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Smart Lock Market Trends

Report ID: GMI7627
Published Date: Feb 2024
Report Format: PDF

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Smart Lock Market Trends

Smart locks are becoming more popular as part of IoT-based security systems. This means they can easily connect with other smart devices like cameras and alarms. This connection creates a comprehensive security network, allowing users to control and monitor their locks from anywhere. With keyless entry and remote access features, these smart locks offer a convenient and efficient way to secure homes and businesses and are expected to drive market growth.

Furthermore, in growing cities of emerging nations, there's a rising demand for advanced security solutions that fit the improved lifestyle. Smart locks, with their keyless entry and integration with smart home systems, are well-suited for city living. They offer consumers more control and security over their homes.

Additionally, the market is witnessing a growing demand as they are getting smarter with the integration of Artificial Intelligence. AI technologies, like machine learning, help these locks learn and adapt to user habits, making them more secure and personalized. Smart locks with AI can identify unusual patterns and potential threats, enhancing overall security.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

Smart lock industry size was worth USD 17.5 billion in 2023 and is projected to exhibit over 12.7% CAGR from 2024 to 2032 driven by the expansion of smart home adoption along with the rising consumer preference for integrated and automated solutions for living spaces.

Smart deadbolt lock market reached significant share in 2023 and is poised to witness high demand through 2032 attributed to their robust security features

North America held more than 30% share of the smart lock industry in 2023 and will witness expansion through 2032 owing to the rising technology advancements and the widespread adoption of smart homes, especially in the U.S.

Some major smart lock companies are Allegion plc, Assa Abloy, Avent Security, August Home Inc., Honeywell International Inc., Cansec Systems Ltd., Dormakaba, Onity Inc., Salto Systems S.L., Spectrum Brands, Inc., UniKey Technologies, Inc., and Yale Locks, among others.