The latest report by Renub Research, titled “Global Smart Lock Market, Size, Forecast 2023-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis,” reveals that the global smart lock market is projected to reach a value of US$ 6.68 Billion by 2030. A smart lock refers to a locking mechanism that combines mechanical and electronic components to enable remote access and entry into buildings or properties. It finds applications in various industries and can be controlled through smartphones and other smart devices, utilizing communication technologies like Wi-Fi, Bluetooth, Zigbee, or Z-Wave. The smart lock allows authenticated and authorized users to remotely authenticate themselves, unlocking the lock and gaining access.
.
Expert Insights: Ask Analyst or Download Full Report with TOC & Figures: https://www.renub.com/smart-lock-market-p.php
The rapid expansion of the smart lock industry has been propelled by recent developments in wireless technology, the rise of the Internet of Things (IoT), and the increasing demand for secure and convenient access control solutions. This industry offers electronic locks that can be conveniently operated from a smartphone or other connected devices, allowing users to lock and unlock doors without relying on a traditional physical key.
Smart Lock Market was US$ 2.19 Billion in 2022
Smart locks offer a range of advantages over traditional locks, including increased convenience, enhanced security, and greater control over property access. Moreover, they can seamlessly integrate with other smart home devices such as security cameras and smart thermostats, creating a comprehensive home automation system. As technology progresses, the smart lock industry is anticipated to further expand and introduce more advanced access control solutions.
By Type: Deadbolts have largest market share in Global Smart Lock Market
Based on type, there are four divisions- Deadbolts, Lever Handles, Padlock, and Others. The largest market share in the smart lock industry is held by the deadbolts segment. This can be attributed to the growing use of deadbolts in residential and commercial settings. Deadbolts are favoured for their low installation cost, high durability, and ability to provide effective security against intrusion or attacks, making them popular in various applications, including residential and commercial. These benefits have contributed to the growth of the deadbolts segment in the smart lock industry.
The lever handles segment is expected to demonstrate the fastest revenue growth rate in the smart lock industry during the forecast period. This is primarily due to the increasing use of lever handles, which are particularly beneficial for older individuals, children, and those with disabilities due to their ease of use. Moreover, the growing demand for seamless integration with other smart devices and the surging popularity of smart home technology are further expected to propel the revenue growth of this segment.
On the other hand, the padlocks segment is projected to account for a significantly large revenue share during the forecast period. This is due to the increasing use of padlocks for securing outdoor storage areas such as sheds and storage units. Padlocks are particularly helpful for organizations that require secure lockers for staff or clients.
By Technology: Biometrics will drive future Smart Lock Market
Keypads, RFID cards, Biometrics, and Wireless, are the different types of technologies used in smart locks. Advanced technologies such as biometrics, multi-factor authentication, and encryption are expected to be incorporated into smart locks in the future to enhance their security features. This will result in improved protection against unauthorized access and provide users with greater peace of mind.
Biometric authentication smart locks offer several advantages over traditional locks and even other types of smart locks. They provide enhanced security as biometric data is unique to each individual and cannot be easily replicated or stolen. They also eliminate the need for physical keys, which can be lost or stolen, and passwords, which can be easily forgotten or hacked.
Request a free sample copy of the report: https://www.renub.com/request-sample-page.php?gturl=smart-lock-market-p.php
By Application: Residential segment holds the largest Revenue Share
The application of smart locks is prevalent in Residential, Commercial, Critical infrastructure, and other sectors. The residential segment holds the largest revenue share, driven by the growing popularity of smart home technology and increasing demand for home security systems. Homeowners are increasingly turning to smart locks due to their ease of use, convenience, and ability to integrate with other smart devices.
Furthermore, the ability to remotely manage multiple entry points and track premises security has driven the adoption of smart locks in spaces like schools and churches. As a result, stakeholders are investing significant amounts in this technology to meet the increasing demand. These statistics underscore the importance for organizations in these spaces to prioritize the highest levels of security, particularly in light of the prevalence of mass shootings in public areas.
By Distribution Channel: Online channels are driving the sales of Smart Lock Market
Distribution of smart locks is possible through online channels and offline channels. The online smart locks market is expected to continue to grow in the coming years as more consumers seek out smart home solutions and the convenience of online shopping. The growing demand for home automation and smart home technology has led to an increase in the availability of smart locks through online channels. Many consumers are looking for ways to improve the security of their homes while also enjoying the convenience of remote access and monitoring, which smart locks can provide.
Region: North America, Europe & Asia-Pacific will lead the Smart Lock Market
The smart lock market encompasses several regions, namely North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. North America stands out as a region hosting numerous manufacturing and technology companies. In recent times, the adoption of smart locks has witnessed a surge in this region, driven by the expanding user base of smartphones. Consumers in North America highly value the user-friendly interface and convenience that smart locks offer. Various factors contribute to the growth of the smart lock market in North America, including increasing awareness of secure home solutions, continuous advancements in smart devices like smartphones, the rise in disposable income among consumers, and the widespread availability of internet services.
Key Company
The market is highly competitive with major players such as Allegionplc, Avent, AssaAbloy, DormaKaba Holding AG, Samsung, Zhejiang Dahua Technology Co. Ltd., Spectrum Brands Holdings, Inc., and Panasonic Corporation vying for a share.
Type – Smart Lock Market breakup from 4 Viewpoints: (Deadbolts, Lever Handles, Padlock and Others)
Technology – Smart Lock Market breakup from 4 Viewpoints: (Keypads, RFID cards, Biometrics and Wireless)
Application – Smart Lock Market breakup from 4 Viewpoints: (Residential, Commercial, Critical infrastructure and others)
Distribution Channel – Smart Lock Market breakup from 2 Viewpoints: (Online and Offline)
Region – Smart Lock Market breakup from 5 Viewpoints:
North America
Latin America
Europe
Asia-Pacific
M.E.A
Company has been covered from 3 Viewpoints:
Overview
Recent Development
Revenue
Company Analysis:
Allegion plc.,
Avent
AssaAbloy
DormaKaba Holding AG
Samsung
Zhejiang Dahua Technology Co. Ltd.,
Spectrum Brands Holdings, Inc.,
Panasonic Corporation
About the Company:
Renub Research is a Market Research and Consulting Company. We have more than 14 years of experience especially in international Business-to-Business Researches, Surveys and Consulting. We provide a wide range of business research solutions that helps companies in making better business decisions. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. Our wide clientele comprises major players in Healthcare, Travel and Tourism, Food Beverages, Power Energy, Information Technology, Telecom Internet, Chemical, Logistics Automotive, Consumer Goods Retail, Building, and Construction, Agriculture. Our core team is comprised of experienced people holding graduate, postgraduate, and Ph.D. degrees in Finance, Marketing, Human Resource, Bio-Technology, Medicine, Information Technology, Environmental Science, and many more.
Contact Us:
Renub Research
Phone No: +1-478-202-3244 | +91-120-421-9822 (IND)
Email: info@renub.com
LinkedIn: https://in.linkedin.com/company/renub-research
Web: www.renub.com