The global smart locks market size was worth US$ 3.2 billion in 2022, and it is expected to grow at a CAGR of 18% to reach US$ 16.8 billion by 2032.
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.
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.
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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.
A new biometric smart lock from U-tec, for instance, is anticipated to be released and is intended exclusively for use in office doors, which would probably increase 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.
Who are the Major Players in the Smart Locks Market?
Among many others, AT&T Intellectual Property, Comcast, Lowe’s Companies, Inc., Staples, Inc., UniKey Technologies, Inc., Yale Real Living, MIWA Lock Co., and HAVEN are some of the companies that compete in the global market for smart locks.
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.
As a result, industry participants in smart locks are continuously coming up with new items to offer in order to capture the largest possible share of the smart locks market.
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