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Residential Smart Lock Market Trends

Report ID: GMI9966
Published Date: Jun 2024
Report Format: PDF

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Residential Smart Lock Market Trends

Smart locks are becoming increasingly popular as part of IoT-based security systems, as they effortlessly integrate with other smart devices such as cameras and alarms. This connection provides a comprehensive security network that allows users to operate and monitor their locks from anywhere. Smart locks, with features such as keyless entry and remote access, provide a convenient and efficient way to safeguard homes and businesses, hence fueling market growth.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The residential smart lock market was valued at USD 2.82 billion in 2023 and is estimated to grow at 10.6% CAGR during 2024-2032, driven by increasing security concerns due to rising crime rates.

The deadbolt segment in the residential smart locks market is expected to grow at 11% CAGR during 2024-2032, driven by their strong security features, making it a popular choice among households and businesses alike.

North America residential smart lock market size was USD 1.04 billion in 2023 and will reach USD 2.64 billion by the end of 2032, due to widespread technological adoption and the rapid growth of smart houses in the U.S.

Allegion Plc, Amadas Inc, Assa Abloy AB, August Home Inc, Avent Security, Gantner Electronic GmbH, Honeywell International Inc., and Megadoorlock Technology Co., Ltd. among others.