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Smart Locks Market to Generate a Revenue of $14,972.3 Million by 2030, Growing at 20.1% CAGR: Says Allied Market Research

The global smart locks market is predicted to observe significant growth owing to the rising adoption of cloud-based mobile applications, the growing use of security-based products, low battery requirements, increasing awareness, and device efficiency.

Wilmington, DE, Nov. 17, 2023 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, "Smart Locks Market by Product Type (Deadbolts, Lever Handles, Padlocks, and Others), Technology (Wi-Fi and Bluetooth), and End User (Residential and Commercial) Global Opportunity Analysis and Industry Forecast, 2021-2030." As per the report, the global smart locks industry is predicted to garner a revenue of $14,972.3 billion by 2030. The market accounted for $2,366.51 billion in 2020, rising at a CAGR of 20.1% during the analysis timeframe from 2021 to 2030.

Prime determinants of the market:

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.

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The deadbolts segment to hold the major market share by 2030

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 Wi-Fi segment held the highest market share in 2020

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.

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North America to rule the roost in terms of revenue

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.

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Prominent market players:

  • Honeywell International Inc.
  • Schlage
  • HAVEN Lock, Inc.
  • UniKey Technologies
  • SALTO Systems
  • August Home
  • Panasonic Corporations
  • Samsung SDS Co., Ltd.

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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