The increasing demand for convenience and security in residential and commercial spaces is a main driver shaping the market growth
Rockville , Nov. 13, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global smart lock market is projected to reach a US value of US $22.06 Bn by the end of 2033 while rising at a CAGR of 16%.
Smart locks are electronic locks that let you open and secure doors without using a physical key. They're controlled through a smartphone or other connected device, which means you can lock or unlock your door even when you're not at home. They offer features like setting temporary access codes for guests or service providers, keeping a record of who enters and exits, and can be integrated with other smart home devices. Unlike traditional locks, if you lose a key, you can easily change the access codes for added security. Smart locks are a convenient and secure upgrade from regular locks, providing more control over who has access to your property.
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The growth of the smart lock market is being driven by several key factors. Firstly, the increasing demand for convenience and security in both residential and commercial spaces is fueling adoption. The ability to control access remotely through smartphones, along with features like temporary access codes and activity logs, enhances overall security and user control.
Securing smart locks is important because they can be vulnerable to hacking or unauthorized access if not properly protected. Smart locks use digital systems and communication with the internet, which can be exploited by cybercriminals. Smart locks need power, usually from batteries. Making sure they have a reliable and long-lasting power source can be tricky, especially if they're used a lot or outside.
| Report Attribute | Details |
| Value Projection (2033) | US$ 22.06 Billion |
| Growth Rate (2023-2033) | 16% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 96 Tables |
| No. of Figures | 191 Figures |
Key Takeaways:
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The United States is witnessing significant growth in the adoption of smart home technologies. Moreover, home automation trends increasing the adoption of smart locks.
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Energy-efficient smart locks are expected to be highly popular in Germany due to the rise in sustainability.
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Growing demand for easy and safe smart locks among senior citizens is expected to gain momentum in Japan due to the expanding aging population in Japan.
Increasing demand for convenient and secure access control solutions, integration with broader smart home ecosystems, and advancements in technology along with rising awareness of smart home solutions are a few factors that are driving the market- Says FACTMR Expert
Key Companies Profiled in This Report
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Assa Abloy AB
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Allegion PLC
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Dorma + Kaba Holding AG
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Spectrum Brands Holdings Inc.
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Salto Systems S.L.
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Onity Inc.
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Cansec Systems Ltd.
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Gantner Electronic GmbH
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Master Lock Company LLC
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MIWA Lock Co.
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Samsung Electronics Co. Ltd.
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Amadas Inc.
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Sentrilock LLC
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Avent Security
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Dessmann