Press release
Smart Lock Market Size & Share Report 2031 Analysis by Key Players - August Home, dormakaba Group, Honeywell, Honeywell, Allegion
Smart Lock Market Size and Share Report
The Smart Lock Market, valued at USD 2.41 billion in 2023, is projected to reach USD 9.63 billion by 2031, growing at a compound annual growth rate (CAGR) of 19.4% from 2024 to 2031. This robust growth is driven by several factors, including the increasing adoption of smart home technologies, advancements in Internet of Things (IoT) integration, and rising consumer awareness about home security. The convenience of remote access control, enhanced security features, and the proliferation of smart devices compatible with home automation systems are also significant contributors. Furthermore, growing investments in smart city projects and the expanding real estate sector are expected to bolster market demand.
KEY PLAYERS:
- August Home
- Kwikset ASSA ABLOY AB (Sweden)
- dormakaba Group (Switzerland)
- SDS Smart Locks Spectrum Brands Inc. (US)
- Honeywell International Inc.
- SALTO Systems
- S.L. (Spain)
- Allegion plc (Ireland)
- Onity Inc. (Carrier Global Corporation)
- Zigbang Co. Ltd
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The smart lock market is experiencing significant growth due to several key factors:
-Increased Demand for Enhanced Security: Growing concerns about home and office security drive the adoption of smart locks.
-Technological Advancements: Continuous improvements in IoT and connectivity technologies enhance the functionality and convenience of smart locks.
-Growing Smart Home Adoption: Rising popularity of smart home ecosystems boosts the demand for integrated smart security solutions.
-Convenience and Accessibility: Features like remote access, voice control, and real-time alerts appeal to tech-savvy consumers and businesses.
Impact of Russia-Ukraine War
-Supply Chain Disruptions: The conflict disrupts global supply chains for electronic components and materials, leading to delays and increased costs.
-Economic Uncertainty: Geopolitical tensions result in economic instability, affecting investment decisions and market growth, particularly in Europe.
-Increased Security Concerns: Heightened security concerns drive demand for advanced security solutions, including smart locks, in affected regions.
Economic slowdowns can affect the market in various ways:
-Reduced Consumer Spending: Households may delay or reduce spending on smart home technologies, impacting sales.
-Budget Constraints: Companies facing budget constraints may postpone investments in advanced security solutions.
-Focus on Cost Efficiency: Economic pressures drive a focus on cost-effective and efficient technologies, potentially benefiting the smart lock market in the long run.
Key Regional Developments
-North America: High adoption of smart locks driven by advanced smart home ecosystems and significant investments in security technologies.
-Europe: Growth fueled by stringent security regulations, increasing use in residential and commercial sectors, and government initiatives promoting smart cities.
-Asia-Pacific: Rapid market expansion due to urbanization, growing disposable incomes, and rising awareness of smart security solutions in countries like China and India.
-Latin America: Emerging market with growing investments in smart home and security technologies, supported by economic growth.
Middle East & Africa: Developing market with potential for growth driven by infrastructure development and increasing technology adoption.
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Key Takeaways for Smart Lock Market
-Technological Innovation: Continuous advancements in IoT and connectivity technologies enhance the capabilities and applications of smart locks.
-Diverse Applications: Wide range of applications across residential, commercial, industrial, and government sectors boosts market expansion.
-Economic and Geopolitical Influences: Economic slowdowns and geopolitical events impact supply chains, costs, and investment decisions in the smart lock market.
-Regional Variations: Adoption rates and market dynamics vary across regions, influenced by factors such as technological infrastructure, economic conditions, and industry demand.
Table of Content - Analysis of Key Points
Chapter 1. Executive Summary
Chapter 2. Market Definition and Scope
Chapter 3. Global Market Dynamics
Chapter 4. Smart Lock Market Impact Analysis
Chapter 5. Value Chain Analysis
Chapter 6. Porter's 5 forces model
Chapter 7. PEST Analysis
Chapter 8. Smart Lock Global Market, by Type
Chapter 9. Smart Lock Global Market, by Communication Protocol
Chapter 10. Smart Lock Global Market, by Unlocking Mechanism
Chapter 11. Smart Lock Global Market, by Vertical
Chapter 12. Regional Outlook
Chapter 13. Competitive Intelligence
Chapter 14. Key Companies Analysis
Chapter 15. Research Process
Continued…
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Head of Business Development & Strategy
info@snsinsider.com
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