The latest report by IMARC Group, titled “Smart Lock Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, provides an extensive analysis of the smart lock market dynamics. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.
The global smart lock market size reached US$ 2.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 9.3 Billion by 2032, exhibiting a growth rate (CAGR) of 16.2% during 2024-2032.
Smart Lock Market Trends:
The increasing adoption of Internet of Things (IoT) technology is driving the global market. Rising concerns about residential and commercial security are prompting more consumers to opt for advanced locking systems. Moreover, the growing trend of smart homes, where various devices are interconnected, is fostering the demand for smart locks. Furthermore, technological advancements, such as biometrics and facial recognition, are enhancing the reliability and appeal of smart locks. Additionally, the expansion of e-commerce platforms is making these products more accessible to a broader audience. The integration of smart locks with smartphones and other mobile devices is providing users with seamless control over their security systems. Besides, the increasing awareness of the benefits of smart locks, such as remote access and real-time notifications, is contributing to market growth.
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Global Smart Lock Market Scope & Growth Analysis:
The scope of the global market is expanding due to continuous innovation in wireless communication technologies, such as Bluetooth and Wi-Fi. Expanding urbanization and the subsequent rise in high-rise residential buildings are creating a substantial demand for advanced security solutions. In addition, the increasing penetration of smartphones globally is enabling more consumers to utilize smart lock applications. The market analysis also highlights the growing influence of artificial intelligence and machine learning, which are being incorporated to provide predictive security features and personalized user experiences.
The proliferation of smart home ecosystems, encompassing a wide range of interconnected devices, is further expanding the market’s reach. Moreover, the emphasis on energy-efficient and sustainable smart lock solutions is aligning with broader environmental goals, attracting eco-conscious consumers. Strategic collaborations between smart lock manufacturers and property developers are also playing a pivotal role in market expansion. The emergence of subscription-based models for smart lock services is providing ongoing revenue streams and enhancing customer engagement.
Competitive Landscape with Key Players:
- Assa Abloy
- Allegion Plc
- Dorma+Kaba Holding AG
- Spectrum Brands Holdings, Inc.
- Salto Systems S.L.
- Onity, Inc.
- Cansec Systems Ltd.
- Gantner Electronic GmbH
- Master Lock Company LLC
- MIWA Lock Co.
- Samsung Electronics Co., Ltd.
- Amadas Inc.
- Sentrilock
- LLC
- Avent Security
- Dessmann
Know More about Companies in a detailed blog: https://www.imarcgroup.com/smart-locks-companies
Key Market Segmentation:
Breakup by Lock Type:
- Deadbolts
- Lever Handles
- Padlocks
- Others
Breakup by Communication Protocol:
- Bluetooth
- Wi-Fi
- Others
Breakup by End-User:
- Commercial
- Residential
- Institution and Government
- Industrial
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Why Choose IMARC Research Report:
- Strong Market Research Expertise
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- Innovative Solutions
- Comprehensive Analysis
- Accuracy and Reliability
- Provides Insightful Forecasts
- Available Customization Options
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Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
Who we are:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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