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Smart Lock Market Size
- Report ID: GMI7627
- Published Date: Feb 2024
- Report Format: PDF
Smart Lock Market Size
Smart Lock Market size was valued at USD 17.5 billion in 2023 and is anticipated to register a CAGR of over 12.7% between 2024 and 2032. Smart locks are electronic locks that provide a higher level of security and convenience compared to traditional mechanical locks. These locks use technology, such as Bluetooth, Wi-Fi, or Z-Wave, to communicate with smartphones, tablets, or other smart devices.
The smart lock market is experiencing robust growth driven by several key factors. The global expansion of smart home adoption has emerged as a major driver, as consumers increasingly seek integrated and automated solutions for their living spaces. The growing frequency of security concerns has fueled the demand for advanced locking systems, with smart locks offering an extra layer of protection through features like remote monitoring and real-time alerts.
Furthermore, the integration of enhanced features with traditional lock systems has attracted consumers looking to upgrade their home security without compromising on familiarity. The rise in the use of smartphones and other connected devices has played a major role, providing users with seamless control over their smart locks through mobile apps and enabling convenient keyless entry options.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Smart Lock Market Size in 2023: | USD 17.5 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 12.7% |
| 2032 Value Projection: | USD 50.27 Billion |
| Historical Data for: | 2018 to 2023 |
| No. of Pages: | 256 |
| Tables, Charts & Figures: | 189 |
| Segments covered: | Product Type, Unlocking Mechanism, Connectivity Type, Price Range, End User, Distribution Channel, Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The high cost associated with these advanced locking systems is preventing some consumers from making the transition from traditional locks. The perception of unreliability also acts as a restraint, as concerns about potential technological glitches, connectivity issues, or system vulnerabilities may discourage individuals from embracing smart lock technology.
Additionally, the growing belief that smart locks can be hacked, as the other wireless technologies, is expected to hinder the market growth. Various connection types like Bluetooth, Wi-Fi, and Z-wave require specific hacking tools, and a lot of information is readily accessible on the internet detailing the methods to exploit them.
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Smart Lock Market Scope
