- Introduction, Overview, and in-depth industry analysis are all included in the updated report.
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Zion Market Research Methodology
Global Padlock Smart Lock Market Dynamics:
The global padlock smart lock market is projected to grow owing to the increasing dependence on the use of smarter systems for day-to-day operations such as the advantages offered by padlock smart lock. Some of these benefits include the higher level of convenience offered by smart locks. Consumers can lock or unlock their doors remotely and do not require the use of a physical key to give easier access to the property to known people. In addition to this, padlock smart locks are known to provide higher security as compared to traditional locks. Features such as two-factor authentication, the ability to grant or revoke access, along with real-time monitoring contribute to improved security measures.
Moreover, in case the locks are broken by any forced means, the smart locks can send direct alerts in real-time to the users and other concerned authorities allowing them to take quick action. The padlock smart lock industry further benefits from the increasing investments toward home automation as there is a significant growth in the number of people who are purchasing and accommodating smarter home items for overall convenience. The increasing demand for padlock smart locks in the commercial segment is a major revenue generator.
Although the outlook is expected to be positive, the global padlock smart lock industry also deals with several growth restraints. One of the major reasons is the growing concerns over the reliability of the devices. Consumers are becoming weary due to the companies or distributors overpromising with respect to the product's performance. Moreover, there can be several other issues that can impact the overall deliverance of padlock smart locks. For instance, there may be connectivity issues, software bugs, and other technical problems.
The growing demand for home automation may provide several growth opportunities whereas the issues with compatibility could challenge market growth.
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Report Scope
| Report Attribute | Details |
| Market Size in 2022 | USD 2.42 Billion |
| Projected Market Size in 2030 | USD 9.88 Billion |
| CAGR Growth Rate | 19.22% CAGR |
| Base Year | 2022 |
| Forecast Years | 2023-2030 |
| Key Market Players | August Home, Kwikset, Schlage, Yale, Danalock, Ultraloq, Igloohome, Lockitron, Level Home, Friday Labs, Haven, Kevo, Nuki, Gate Labs, SimpliSafe, Ring, ADT, Brinks Home Security, Vivint Smart Home, Nest, Honeywell, Abode Systems, Canary, Guardzilla, and Swann. |
| Key Segment | By Vertical, By Communication Protocol, and By Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. Explore purchase options |
Padlock Smart Lock Market: Segmentation Analysis
The global padlock smart lock market is segmented based on vertical, communication protocol, and region.
Based on vertical, the global market segments are institution & government, commercial, industrial, and residential. In 2022, the industry amassed the highest growth in the residential segment and it is expected to continue its dominance during the forecast period. The increase is projected to be driven by the rising number of homeowners investing in home automation along with the use of advanced security tools to safeguard their families and assets. Since smart locks are known to provide significant improvement in terms of added security, convenience, and remote control of their homes' access, the segmental growth may remain highest in the coming years. The commercial along with the institution & government segments are also important to the market growth. A survey by ADT, a home security company, stated that an average American spends nearly USD 350 on home security systems and services.
Based on communication protocol, the global padlock smart lock market is segmented into Bluetooth, Wi-Fi, and others. In 2022, the Bluetooth segment was witnessed to be leading with the highest segmental share. This technology is mainly used for communication between short-range devices. It runs on low power and hence a low-cost protocol as it eliminates the need of installing a network or internet connection. It’s easy-to-setup feature provides added leverage to Bluetooth-powered padlock smart lock. However, there are certain products that use Wi-Fi technology and are mostly used in home automation systems. The average range of padlock smart locks is between USD 50 to USD 500.
The global Padlock Smart Lock market is segmented as follows:
By Vertical
- Institution & Government
- Commercial
- Industrial
- Residential
By Communication Protocol
- Bluetooth
- Wi-Fi
- Others
Browse the full “Padlock Smart Lock Market By Vertical (Institution & Government, Commercial, Industrial, And Residential), By Communication Protocol (Bluetooth, Wi-Fi, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030"- Report at https://www.zionmarketresearch.com/report/padlock-smart-lock-market
Competitive Landscape
Some of the main competitors dominating the global Padlock Smart Lock market include -
- August Home
- Kwikset
- Schlage
- Yale
- Danalock
- Ultraloq
- Igloohome
- Lockitron
- Level Home
- Friday Labs
- Haven
- Kevo
- Nuki
- Gate Labs
- SimpliSafe
- Ring
- ADT
- Brinks Home Security
- Vivint Smart Home
- Nest
- Honeywell
- Abode Systems
- Canary
- Guardzilla
- Swann.
Key Insights from Primary Research:
- According to the analysis shared by our research analyst, the Padlock Smart Lock market is likely to expand at a CAGR of around 19.22% during the forecast period (2023-2030).
- In terms of revenue, the Padlock Smart Lock market size was valued at around US$ 2.42 billion in 2022 and is projected to reach US$ 9.88 billion by 2030.
- The padlock smart lock market is projected to grow at a significant rate due to the increasing adoption of smart technology.
- Based on vertical segmentation, residential was predicted to show maximum market share in the year 2022.
- Based on communication protocol segmentation, Bluetooth was the leading protocol in 2022.
- On the basis of region, North America was the leading revenue generator in 2022.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Padlock Smart Lock industry?
- What are the main driving factors propelling the Padlock Smart Lock Market forward?
- What are the leading companies in the Padlock Smart Lock Industry?
- What segments does the Padlock Smart Lock Market cover?
- How can I receive a free copy of the Padlock Smart Lock Market sample report and company profiles?
Key Offerings:
- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Vertical, By Communication Protocol, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Analysis:
The global padlock smart lock market is projected to witness the highest growth in North America with the US acting as a crucial regional market. High product adoption rates due to growing awareness along with the rising number of product and service providers are major reasons for higher growth. Additionally, the rising urban population and the use of advanced security systems even in remote areas could act as an important growth propeller.
In Europe, countries such as Germany, France, and the UK are projected to lead with the highest growth rate as there is a growing market for products related to home automation and integration.
In Asia-Pacific, regions such as Singapore, India, China, Japan, and South Korea are likely to aid revenue generation as many regional companies are expected to enter less explored markets and provide them with cost-effective solutions.
Africa is projected to witness slow growth due to the existing political and economic turmoil in the African countries.
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
To know an additional revised 2023 list of market players, request a brochure of the report: https://www.zionmarketresearch.com/requestbrochure/padlock-smart-lock-market
Recent Developments
- In September 2022, Yale Home, a leading manufacturer of smart home security devices, announced the launch of Yale Assure Lock 2, the company's latest addition to its existing portfolio of smart locks
- In February 2023, Xiaomi announced the launch of the Xiaomi Smart Door Lock M20 series, smart door locks equipped with an integrated screen and camera
- In November 2022, Yale Home India launched its first-of-its-kind smart storage line in the regional market
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