New York, United States , Nov. 02, 2023 (GLOBE NEWSWIRE) -- The Global Smart Lock Market Size is to Grow from USD 2.2 Billion in 2022 to USD 9.8 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 16.11% during the projected period. A smart lock is a more advanced version of a traditional lock. This lock is a Bluetooth or Wi-Fi smart home device that allows users to lock and unlock doors with the touch of a finger or a simple voice command.
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A smart lock is a more advanced version of a traditional lock. This lock is a Bluetooth or Wi-Fi smart home device that allows users to lock and unlock doors with the touch of a finger or a simple voice command. After authentication, the smart door lock can be operated wirelessly by a cryptographic key, enabling only those who are granted access. Customers typically desire enhanced locking/unlocking systems, therefore smart locks are expected to gain popularity as a result of such advancements. Individual homes, hotels, supermarkets, banks, financial institutions, corporate structures, and commercial buildings all have an increasing need for advanced security systems. The growing security concern is the primary driver of the increased adoption of smart locks. Since its inception, smart locks have grown to provide effective and user-friendly services. Furthermore, because so many people want to use the same facility, the new smart lock launches built for enterprises and office spaces have enormous growth potential. The need for improved security has compelled management to accelerate the process of opening doors for authorized individuals. Despite their high efficiency and sophistication, they have been utilized to increase security in several settings. Smart locks have a significant switching cost, making them less attractive to consumers. The risk of hackers further reduces consumers' trust in the credibility of smart locks. If smart locks are not routinely updated, they may become vulnerable to hackers.
COVID-19 Impact
During COVID-19, rising demand for smart door locks fueled market growth. The COVID-19 pandemic increased the demand for advanced home security systems for affected people or individuals who did not take appropriate precautions, such as wearing masks or sanitization, resulting in further transmission. To reduce the spread of the virus, people throughout the world began installing smart home devices that require less human participation and contact, and traditional security systems were removed.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on "Global Smart Lock Market Size, Share, and COVID-19 Impact Analysis, By Type (Deadbolt, Lever Handles, Padlock, Others), By Product (Biometric Door Locks (Face Recognition, Palm Recognition, Iris Recognition, Fingerprint Recognition) Smart Card Door Locks, Electric Strike Door Locks, Others), By Connectivity (Wi-Fi, Bluetooth, ZigBee, Others), By End-User (Residential, Hospitality, Commercials, Government, Retail, Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The deadbolt segment dominates the market with the largest revenue share more than 43.8% over the forecast period.
Based on type, the global smart lock market is segmented into deadbolts, lever handles, padlocks, and others. Among these, the deadbolt segment is dominating the market with the largest revenue share more than 43.8% over the forecast period. This expansion can be ascribed to the product's expanding deployment across numerous industries, as well as its straightforward installation procedure. Low installation costs, high durability, and suitable security measures all contribute to the lock market's growth. Furthermore, companies are concentrating on expanding their product portfolio.
The biometric segment is witnessing significant CAGR growth over the forecast period.
Based on product, the global smart lock market is segmented into biometrics (face recognition, palm recognition, iris recognition, fingerprint recognition) smart card door locks, electric strike door locks, and others. Among these, the biometric segment is witnessing significant CAGR growth over the forecast period. The touch-based unlocking mechanism of smart locks uses fingerprint recognition technology. Fingerprint recognition is a quick and easy way to identify and authenticate people. While complementing the growing smart house trend, biometric authentication can add significant value to modern home security systems. Instead of password-protected smart locks, biometric authentication uses personally identifiable information saved securely on-device (whether the lock itself or a fingerprint-secured access card) for maximum security. As a result, biometrics are difficult to compromise.
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North America dominates the market with the largest market share over the forecast period
North America is dominating the largest market share over the forecast period, owing to advancements in smart locks technology. This is mostly due to extensive technological use and the fast adoption of smart houses. Customers' high buying power in the region, combined with increased security concerns, particularly in critical infrastructure and residential applications, has resulted in an advantageous regulatory climate for smart lock sales. Asia Pacific is expected to register the fastest CAGR growth rate during the forecast period. Significant growth could be attributed to a rise in residential and commercial developments, as well as ongoing smart city projects in developing countries such as India. Furthermore, smart home adoption is increasing considerably across the region, which is important for increasing awareness of new gadgets and technology. During the forecast period, Europe is expected to increase at a significant CAGR. Increased investment in designing security door locks for government and critical infrastructure locations in countries such as the United Kingdom, France, Benelux, the Nordics, and Germany can be ascribed to this expansion.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
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