Smart Locks Market to Garner $14,972.3 million by 2030 | AUGUST HOME, HAVEN LOCK, INC., HONEYWELL INTERNATIONAL INC.

The global smart locks market is predicted to observe significant growth owing to the rising adoption of cloud-based mobile applications

WILMINGTON, NEW CASTLE, DE, UNITED STATES, February 7, 2025 /EINPresswire.com/ -- The global 𝐒𝐦𝐚𝐫𝐭 𝐋𝐨𝐜𝐤𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐢𝐳𝐞 was valued at $ 2,366.51 million in 2020, and is projected to reach $14,972.3 million by 2030, growing at a CAGR of 20.1% from 2021 to 2030. The standard of living of people across the globe, has increased due to increase in awareness of technology, higher disposable incomes, and developments in various industry verticals such as healthcare, government, and infrastructure. People can afford security and safety devices as they feel a need to protect their personal information and belongings from external entities. This factor is anticipated to impose a crucial impact over on the growth of the smart lock market during the forecast period. Smart lock technology is unique and provides easy access for the identification and validation of a person's identity. These systems also allow the user to program multiple user codes, facilitating ease of creating and deleting unique codes for the guests. It also has tamper alarm and can grant access to the guest, simply by accessing the lock from smartphones and tablets. Such benefits accelerating the adoption of smart locks among end users.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧 𝐏𝐃𝐅 - 171 𝐏𝐚𝐠𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/2261

The global Smart Locks Industry is driven due to a lot of factors such as the rising adoption of cloud-based mobile applications, low battery requirements, the growing use of security-based products, increasing awareness, and device efficiency. Furthermore, the spontaneously changing business model and the geographic expansion of businesses are the major factors expected to create expansive opportunities for the market. However, the high initial cost and fear of privacy intrusion restrain the growth of the market.

By technology, the Wi-Fi segment generated the highest market share in 2020, accounting for more than three-fifths of the global smart locks market and is predicted to continue steady growth over the estimated timeframe. This is mainly because Wi-Fi-enabled systems offer various advanced and reliable features such as a locking mechanism in the door which can be activated and deactivated automatically by a smartphone using Wi-Fi technology within a specific range. This factor is predicted to drive the growth of this segment. On the other hand, the Bluetooth segment is anticipated to showcase a striking CAGR of 20.7% by 2030.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 : https://www.alliedmarketresearch.com/smart-locks-market/purchase-options

Based on product, the deadbolts segment generated the highest share, provided more than half of the global smart locks market share in 2020, and is predicted to hold the lion’s share throughout the analysis timeframe. This is mainly due to the growing requirement for addressing connectivity, which makes various users adopt smart deadbolt locks. On the other hand, the padlocks segment would manifest the fastest CAGR of 21.3% by 2030. The report also offers an analysis of lever handle segments.

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

AUGUST HOME
HAVEN LOCK, INC.
HONEYWELL INTERNATIONAL INC.
PANASONIC CORPORATIONs
SALTO Systems
SAMSUNG SDS CO. LTD.
SCHLAGE
SPECTRUM BRANDS, INC.
UNIKEY TECHNOLOGIES INC.
VIVINT, INC.

On the basis of product type, the lever handle segment garnered the largest share in 2020, and is expected to continue to grow during the forecast period. This is attributed to drive the growth of this market due to increase in penetration of smartphones and increase in use of 4G and 5G networks. In addition, rise in adoption of smart devices, technological advancements, and social media activities are expected to further supplement the growth of lever handle smart locks in the market. However, the deadbolt segment is expected to witness highest growth in the upcoming years. This is attributed to increase the need to address connectivity, which compels various users to adopt to smart deadbolt locks. In addition, increase in popularity of smart locks and smartphone usage is expected to provide an encouragement to players to develop application-specific products to meet the growing demand of consumers, which is predicted to drive the growth of this segment during the forecast period.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮'𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/2261

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

Based on region, North America region held the highest market share in 2020, accounting for more than two-fifths of the global smart locks industry. This is mainly due to the rising penetration of IoT, the growing trends for smart homes, and the expanding real estate, and hospitality areas. On the other hand, the Asia-Pacific region would showcase the maximum CAGR of 21.8% during the analysis timeframe. This is mainly due to the increasing security concerns in government offices & research centers, the emergence of the internet, and growing construction activities in India and China which are likely to foster the smart locks market growth at the fastest rate.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/2261

On the basis of end user, the residential segment dominated the overall smart locks industry in 2020, and is expected to continue during the forecast period. The smart locks have contributed towards efficiency and security, thereby saving time and energy. In addition, it is very light-weight as it is small and tiny, thereby, adding to the convenience factor, which is expected to propel the growth of this segment during the forecast period. However, the commercial segment is expected to witness the highest growth in the coming years. The major factor that drives the growth of this segment is the increase in prevalence for data security at commercial spaces. Along with security, smart lock technology is used to make office access management simple and secure. In addition, these smart locks can be integrated with a range of various third-party apps, which ensures that all lights in office shut down automatically when the doors are locked, which is expected to drive the growth of this segment.

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David Correa
Allied Market Research
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