Global smart locks market is projected to reach $5.53 billion by 2029

 

The global smart locks market is projected to reach $5.53 billion by 2029, at a CAGR of 14.7% during the forecast period of 2022-2029. Based on volume, the global smart locks market is projected to reach 49.9 million units by 2029, at a CAGR of 15.3% during the forecast period.

The growth of this market is attributed to the increasing safety & security concerns, the growing awareness of consumers about the benefits and comfort offered by smart locks, the increasing smart home penetration, and the rising acceptance of advanced access control and authentication technologies.

In addition, the increasing adoption of IoT-based security systems, the rising proliferation of smart cities, and the growing integration of biometric technologies into smart locks are expected to offer significant opportunities for the growth of this market. However, the high costs of smart locks, perception of unreliability, and the lack of awareness among customers can restrain the market growth of this market.

Based on lock type, the smart locks market is segmented into deadbolt locks, lever handles, knob locks and other locks. In 2022, the deadbolt locks segment is expected to account for the largest share of the global smart locks market. This segment is also expected to register the highest CAGR during the forecast period. Factors such as low installation costs, high durability, and effective protection against intense intrusion or attacks in residential, commercial, and other verticals contribute to this segment's growth.

Based on connectivity, the smart locks market is segmented into single connectivity and multi connectivity. The single connectivity segment is further segmented into RFID, Bluetooth, Wi-Fi, and other single connectivity modes. In 2022, the multi connectivity segment is expected to account for the largest share of the global smart locks market.

This segment is also expected to register the highest CAGR during the forecast period. Smart locks have various options for connectivity, all of which have distinct features which increase the ability to use remote features. These devices may support one or several different wireless network standards, such as Wi-Fi, Bluetooth, Zigbee, Z-Wave, Thread, and LoRa. These multiple connectivity standards are crucial for smart lock operation, serving different but complementary purposes.