Smart Lock Market Surges to US$ 13,611.40 Million with a 14.90% CAGR Forecast by 2033: FMI Study

The smart lock market is booming with innovative security solutions, integrating technology to enhance convenience and safeguard homes and businesses.

NEWARK, DELAWARE, UNITED STATES OF AMERICA, December 12, 2023 /EINPresswire.com/ -- The smart lock market size was projected to be US$ 2,996.70 million in 2022. By the end of 2023, the industry is likely to reach a valuation of US$ 3,404.70 million. During the forecast period, the global market for smart lock is expected to garner a 14.90% CAGR and reach a size US$ 13,611.40 million by 2033.

Residential owners’ attraction to not having to carry around mechanical keys is predicted to result in a spike in smart lock sales.

The demand for smart locks is increasing globally due to the advantages of smart home architecture, including seamless connectivity, voice control, and remote access.

Examples of communication technologies driving demand for smart locks include Wi-Fi, Z-Wave, ZigBee, Thread, and Propriety. All of these technologies are occasionally merged into a single device.

The overall sales of smart locks in these areas have been assisted by elements like the capacity to monitor the security of the premises and secure and simple control of numerous entry points through remote access.

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The same capability is encouraging several stakeholders to invest sizeable money, which in turn is increasing the market share for smart locks.

The need for smart locks grows as more hotels decide to upgrade the security of their buildings by replacing RFID locks that can be opened with IC cards with Bluetooth or Wi-Fi locks.

The new smart lock, which is targeted at enterprises and office spaces, has a lot of potential for growth and as many consumers as possible, therefore sales of smart locks are expected to increase.

Due to the necessity for greater safety, management has been forced to streamline the process for authorised users to unlock doors, which has accelerated sales of smart locks.

U-tec's upcoming biometric smart lock, designed exclusively for office doors, is expected to boost demand for smart locks.
Another significant factor believed to be boosting the sales of smart locks is the Internet of Things (IoT), which is the networking of smart electronic devices or things to exchange data signals without the need for human involvement.

What Causes Fluctuations in the Smart Locks Market?

The market for smart locks is currently anticipated to be largest in North America.
A favourable regulatory framework has been created for the sales of smart locks as a result of the region’s high consumer buying power and growing security concerns, particularly in critical infrastructure and residential applications.

Sales of smart locks are also anticipated to increase as a result of the leading players’ growth into new markets, particularly in European nations, and the techniques they’ve implemented to increase their market shares.

The Asia-Pacific region, particularly in nations like India, China, and Japan, is predicted to experience the smart locks market’s highest growth.

A rise in residential and commercial construction projects as well as ongoing smart city initiatives in developing nations like India are to blame for the huge increase in demand for smart locks in the Asia-Pacific region.

Additionally, the region’s adoption of smart homes has grown dramatically, and this is helping to improve awareness of cutting-edge devices and technologies in the Asia-Pacific smart locks market.
Due to a slowing global economy in these areas, it is expected that the market for smart locks would grow steadily in other parts of the world.

The study underscores the market's evolution, driven by technological advancements, rising security concerns, and the increasing demand for convenient access control solutions. With a focus on innovation, the research anticipates sustained market expansion as smart locks redefine modern security landscapes."- Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights (FMI).

Who are the Major Players in the Smart Locks Market?

· AT&T Intellectual Property,

· Comcast, Lowe’s Companies, Inc.

· Staples, Inc.,

· UniKey Technologies, Inc.,

· Yale Real Living,

· MIWA Lock Co.

· HAVEN

The market for smart locks is consolidated since it is still in its early stages, with few adoptions occurring globally and businesses competing to gain market share.

The market for smart locks provides smart lock providers with a number of growth prospects due to the rising need for home and building security.

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Segmentation Analysis of the Smart Lock Market:

By Product Type:

· Biometric Lock

· Electronic / Sensor Lock

· Remote Control Lock

· Pin Code Reader Lock

By Technology:

· Bluetooth

· Wi Fi

· Z Wave

By Price Range:

· Economical

· Mid Range

· Premium

By Region:

· North America

· Latin America

· Western Europe

· Eastern Europe

· South Asia and Pacific

· East Asia

· The Middle East & Africa

Authored by:

Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments about Consumer Retail Goods.

Have a Look at Related Research Reports of Consumer Product Domain:

· The global smart home devices market demand is subjected to growth at a CAGR of 17.8%. The market revenue is likely to be exhibit a revenue growth of US$ 300 billion by 2033.

· The mechanical locks market growth is expected to reach US$ 10,426.9 million by 2033. The adoption of mechanical locks is likely to advance at a CAGR of 3.9% during the forecast period.

About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Ankush Nikam
Future Market Insights, Inc.
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