Smart Lock Market Growth Factors, Company Profile Analysis, Research Methodology and Forecast 2027
Smart Lock Market Growth Factors, Company Profile Analysis, Research Methodology and Forecast 2027
The Smart Lock Market is estimated to be valued at USD 2.1 billion in 2022 and reach USD 3.9 billion by 2027, registering a CAGR of 12.9% between 2022 and 2027.

During the Forecast Period, market participants should benefit from the growing usage of IoT-based security systems and growing urban infrastructure in emerging nations.

The Smart Lock Market includes major Tier I and II players like ASSA ABLOY AB (Sweden), dormakaba Group (Switzerland), Spectrum Brands, Inc. (US), SALTO Systems, S.L. (Spain), Allegion plc (Ireland), and others. These players have a strong market presence for Smart lock across various countries in North America, Europe, APAC, and RoW.

Rising adoption of smartphones and other connected devices

The market for smart locks is strongly supported by the rising demand for tablets, smartphones, and other connected devices. In many wealthy economies, smartphone use is growing quickly. The demand for smartphones will likely continue to be driven by emerging markets like China, India, Malaysia, and Indonesia. Companies are being encouraged to deliberately spend more in smartphone-based applications and mobile websites by the boom in Internet usage and the increasing adoption of smartphones.

Deadbolt locks is expected to hold the highest market share during the forecast period

One of the most often used exterior home locks is the deadbolt. They are sorted into grades based on how long-lasting and durable they are, which determines their relative strengths. From 1 to 3, 1 being the highest and 3 being the lowest, are the grades. The majority of smart locks work specifically with the existing deadbolt, making the systems more secure.

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Residential vertical to hold the largest market size of Smart Lock Market during the forecast period

The residential vertical includes condominiums and individual houses. Residential is the largest vertical of the smart lock market. The growth of the market for the residential vertical can be attributed to various factors such as increasing demand for smart homes, growing urbanization, and rising adoption of security solutions. Some of the leading providers of smart locks to the residential vertical are ASSA ABLOY (Sweden), August Home (US), Spectrum Brands (US), and Gate (US).

Smart Lock Market in APAC to hold the highest CAGR during the forecast period

As most nations in this region are emerging economies with a growing number of manufacturing bases and demonstrating increasing demand for connected security devices, it is anticipated that the adoption of security systems will increase in APAC. The adoption of smart locks in APAC is also anticipated to be fueled by the region's vast population base, rising research and development (R&D) activities, and growing urbanisation.

Key Players

Key Players in the Smart Lock Market are ASSA ABLOY AB (Sweden), dormakaba Group (Switzerland), Spectrum Brands, Inc. (US), SALTO Systems, S.L. (Spain), Allegion plc (Ireland), Honeywell International Inc. (US), Dahua Technology Co., Ltd (China), Samsung Electronics Co., Ltd. (South Korea), Vivint, Inc. (US), ZKTECO CO., LTD. (China), igloohome Pte Ltd (Singapore), RemoteLock (US), Onity (US), Master Lock Company LLC. (US), MIWA Lock Co. (Japan), SentriLock (US), Avent Security (China), HavenLock, Inc. (US), Shenzhen Vians Electric Lock Co., Ltd. (China), Anviz Global Inc. (US), CANDY HOUSE, Inc. (US), AMADAS (South Korea), Thekeywe (South Korea), Gate Video Smart Lock (US), and DESSMANN Schliessanlagen GmbH (Germany).

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