Global Market for Smart Locks to Surge on the Back of Heightened Residential Applications, Says Fact.MR
Published : 21 Jan 2022 Industry: Technology
A recently revamped Fact.MR report establishes that the global smart lock market is expected to surge at a CAGR of 16% from 2022 to 2032, reaching a value of US$ 19 Bn. This surge is attributed to the ever increasing demand for robust security solutions- both in commercial as well as residential settings. Hence, clients are opting for smart locking systems.
From 2017 to 2021, the industry surged at an impressive CAGR of 15%. During the COVID-19 pandemic, prospects remained largely optimistic. The imposition of lockdowns and stay-at-home directives prompted end users to beef up their existing security systems to prevent possible incidences of break-ins and thefts.
Countries across the world are leveraging advancement in infrastructural technology such as smart surveillance, enhanced sensors, and mobile control of security systems. Market players are heavily investing in research and development of smarts locks to increase convenience and enhance security.
Key Takeaways from the Market Study
- Global smart lock market to be valued at US$ 4.31 Bn by the end of 2022
- Smart locks for residential applications to surge 2.7x through 2032, capturing a market share of 68%
- Deadbolt smart locks to accumulate a revenue share exceeding 2/5th of global market value
- Lever handler smart locks to experience a staggering 17% CAGR increase through 2032
- U.S to accumulate a revenue share exceeding 40% across 2022 and beyond
- South Asia & Pacific to be the fastest growing market, clocking a 22% CAGR
“Many new innovations today are aiming to make homes smarter and everyday life easier, now achievable due to superior data analytics and the advent of artificial intelligence.” comments a Fact.MR analyst
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.
- In February 2021, Allegion Plc. introduced the new Schlage Ease™ range of smart locks that are easy to install and use, but with maximum features. These locks are available in either deadbolt or entry lock versions and offers affordable style, convenience and security with modern smart functionality for any home.
- In September 2021, ASSA Abloy has signed a definitive agreement to acquire the Hardware and Home Improvement (“HHI”) division of Spectrum Brands for a purchase price of MUSD 4300 on a cash and debt free basis.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Technology market, presenting historical demand data (2017-2021) and forecast statistics from 2022 to 2032.
The study divulges essential insights on the market based on type (deadbolt, lever handles, padlock and others) and application (residential, hospitality, enterprise, critical infrastructure and others) across six regions (North America, Latin America, Europe, East Asia, South Asia & Oceania and MEA).
About the Technology Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Technology team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed the technology market across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Sr. Consultant - Technology