Smart Lock Market Worth $5.53 Billion by 2029

1. Smart Lock Market Worth $5.53 Billion by 2029

2. Global Smart Lock Market - 2022–2029 Meticulous Research®, a prominent player in global market research, has released its latest report, “Smart Lock Market by Lock Type (Deadbolt, Lever Handles, Others), Connectivity, Operating Mode, Application (Access Control & Authentication, Asset Control), End User (Residential, Commercial, Others), and Geography—Global Forecasts to 2029.” The new report from Meticulous Research® indicates that the global smart lock market is expected to reach $5.53 billion by 2029, growing at a compound annual growth rate (CAGR) of 14.7% from 2022 to 2029. In terms of volume, the market is projected to reach 49.9 million units by 2029, with a CAGR of 15.3% over the forecast period. The market's growth is driven by increasing safety and security concerns, rising consumer awareness of smart lock benefits, the growing penetration of smart homes, and the adoption of advanced access control and authentication technologies. Additionally, the proliferation of IoT- based security systems, the expansion of smart cities, and the integration of biometric technologies into smart locks are expected to provide significant growth opportunities. However, high costs, reliability concerns, and lack of consumer awareness could hinder the market's expansion. The smart lock market is segmented by lock type, operating mode, connectivity, application, and end user, with detailed analysis provided at regional and national levels. By lock type, the market is categorized into deadbolt locks, lever handles, knob locks, and others. Deadbolt locks are expected to dominate the market in 2022, holding the largest share, and are forecasted to register the highest CAGR during the forecast period. The dominance of deadbolt locks is attributed to their cost-effectiveness, durability, and superior protection against forced entry in residential, commercial, and other applications. Page 1 of 3 © Meticulous Research| sales@meticulousresearch.com

3. Global Smart Lock Market - 2022–2029 The market is segmented by connectivity into single connectivity and multi-connectivity. The single connectivity segment is further divided into RFID, Bluetooth, Wi-Fi, and other modes. The multi-connectivity segment is expected to hold the largest market share in 2022 and is projected to register the highest CAGR during the forecast period. Multi-connectivity smart locks, which support various wireless networking standards like Wi-Fi, Bluetooth, Zigbee, Z-Wave, Thread, and LoRa, offer enhanced functionality and versatility, making them increasingly popular. The market is divided by operating mode into single operating mode and multi-operating mode. Single operating modes include keypad, smart card, touch-based, key fob, and smartphone-based systems. The multi-operating mode segment is expected to lead the market in 2022 and register the highest CAGR during the forecast period, driven by the demand for more secure, customizable, and user-friendly smart locks. In terms of application, the market is split into access control & authentication and asset control. The access control & authentication segment is expected to account for the largest market share in 2022 and is projected to grow at the highest CAGR over the forecast period. This growth is attributed to the increasing adoption of advanced access control technologies, such as fingerprint recognition, facial recognition, IRIS recognition, voice recognition, and smart cards, along with the rising demand for modern access control solutions. The smart lock market is also segmented by end user into residential, commercial, and industrial segments. The commercial segment is anticipated to dominate the market in 2022, capturing the largest share, driven by growing safety and security awareness, the need for advanced access control systems across multiple locations, and the expanding adoption of smart locks in commercial properties. The residential segment is expected to register the highest CAGR during the forecast period, supported by the increasing penetration of smart homes, rising new construction and renovation activities, and the growing affordability of modern security solutions. Geographically, the smart lock market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. Asia-Pacific is anticipated to lead the market in 2022 and experience the fastest growth during the forecast period. The region’s growth is driven by rapidly developing economies, continuous technological advancements, and government initiatives aimed at integrating advanced access control and authentication technologies into public infrastructure. Additionally, the increasing adoption of AI, IoT, and biometric recognition technologies is expected to further propel the smart lock market in Asia-Pacific. Key Players: Some of the key players operating in the metal powder market are Höganäs AB (Sweden), GKN Powder Metallurgy (U.K.), Advanced Technology & Materials Co., Ltd. (China), Sandvik AB (Sweden), AMETEK Inc. (U.S.), Tekna Holding ASA (Canada), BASF SE (Germany), Aubert & Duval (France), Alcoa Corporation (U.S.), ATI Inc. (U.S.), Carpenter Technology Corporation (U.S.), RusAL (Russia), Rio Tinto (U.K.), Kymera International (U.S.), and Praxair S.T. Technology, Inc. (U.S.) Download Sample Report Here @ https://www.meticulousresearch.com/download- sample-report/cp_id=5860 Page 2 of 3 © Meticulous Research| sales@meticulousresearch.com

4. Global Smart Lock Market - 2022–2029 Key questions answered in the report- • Which are the high-growth market segments based on metal type, application, source, production, and end user? • What was the historical market for metal powder? • What are the market forecasts and estimates for the period 2024–2031? • What are the major drivers, restraints, and opportunities in the metal powder market? • Who are the major players, and what shares do they hold in the metal powder market? • What is the competitive landscape like in the metal powder market? • What are the recent developments in the metal powder market? • What are the different strategies adopted by the major players in the metal powder market? • What are the key geographic trends, and which are the high-growth countries? • Who are the local emerging players in the metal powder market, and how do they compete with the other players? Contact Us: Meticulous Research® Email- sales@meticulousresearch.com Contact Sales- +1-646-781-8004 Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Page 3 of 3 © Meticulous Research| sales@meticulousresearch.com