Smart Lock Market size worth $ 7.13 Billion, Globally, by 2030 at 13.71% CAGR: Verified Market Research®

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Aug 24, 2022, 09:15 ET

The market for smart locks has been driven by the rising security and safety concerns relating to preventing invasion, unauthorized access, theft, burglary, and expanded functionality compared to standard locks.

JERSEY CITY, N.J., Aug. 24, 2022 Verified Market Research recently published a report, "Smart Lock Market" By Type (Deadbolts, Lever Handles, Padlocks, and Others), By Communication Protocol (Bluetooth, Wi-Fi, and Others), By Vertical (Commercial, Residential, Institution & Government, Industrial, and Others), and By Geography. According to Verified Market Research, the Smart Lock Market size was valued at USD 2.55 Billion in 2021 and is projected to reach USD 7.13 Billion by 2030, growing at a CAGR of 13.71% from 2022 to 2030.

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Browse in-depth TOC on "Smart Lock Market"

202 - Pages

126 – Tables

37 – Figures

Global Smart Lock Market Overview

The increasing need for high performance Integrated Circuits is a major factor in the growth of the global smart lock market. By processing and storing data on the same chip, neuromorphic devices can significantly cut down on the amount of time a typical CPU spends moving data around. The time a regular CPU would have needed to shuttle data between a block of memory and the processor handling these memories' processing tasks is significantly decreased by the ability to combine processing and storage. So, the demand for higher-performing ICs is assisting the market's growth in the pursuit of efficient computing.

In order to increase productivity and product quality, a wide range of sectors needs to automate their processes with the use of artificial intelligence and machine learning. Numerous businesses, including those in the medical, media, telecom, auto, food, and beverage sectors, use AI extensively. Because SNN can make flexible and agile decisions while taking the situation's context into account as well as past experiences, it can effectively address the difficulties that these industries frequently face. Combining AI with ML can improve the efficiency of applications including fraud detection, credit scoring, speech recognition, self-driving cars, image classification, and language translation. The market is expanding as a result of an increase in demand for general-purpose cognitive and brain robots.

Key Developments

February 2022 – Dormakaba finalised the acquisition of AtiQx Holding B.V. in the Netherlands, bolstering its core business and services activities. In the relevant market, AtiQx is one of the leading providers of electronic access control and labour management.
January 2022 – Vivint and New American Funding, one of the largest independent mortgage providers in the country, have launched a strategic alliance to help homeowners and purchasers protect their dream homes. Customers of New American Funding will be eligible for special incentives from Vivint to safeguard and automate their homes as a result of the relationship.

Key Players

The major players in the market are Assa Abloy AB, Dorma+Kaba Holding AG, Spectrum Brands Holdings, Inc., Allegion Plc, Onity, Inc.

Verified Market Research has segmented the Global Smart Lock Market On the basis of Type, Communication Protocol, Vertical, and Geography.

Smart Lock Market, By Type

Deadbolts
Lever Handles
Padlocks
Others

Smart Lock Market, By Communication Protocol

Bluetooth
Wi-Fi
Others

Smart Lock Market, By Vertical

Commercial
Residential
Institution & Government
Industrial
Others

Smart Lock Market, by Geography

North America

U.S
Canada
Mexico

Europe

Germany
France
U.K
Rest of Europe

Asia Pacific

China
Japan
India
Rest of Asia Pacific

ROW

Middle East & Africa
Latin America

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