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Europe Smart Lock Market Size
- Report ID: GMI10854
- Published Date: Aug 2024
- Report Format: PDF
Europe Smart Lock Market Size
Europe Smart Lock Market size was valued at USD 4.1 billion in 2023 and is anticipated to register a CAGR of 11.9% between 2024 and 2032. The market is growing quickly as more people use smart home technologies. Smart locks are becoming popular because they are convenient and offer better security. Homeowners want advanced security solutions due to increasing concerns about home safety.
Smart locks help by providing better control and monitoring of who enters homes and buildings. For instance, according to a report by the European Commission, the smart home market in Europe is expected to grow by 20% annually from 2020 to 2025. This data supports the rising demand for smart locks in the region.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Europe Smart Lock Market Size in 2023: | USD 4.1 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 11.9% |
| 2032 Value Projection: | USD 11 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 135 |
| Tables, Charts & Figures: | 49 |
| Segments covered: | Type, Pressure Range, Size, End-Use Industry, Distribution Channel, Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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In addition to this, the widespread use of smartphones is driving the growth of the smart lock market. Easy-to-use mobile apps for smart lock management make it simple for consumers to adopt these technologies. These apps let homeowners’ control and monitor their locks remotely, adding convenience and security. According to the European Commission, smartphone penetration in Europe reached 85% in 2023, which supports this market expansion. This trend is pushing the smart lock market in Europe, reflecting a move towards smarter and safer homes.
High costs deter some consumers from switching to advanced locking systems. Concerns about unreliability, including technological glitches, connectivity problems, and vulnerabilities, further dissuade individuals from adopting smart lock technology. Moreover, the rising fear of smart lock hacking, akin to other wireless technologies, is poised to impede market expansion. According to a report by the National Institute of Standards and Technology (NIST), 45% of consumers worry about the security of smart home devices. With connection types such as Bluetooth, Wi-Fi, and Z-wave, specific hacking tools are necessary, and ample information on exploiting them is easily found online.
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Europe Smart Lock Market Scope
