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Residential Smart Lock Market Size
- Report ID: GMI9966
- Published Date: Jun 2024
- Report Format: PDF
Residential Smart Lock Market Size
Residential Smart Lock Market size was valued at USD 2.82 billion in 2023 and is estimated to grow at a CAGR of 10.6% from 2024 and 2032. The smart lock market is experiencing robust growth driven by increasing security concerns due to increasing crime rates, fueling the demand for advanced locking systems, with smart locks offering an extra layer of protection through features such as remote monitoring and real-time alerts.
For instance, according to Statistics Canada, the Crime Severity Index (CSI) in Canada rose for the second year in a row in 2022, with a 4% increase. Furthermore, the adoption of novel innovations, such as the Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML), is expected to increase the use of smart locks throughout the forecast period.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Residential Smart Lock Market Size in 2023: | USD 2.82 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 10.6% |
| 2032 Value Projection: | USD 6.95 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 487 |
| Tables, Charts & Figures: | 428 |
| Segments covered: | Product Type, Connectivity Type, Price Range, End-Use, Distribution Channel, Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Smart locks are often more expensive than standard locks, creating a substantial challenge for budget-conscious users. The initial expenditure required for smart locks, especially ones with advanced capabilities such as biometric recognition or remote access, may deter potential customers.
Frequently Asked Questions (FAQ) :
Residential Smart Lock Market Scope
