Smart Lock Market is Expected to Witness Healthy Growth at 16% CAGR through 2029

Smart gadgets’ increased interaction with public, private, and residential infrastructure has resulted in a surge in demand for smart locks. The introduction of smart lock systems is enabled by improved security, safety, and monitoring of properties for theft prevention. Through 2029, the worldwide smart locks market is expected to rise at a rapid 16 percent CAGR.

Countries all across the world are taking advantage of advances in infrastructure technologies including smart surveillance, better sensors, and mobile security system control. Smart locks are being intensively researched and developed by market participants in order to increase convenience and security.


Global Smart Lock Market: In-Depth Assessment on Key Segments

The global smart lock market is segmented on the basis of type, application and region.

  • Deadbolt
  • Lever Handles
  • Padlock
  • Others
  • Residential
  • Hospitality
  • Enterprise
  • Critical Infrastructure
  • Others
  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa

The Smart Lock Market Study’s Key Takeaways

Deadbolt smart locks will rise over 4X during the projected period due to product features such as pricing, durability, and security.
The lever handle segment will grow at a 17 percent CAGR between 2019 and 2029, driven by consumer desire for smart hospitality and easy access to services.

The residential application market is expected to quadruple in size by 2029, thanks to millennial consumers’ increased disposable income. Furthermore, in the future decade, the proliferation of smart devices in developing economies will considerably contribute to the growth of the smart locks market.

From 2019 through 2029, critical infrastructure such as server rooms and massive data centres will develop at a rate of more than 19 percent. Smart locks for vital IT infrastructures are in high demand because to the increasing digitization of company operations.

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