Authored By: Sarah
11 Jul 2024

 Smart Lock Market to grow by USD 2318.3 million between 2024-2028

According to a research report “ Smart Lock Market” by Technology (WiFi, Bluetooth, Zigbee, Z-wave) End-user (Commercial, Residential) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 2318.3 million at a CAGR of almost 13.47% during the forecast period. The surge in the development of smart cities globally is fueling the expansion of the smart lock market. With the implementation of advanced technology and data utilization in urban areas, the demand for robust security solutions is escalating. Smart cities prioritize public and private safety through the integration of smart locks as part of their comprehensive security infrastructure. This security infrastructure may consist of sophisticated video surveillance systems, access control mechanisms, and other real-time threat detection technologies..

Browse market data tables, figures, and in-depth TOC on “Smart Lock Market” by Technology (WiFi, Bluetooth, Zigbee, Z-wave) End-user (Commercial, Residential) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028.

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By Technology, the WiFi segment is projected to dominate the market size in 2024.

In the burgeoning Smart Lock Market, businesses are leveraging advanced technologies to enhance security and convenience. These locks, equipped with Bluetooth, Wi-Fi, or NFC connectivity, offer keyless entry and remote access. Integration with home automation systems and mobile applications further streamlines operations. Market growth is driven by increasing consumer demand for smart home solutions and the proliferation of IoT devices.

By End-user, Commercial  segment is expected to hold the largest market size for the year 2024.

In the burgeoning Smart Lock Market, businesses are leveraging advanced technologies to enhance security and convenience. These locks, equipped with Bluetooth, Wi-Fi, or NFC connectivity, offer keyless entry and remote access. Integration with home automation systems and mobile applications further streamlines operations. Market growth is driven by increasing consumer demand for smart home solutions and the proliferation of IoT devices.

North America is forecasted to hold the largest market size by region in 2024.

In the burgeoning Smart Lock Market, businesses are leveraging advanced technologies to enhance security and convenience. These locks, equipped with Bluetooth, Wi-Fi, or NFC connectivity, offer keyless entry and remote access. Integration with home automation systems and mobile applications further streamlines operations. Market growth is driven by increasing consumer demand for smart home solutions and the proliferation of IoT devices.

The Smart Lock Market t growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Allegion Public Ltd. Co.
  • ASSA ABLOY AB
  • Be Tech Asia Ltd.
  • Carrier Global Corp.
  • Davcor Group Pty Ltd.
  • Dormakaba Holding AG
  • Dorsetindia.com
  • Honeywell International Inc.
  • I Leaf Buildpro Pvt. Ltd.
  • iF International Forum Design GmbH
  • iLockey
  • Jainson Locks
  • Napco Security Technologies Inc.
  • Salto Systems SL
  • Samsung Electronics Co. Ltd.
  • SOLITY Co Ltd.
  • Spectrum Brands Holdings Inc.
  • Tekno Electro Solutions Pvt. Ltd.
  • Vivint Inc.
  • Yale India
.

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Research Analysis Overview

In the rapidly evolving smart home market, the adoption of advanced technologies such as 5G networks, Machine Learning, Artificial Intelligence, and the Internet of Things (IoT) is revolutionizing home security systems. One significant innovation is the proliferation of smart locks, which utilize various communication protocols like Bluetooth and Wi-Fi for keyless entry and remote monitoring. Key players in this market include Oberlo, Schaub and Emtek, August Home, Yale Home, Masterlock, Kaadas, and others. These companies offer a range of smart lock solutions, integrating technologies like RFID locks, IC cards, Biometric authentication, and even Google Assistant for enhanced convenience and security. Smart locks employ IoT technology to provide features like deadbolt locks, remote access, and real-time alerts. The integration of Big Data and AI further enhances their capabilities, enabling predictive maintenance and personalized user experiences. As the smart home ecosystem continues to expand, the demand for advanced security solutions like smart locks is expected to grow. The integration of various technologies and the increasing focus on user-friendly designs will drive innovation and competition in this market.

Market Research Overview

In the dynamic and evolving smart home market, the demand for advanced security solutions, such as smart locks, continues to grow. Key players in this sector include Xiaomi, Oberlo, Schaub and Emtek, Level, August Home, Yale Home, Masterlock, Kaadas, and dormakaba, among others. These companies offer a range of smart locking systems, incorporating technologies like Fingerprint door locks, Motion detectors, and Remote door locking, catering to various segments, including the Hospitality industry. Smart locks are integrated with various communication protocols, such as ZigBee, Thread, Z-wave, Bluetooth, Wi-Fi, and IoT technology, enabling Keyless entry, Biometric authentication, and Remote monitoring. The adoption of smart home technology in Construction projects and Security solutions is fueled by consumer Spending power and safety concerns in the Regulatory environment. Moreover, the integration of Machine Learning, Artificial Intelligence, and Internet of Things in smart locks enhances their functionality and security, addressing Cyberattacks and ensuring seamless Smart home ecosystem integration. IoT-enabled devices like IC cards, RFID locks, and PIN code locks further expand the market's reach. The future of smart locks lies in the development of advanced technologies and the integration of Google Assistant and other voice assistants for enhanced user experience.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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