Latest News- Smart Lock Market: WiFi is expected to lead the Technology segment during 2025-2029

The Smart Lock Market is being driven by Growing number of smart cities worldwide

The Smart Lock Market is expected to grow at a CAGR of 11.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 2092.8 million. The smart lock market is witnessing significant growth through integration with voice assistants and smart home ecosystems. This innovation enables users to operate their smart locks using voice commands from popular assistants like Amazon Alexa and Google Assistant. The automation and synchronization of smart locks with other connected devices, such as lights, thermostats, and security systems, enhances the user experience and convenience. For instance, customized voice orders can be given to lock and unlock doors in commercial or residential buildings, creating a seamless connection within the smart home ecosystem. This trend fosters a more integrated and convenient living experience for users. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Technology
  • WiFi
  • Bluetooth
  • Zigbee
  • Z-wave
• End-user
  • Commercial
  • Residential
• Type
  • Lever handles
  • Deadbolt locks
• Product Type
  • Keypad
  • Touch based
  • Card keys
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing number of smart cities worldwide
• Integration of HMI technologies in smart locks
• Increasing applications of smart security in residential and commercial sectors

However, the market also witnesses some limitations, which are as follows:

• Growing security and privacy threat in smart locks
• Interoperability issues in smart locks
• Lack of awareness among end-users

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Market Scope in Smart Lock Market Research Report

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Research Analysis Overview

The Smart Lock Market encompasses advanced locking systems for home automation and smart homes. These locks utilize biometric authentication, keyless entry, and remote monitoring for enhanced security. IoT technology, such as Wi-Fi and Bluetooth communication protocols, powers these devices. Google Assistant and AI/ML technologies are integrated for seamless control. Brands like Kaadas, Masterlock, Yale Home, August Home, Level, Schaub and Emtek, Oberlo offer various smart lock solutions. Safety concerns are addressed through 5G networks and RFID locks, IC cards, and the smart home ecosystem. Big Data analysis ensures optimal performance and user experience.

Market Research Overview

The Smart Lock market is a significant segment of the global Technology Hardware, Storage, and Peripherals market, encompassing home automation and keyless entry solutions. This market category, which falls under the broader IT sector, includes manufacturers of smart home devices, biometric authentication systems, and remote monitoring equipment. According to Technavio, the global Technology Hardware, Storage, and Peripherals market is projected to grow due to the increasing demand for data storage solutions driven by the 4Vs of data: volume, velocity, veracity, and variety. This trend is primarily fueled by the expansion of data centers and the growing adoption of smart homes and IoT devices.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/