The smart lock market size was projected to be US$ 2,996.70 million in 2022. By the end of 2023, the industry is likely to reach a valuation of US$ 3,404.70 million. During the forecast period, the global market for smart lock is expected to garner a 14.90% CAGR and reach a size US$ 13,611.40 million by 2033.

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.

Request for a Sample of this Research Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-1063

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.

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.

Who are the Major Players in the Smart Locks Market?

·        AT&T Intellectual Property,

·        Comcast, Lowe’s Companies, Inc.

·        Staples, Inc.,

·        UniKey Technologies, Inc.,

·        Yale Real Living,

·        MIWA Lock Co.

·        HAVEN

Segmentation Analysis of the Smart Lock Market:

By Product Type:

·        Biometric Lock

·        Electronic / Sensor Lock

·        Remote Control Lock

·        Pin Code Reader Lock

By Technology:

·        Bluetooth

·        Wi Fi

·        Z Wave

By Price Range:

·        Economical

·        Mid Range

·        Premium

By Region:

·        North America

·        Latin America

·        Western Europe

·        Eastern Europe

·        South Asia and Pacific

·        East Asia

·        The Middle East & Africa