Dublin, July 24, 2024 (GLOBE NEWSWIRE) -- The "Smart Locks - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Smart Locks is estimated at US$2.8 Billion in 2023 and is projected to reach US$7 Billion by 2030, growing at a CAGR of 14.4% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The growth in the smart lock market is driven by several factors, including the expanding market for smart home devices, increased consumer focus on home security, and advancements in technology. As more consumers adopt smart home technologies, the demand for interconnected devices that provide enhanced control and monitoring capabilities continues to rise. Home security remains a primary concern for many households, and smart locks offer a technologically advanced solution that provides peace of mind with features like real-time alerts and secure remote access.
Technological advancements such as improved battery life, easier installation processes, and better integration with other smart home technologies have made smart locks more appealing to a broader audience. Additionally, the growing popularity of rental and home-sharing services has fueled demand for smart locks, which provide a convenient and secure way for hosts to manage access to their properties.
Economic growth and increasing urbanization in emerging markets also contribute to the expansion of the smart lock market, as new housing developments and modernization efforts often include upgrades to more advanced security systems. These factors collectively ensure robust growth in the smart lock market, reflecting its critical role in the evolving landscape of home security.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Deadbolts Lock Type segment, which is expected to reach US$3.8 Billion by 2030 with a CAGR of a 14.9%. The Lever Handles Lock Type segment is also set to grow at 14.5% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $742.6 Million in 2023, and China, forecasted to grow at an impressive 16.2% CAGR to reach $1.3 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Smart Locks Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Smart Locks Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Questions Answered:
- How is the Global Smart Locks Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Honeywell International, Inc., Bioenable Technologies Pvt., Ltd., Allegion PLC, and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Select Competitors (Total 96 Featured):
- Honeywell International, Inc.
- Bioenable Technologies Pvt. Ltd.
- Allegion PLC
- ASSA ABLOY AB
- Anviz Global, Inc.
- Bonda Technology Pte. Ltd.
- Godrej Industries Ltd.
- Hudson Lock LLC
- Cansec Systems Ltd.
- Gantner Electronic GmbH
- Kisi, Inc.
- Dessmann Schliessanlagen GmbH
- Idency Limited
- D&K GmbH & Company KG
- Babuino S.r.l.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 328 |
| Forecast Period | 2023-2030 |
| Estimated Market Value (USD) in 2023 | $2.8 Billion |
| Forecasted Market Value (USD) by 2030 | $7 Billion |
| Compound Annual Growth Rate | 14.4% |
| Regions Covered | Global |
Key Topics Covered
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Consumer IoT Provides the Foundation for the Growth of Smart Locks in the Residential Sector
- Industrial IoT & Smart Factory Also Push Up the Need for Smart Locks in the Industrial Sector
- Smart Locks - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Rising Security & Safety Concerns Drives Demand for Locks
- Burglaries by Point of Entry, Method of Entry, and Location: Ranked in Order of Occurrence
- Implementation of Anti-Burglary Good Practices Spur the Need for Smart Lock Solutions
- Rising Demand for Biometric-based Smart Locks
- Select Popular Biometric Door Locks
- Smart Cards and Locks Replace Keys and Magnetic Stripe Cards in the Industrial Sector
- Minimizing Touch Points and Lowering the Risk of Spreading of Germs: Key Driver for Smart Lock in Healthcare Setups
- Technology Improvements Remain Critical for Sustained Market Growth
- Wi-Fi & Bluetooth Emerge as Attractive Technologies for Smart Lock
- Wi-Fi vs Bluetooth vs Z-Wave vs ZigBee
- Narrowband Internet of Things (NB-IoT) Smart Lock Grow in Popularity
- AI Makes a Huge Impact on Access Control Connectivity Functions & Capability
- Concerns Over Smart Lock Security Breach: The Red Hot Issue
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/a6xnhc
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