Information Technology

The Road Ahead for the Smart Locks Market: Key Growth Trends and Opportunities to Watch

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What CAGR is Anticipated for the Smart Locks Market During the Forecast Period, and Why?

In recent times, there has been a significant expansion in the size of the smart locks market. Expected to surge from $2.66 billion in 2024 to $3 billion in 2025, the market is predicted to enjoy a compound annual growth rate (CAGR) of 12.7%. This exceptional growth seen in the historic period is explained by factors such as enhanced product affordability, progressive design and aesthetics, expanding residential and commercial construction sectors, penetration of smartphones, and increasing consumer demand for convenience.

In the coming years, the market size for smart locks is projected to experience substantial growth, potentially reaching a valuation of $5.35 billion by 2029 with a compound annual growth rate (CAGR) of 15.6%. This projected growth for the forecast period can be credited to a combination of factors including government actions and regulations, the rise of e-commerce and online sales, integration of smart building solutions, focus on energy efficiency and sustainability, and the increased desire for smart access control within businesses. Key trends envisaged for the forecast period comprise customization and aesthetics, considerations for energy-efficient designs, application of smart locks in rental properties, emphasis on user-friendly installations, and progression in biometric authentication strategies.

What Strategic Factors Are Influencing the Accelerated Growth of the smart locks Market?

The rise in the count of residential and commercial ventures is predicted to boost the expansion of the smart locks market. Residential ventures typically pertain to structures intended for living, while commercial ventures are structures leased out for business activities. Both these types of ventures readily adopt smart locks due to the safety provided by them through various technologies. For instance, the Office of National Statistics, a government department based in the UK, stated in November 2023 that the total new work increased by £18,161 million in 2022, demonstrating growth in both the private sector, with an increase of 16.8%, and the public sector, with a rise of 13.1%. Consequently, the escalation in the occurrence of residential and commercial ventures is fuelling the growth of the smart locks market.

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Which Companies Are Poised to Shape the Future of the Smart Locks Market?

Major companies operating in the smart locks market include:

• Allegion PLC_x000D_

• Assa Abloy AB._x000D_

• August Home._x000D_

• Cansec Systems Ltd._x000D_

• Dorma + Kaba Holding AG._x000D_

What Are the Latest Innovations and Trends Influencing the Smart Locks Market?

The advent of technological innovation is a notable trend gaining traction in the smart lock market. Leading firms in the smart lock industry are honing in on the development of novel technological solutions to cater to consumer necessities. For instance, Yale Home India, a digital lock production company based in India, unveiled the Yale YDM7220 BioSecure employing ioSecure technology in November 2022. Equipped with cutting-edge technology, the Yale YDM7220 BioSecure is a smart lock system designed to ensure all touchpoints in your home undergo frequent disinfection and sanitization to mitigate microbial contamination and disease transmission.

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How Are Key Segments Defining the Competitive Landscape of the Smart Locks Market?

The smart locks market covered in this report is segmented –

1) By Product: Deadbolts, Commercial, Padlocks, Other Products

2) By Communication Technology: Wi-Fi, Bluetooth, Zigbee, Z-Wave

3) By Authentication Method: Biometric, Pin Code, RFID Cards

4) By Application: Residential, Hospitality, Enterprise, Critical Infrastructure, Other Applications

Subsegments:

1) By Deadbolts: Keyless Deadbolts, Biometric Deadbolts, Smart Deadbolt With Keypad

2) By Commercial: Electronic Keypad Locks, Smart Access Control Systems, RFID Locks, Keyless Entry Systems For Businesses

3) By Padlocks: Bluetooth Padlocks, Smart Combination Padlocks, Biometric Padlocks

4) By Other Products: Smart Door Handles, Smart Garage Door Locks, Smart Lockboxes

What Regions Are Contributing Significantly to the Growth of the Smart Locks Market?

North America was the largest region in the smart locks market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart locks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

How Is the Scope and Reach of the Smart Locks Market Defined?

Smart locks refer to a mechanical and electrical lock that may be opened wirelessly with authentication from authorized users by connecting to the home’s Wi-Fi network, which allows it to receive the code or smartphone command to lock or unlock to enhance security.

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