Pune, May 22, 2023 (GLOBE NEWSWIRE) -- The Smart Lock Market, as reported by SNS Insider, achieved a valuation of USD 2.04 billion in 2022. It is projected to witness significant growth and reach USD 9.53 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 21.2% during the forecast period of 2023-2030.
Market Report Scope
Smart locks are innovative security devices that offer a modern and convenient way to secure your home or office. They are designed to replace traditional mechanical locks and offer a wide range of advanced features and functionalities. Smart locks utilize cutting-edge technology, including wireless connectivity, biometric recognition, and remote access control, to enhance security and simplify access management. One of the key features of smart locks is their ability to connect to the internet or a local network, allowing users to control and monitor their locks remotely.
Market Analysis
The smart lock market is witnessing rapid growth, driven by the convergence of IoT, AI, and ML technologies. The increasing consumer awareness of the convenience and security benefits offered by smart locks, along with their integration in the hospitality industry, has fueled the demand for these innovative solutions. As technology continues to advance, smart locks are expected to become an integral part of modern security systems, providing enhanced protection and peace of mind to individuals and businesses alike. Manufacturers and developers are actively working on implementing robust security measures to safeguard against potential threats and vulnerabilities.
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Smart Lock Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 2.04 Billion |
| Market Size by 2030 | US$ 9.53 Billion |
| CAGR | CAGR of 21.2% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Drivers | • Increasing security concerns. • High efficiency and sophistication |
Impact of Recession
A recession can have a mixed impact on the smart lock market. While it may lead to a decline in demand due to reduced consumer spending, economic uncertainty, and shifting priorities, factors such as the growing emphasis on security, technological advancements, and government interventions could counterbalance these effects. Adapting to changing market conditions and continuously improving affordability and functionality will be crucial for smart lock manufacturers and providers to navigate through a recession and sustain growth in the long term.
Key Regional Development
North American smart lock market benefits from a robust infrastructure that supports the widespread adoption of smart lock technology. The region possesses a well-established network infrastructure, reliable internet connectivity, and a developed e-commerce ecosystem. These factors contribute to the seamless integration and operation of smart lock systems, driving their popularity among consumers. Furthermore, various industry players in North America have been at the forefront of developing and launching innovative smart lock solutions.
Key Takeaway from Smart Lock Market Study
- The industrial segment is poised to be a major driver of growth in the market. As more facilities adopt smart lock technology, we can expect to see even more advanced features and capabilities being developed to meet the unique security needs of this sector.
- In the ever-evolving landscape of smart home security, deadbolt locks have emerged as a segment poised to dominate the market. Their enhanced security features, ease of installation and compatibility with existing door infrastructure, integration with smart home ecosystems, and proven reliability make them an attractive choice for homeowners seeking advanced locking systems.
Recent Developments Related to Smart Lock Market
- Korelock, a new IoT smart lock technology company, has recently launched with the aim of revolutionizing the traditional lock and key systems. The company's innovative technology integrates the power of the internet with security to create a more convenient and secure way of accessing homes and offices.
- Fortune Brands, a leading consumer goods company, has announced its decision to move forward with the acquisition of Emtek and Schaub Premium Hardware Brands, along with their U.S. and international subsidiaries. This strategic move reflects Fortune Brands' commitment to expanding its portfolio and strengthening its presence in the premium hardware industry.
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Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Smart Lock Market Segmentation, by Type
8.1Introduction
8.2 Deadbolt Locks
8.3 Lever Handles
8.4 Padlock
8.5 Server locks & Latches
8.6 Knob Locks
8.7 Others
9. Smart Lock Market Segmentation, by Technology
9.1 Introduction
9.2 Bluetooth
9.3 WiFi
9.4 Z-Wave
9.5 Others
10. Smart Lock Market Segmentation, By Mechanism
10.1 Introduction
10.2 Keypad
10.3 Card Key
10.4 Touch Based
10.5 Key Fob
10.6 Smartphone Based
10.7 Other
11. Smart Lock Market Segmentation, By Application
11.1 Introduction
11.2 Commercial
11.3 Residential
11.4 Hospitality
11.5 Enterprise
11.6 Critical Infrastructure
11.7 Institutional & Government
11.8 Industrial
11.9 Transportation & Logistic
11.10 Others
12. Regional Analysis
12.1 Introduction
12.2 North America
12.3 Europe
12.4 Asia-Pacific
12.5 The Middle East & Africa
12.6 Latin America
13. Company Profiles
13.1 Schlage
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Yale
13.3 August Home
13.4 Kwikset
13.5 Goji
13.6 SDS Smart Locks
13.7 Mul-T-Lock
13.8 Unikey Technologies Inc.
13.9 Haven Lock, Inc.
13.10 Honeywell International Inc.
13.11 Panasonic Corporations
13.12 Salto Systems
13.13 Samsung Sds Co. Ltd.
13.14 Vivint, Inc.
13.15 Other
14. Competitive Landscape
15. Conclusion
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