According to a new report, published by KBV research, The Global Smart Locks Market size is expected to reach $6.4 billion by 2030, rising at a market growth of 15.2% CAGR during the forecast period. In the year 2022, the market attained a volume of 11,321.2 thousand Units experiencing a growth of 15.1% (2019-2022).
The Wi-Fi segment is registering a CAGR of 14.3 % during the forecast period. Wi-Fi enabled smart locks seamlessly integrate with broader smart home ecosystems. This integration allows users to synchronize their smart locks with other Wi-Fi-connected devices, such as security cameras, thermostats, and voice-activated assistants. The ability to create automated routines and interactions enhances the overall functionality and appeal of Wi-Fi-enabled smart locks within smart home setups.
The Deadbolts segment led the Global Smart Locks Market by Product in 2022; thereby, achieving a market value of $2.5 Billion by 2030. When equipped with smart technology, such as biometric authentication, advanced encryption, and tamper alerts, smart deadbolts offer a high level of security. Smart deadbolts seamlessly integrate with broader smart home ecosystems. This integration allows users to create comprehensive automation scenarios where the deadbolt works with other smart devices, such as security cameras, lights, and thermostats. The interconnectedness enhances the overall functionality and value proposition of smart deadbolts.
The Commercial segment is growing at a CAGR of 14.8 % during the forecast period. Robust access control solutions are frequently required in commercial spaces to regulate the movement of workers, visitors, and vendors. Smart locks offer a sophisticated access control mechanism, allowing businesses to enforce specific access permissions, monitor entry and exit activities in real-time, and respond promptly to security incidents. This heightened level of control contributes to a more secure and organized environment. Smart locks seamlessly integrate with broader security systems used in commercial settings. This integration includes surveillance cameras, alarm systems, and other access control measures.
The North America region dominated the Global Smart Locks Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2.2 Billion by 2030. The Asia Pacific region is anticipated to grow at a CAGR of 16% during (2023 - 2030). Additionally, The Europe region would witness a CAGR of 15% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/smart-locks-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Honeywell International, Inc., Zhejiang Dahua Technology Co., Ltd., Samsung Electronics Co., Ltd. (Samsung Group), Assa Abloy AB, Unikey Technologies Inc., Vivint Smart Home, Inc. (NRG Energy, Inc.), Allegion Plc, HavenLock Inc. and Salto Systems, S.L.
By Technology (Volume, Thousand Units, USD Billion, 2019-2030)
By Product (Volume, Thousand Units, USD Billion, 2019-2030)
By End User (Volume, Thousand Units, USD Billion, 2019-2030)
By Geography (Volume, Thousand Units, USD Billion, 2019-2030)
Companies Profiled
Unique Offerings 
