A study on Smart Locks Market has been conducted to understand the market landscape in 2022.
Survey period: December 12-19, 2022
Researcher: SDKI Inc.
Survey Base: We surveyed 535 market players of all sizes.
Number of valid answers: 535
Survey method: 227 field surveys, 308 internet surveys
Survey Respondents: The survey was conducted among companies based on revenue. Q: How big is the smart lock market?
The smart lock market is expected to garner approximately USD 3 billion in 2022 and grow at a CAGR of up to 18% during the forecast period. Furthermore, the global smart lock market is expected to reach approximately US$17 billion by 2035.
Question: What are the factors driving the growth of the smart lock market? Following are the factors driving the development of the smart lock market: :- Heavily invested in smart city projects by various governments Introduction of stringent security regulations in various parts of the world Massive adoption of smart locks in the hospitality sector
Moreover, advancements in Internet of Things (IoT) technology are expected to drive the market for smart locks.
Q: What are the classifications of the smart lock market?
The smart lock market can be segmented by lock type, deployment model, unlocking mechanism, and industry sector. These categories are classified as follows: :-
1. By lock type
2. By deployment model
3. By unlocking mechanism
Q: Which lock type subcategory is estimated to capture the largest share of the smart lock market?
Deadbolt locks are estimated to capture the largest share in the smart lock market. Deadbolt locks are easy to install. This ease of installation makes locking types the most preferred in several industries. The most commonly used external locks in homes are also deadbolts. High durability, adequate protection, and low installation costs are all attractive deadbolts contributing to market growth. Learn more https://bit.ly/3R3Vwrt
Q: Which deployment model subcategory is expected to hold the largest share of the smart lock market?
The Bluetooth deployment model is expected to hold the largest share in the smart lock market. Cost-effectiveness is a major factor driving the growth of Bluetooth-based smart locks. Additionally, these locks also maintain an optimal balance of range, readability, and bandwidth. Low power consumption is another factor driving the demand for Bluetooth deployment models.
Question: Which subcategory is expected to hold the largest share in the smart lock market when it comes to unlocking mechanisms? As for unlocking mechanisms, keypad mechanisms are expected to hold the largest share of the smart lock market. The increasing number of smart homes worldwide is believed to be the biggest reason for the demand for unlocking mechanisms. A Wi-Fi based smart lock that opens with a smart keypad makes your smart home more efficient.
Q: Which industry subcategory is estimated to capture the largest share of the smart lock market?
The residential sector is estimated to capture the largest share of the smart lock market. The ever-growing urban population requires improved urban infrastructure. In these, enhancing the security of life and property is at the forefront. With the rise of smart homes, this importance of security has increased the demand for smart locks in the industry.
Question: What are the challenges that limit the growth of the smart lock market?
Some of the factors restraining the smart lock market growth are:- High price for smart lock
Lack of understanding of smart locks in rural areas of the world Strict government regulation
In addition, the demand for smart locks is also believed to be negatively affected by people’s general reluctance to embrace modern technology.
Q: Who is leading the smart lock market?
Below are the companies that lead the smart lock market. –
Haven Lock, Inc.
ASSA ABLOY group
Kwikset (Spectrum Brands Holdings, Inc.)
August Home, Inc.
Master Lock Company LLC
Cansec Systems Ltd.
Salto Systems, S.L.
Nuki Home Solutions GmbH
Question: What are the recent developments in the field of smart lock market? Below are some of the recent developments in the smart lock market. :- In October 2022, Kwikset announced two new SmartCode deadbolts: the SmartCode 260 Keypad and the SmartCode 270 Touchpad. Both are electronic deadbolts and cost effective keyless entry locks. In September 2021, Master Lock Company LLC introduced the ProSeries padlock. This padlock is a Bluetooth enabled padlock that can be deployed in the cloud.
Question: Which region is expected to offer lucrative growth opportunities for the smart lock market?
The Asia-Pacific region is expected to pose the greatest lucrative opportunity in the smart lock market. Increasing urbanization in the Asia-Pacific region is mainly considered to be a factor contributing to the growth of the smart lock market. As urbanization progresses, the number of commercial and residential projects is exploding. Smart city initiatives are also progressing in developing countries such as India. We are also seeing a surge in the number of smart homes here. In addition, increasing rate of crime and terrorist attacks in Asia-Pacific may also result in significant demand in the regional smart lock market.
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