Smart Lock Market to Eyewitness Massive Growth, Forecast 2030 Players Avent Security, Dessmann, ADEL Group

As per the report published by The Brainy Insights, the global smart lock market is expected to grow from USD 2.67 billion in 2022 to USD 12.40 billion by 2032, at a CAGR of 16.60% during the forecast period 2023-2032. North American region emerged as the largest global smart lock market, with a 47.53% market revenue share in 2022. The rapid adoption of smart home technology & smartphones is propelling this region's growth. Furthermore, the rising customer awareness about the convenience & profits offered by these deadbolt smart locks are anticipated to drive market growth in this region. In addition, the Asia Pacific region is anticipated to show the fastest CAGR growth over the projection period due to the presence of rapidly developing economies.

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Smart Lock Market Size by Unlocking Mechanism (Touch Based, Card Key, Key Fob, Smartphone Based, and Keypad), Type (Lever Handles, Deadbolt, Padlock, and Others), Application (Industrial, Residential, Commercial, Government Institution, and Others), Communication Protocol (Wi-Fi, Bluetooth, and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Leading companies in the industry include Avent Security, Dessmann, ADEL Group, ASSA ABLOY AB, Allegion plc, GANTNER Electronic GmbH, Gate, Cansec Systems Ltd., Master Lock Company LLC, Haven Lock, Inc., which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The unlocking mechanism segment is divided into touch based, card key, key fob, smartphone based, and keypad. The touch based segment led the market with a market share of 27.34% in 2022. This growth is attributed to the increased customer spending. The type segment is divided into lever handles, deadbolt, padlock, and others. The deadbolt segment led the market with a market share of 23.31% in 2022. This growth is attributed to the increasing awareness & advent of technologies. The application segment is divided into industrial, residential, commercial, government institution, and others. The residential segment led the market with a market share of 29.23% in 2022. This growth is attributed to the raised affordability of modern security solutions like door and window opening sensors, motion detectors, and remote door unlocking and locking. The communication protocol segment is divided into Wi-Fi, Bluetooth, and others. The Bluetooth segment led the market with a market share of 42.18% in 2022. This growth is attributed to the increased investments in IoT devices.

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The raised global internet penetration and higher reliance on mobile applications to make daily processes easier are helping to drive the growth of the smart lock market. Further, the rising investments in the real estate sector & sales of new homes are helping to stimulate the smart lock market growth during the forecast period. Additionally, the increasing Internet of Things (loT) penetration, coupled with the advent of technologies like Artificial Intelligence (Al) and Machine Learning (ML), is also assisting in boosting market growth over the forecast period.

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