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Demand for Deadbolt Smart Locks to Shoot-up, Contributing for Over 2/5th of Overall Smart Lock Sales

A comprehensive study by Fact.MR provides compelling insights into key driven and opportunities facilitating the growth in the smart lock market. It also reveals the demand outlook of the market in terms of type and application. The report further uncovers prominent trends that will create lucrative growth prospects in the market between 2022 and 2032.

NEW YORK , Feb. 23, 2022 /PRNewswire/ -- As per an exhaustive survey conducted by Fact.MR, the global smart lock market is expected to reach US$ 4.31 Bn in 2022 and projected to surpass US$ 19 Bn by the end of 2032.  

Rising prevalence of crimes such as theft, home invasion, and burglary has resulted in strong demand for security devices. For instance, according to a report by the U.S. Department of Justice, nearly 2.5 million burglaries are reported across the U.S. every year, out of which more than half of there are home invasions.

As smart locks assist in enhancing home security, they are increasingly being adopted across residential and commercial sectors, which is in turn, favoring the growth in the market. This is expected to increase the sales of smart locks at 16% CAGR over the forecast period 2022-2032.

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In addition to this, surging trend of smart homes and increasing penetration of smart technologies such as smart lights, smart kitchens appliances in modern homes, especially across the U.S., the U.K, Japan , and others are spurring the sales of smart locks.

As per the study, deadbolt smart locks are estimated to remain the most sought-after locks, accounting for more than 46% of the revenue share by 2022. Increasing deployment of deadbolt locks across the residential sector, owing to its durable locking mechanism and ease of use is accelerating the growth in the segment.

"Introduction of novel technologies such as artificial intelligence (AI) integrated in smart locking systems with innovative features such as biometric, voice control, keyless, and others are expected to augment the sales in the market," says a Fact.MR analyst.

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Leading players in the global smart locks market are focusing on developing and launching novel smart locks to enhance their product portfolio. Besides this, some of the companies are aiming at collaboration, mergers, and acquisitions to expand their customer base.

Some of the key players in the market profiled by Fact.MR are:

More Valuable Insights on Smart Lock Market

An exhaustive study published by Fact.MR offers a detailed analysis on the global smart lock market, analyzing forecast statistics for the assessment period 2022-2032. The study also offers sales projections in smart lock market with detailed segmentation, on the basis of:

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Key Questions Covered in the Smart Lock Market Report 

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Intrusion Detection & Protection System Market Trends: With the growing need for distributing the IPS workload among various devices, security hazards have continued to persist in various organizations. Intrusion Detection & protection system market value to register a CAGR of 12.3% during the forecast period.

Wireless Security System Market Scope - In the future years, the wireless security system market is likely to be driven by the increased adoption of wireless security systems for residential security. Because they enable home automation and stay operational even when the lights go out, wireless security systems are gradually replacing various traditional kinds.

Biometric Authentication Solution Market Analysis - Biometric authentication solutions are being more widely used as the demand for improved security and identification systems grow. The growing reliance on digital technologies and automation is likely to fuel the expansion.

Electronic Security Systems Market Forecast - Some integrated characteristics that make the incorporation of electronic security systems more appealing are access control systems, fire safety alarms, and avoidance and attendance systems. The need for electronic security systems in both the residential and commercial sectors is continuously increasing as crime rates rise.

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