Step into tomorrow with a door that knows who’s boss. ????
According to a recent report from Kings Research, the global Smart Lock Market was valued at USD 2,691.0 million in 2023 and is expected to reach USD 7,201.5 million by 2031, reflecting a robust CAGR of 13.30% from 2024 to 2031.
The rise in urbanization and increasing disposable incomes are driving the demand for smart home solutions, including advanced security systems like smart locks. This growing trend is supported by heightened awareness of home automation benefits, such as convenience and enhanced security.
Technological advancements in areas such as IoT connectivity, biometric authentication, and mobile app integration are revolutionizing the smart lock industry. These innovations are expanding the capabilities of smart locks, making them more user-friendly and accessible.
The increasing emphasis on home security due to rising crime rates and safety concerns is further boosting the demand for smart locks. These devices offer superior security features by allowing homeowners to remotely monitor and manage property access.
Key Insights:
Fortune Brands Acquires Emtek and Schaub to Strengthen Residential Sector Foothold
In June 2023, Fortune Brands Innovations, Inc., a leading provider of home, security, and commercial building products, completed the acquisition of Emtek and Schaub, which are well-known for their premium door and cabinet hardware. Additionally, the company acquired the residential smart locks business of Yale and August in the US and Canada from ASSA ABLOY.
Surging Integration with Smart Home Ecosystems to Aid Smart Lock Market Growth
The integration of smart locks with smart home ecosystems is a significant factor driving market growth. The ability to connect smart locks with other smart devices such as thermostats, lighting systems, and security cameras offers a comprehensive, user-friendly living experience, appealing to tech-savvy consumers.
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Integration of Artificial Intelligence for Enhanced Functionality to Offer Potential Growth Opportunities
The integration of artificial intelligence (AI) presents promising growth opportunities for the smart lock market. AI-powered smart locks utilize algorithms to learn user behavior and preferences, enhancing security features such as real-time anomaly detection and immediate alerts for suspicious activity. This technology aims to provide enhanced convenience, personalization, and security, pushing the market towards greater sophistication.
Europe to Experience a Substantial CAGR of 12.68% over 2024-2031
Europe is anticipated to experience a substantial CAGR of 12.68% from 2024 to 2031. Rising burglary rates, increasing property values, and high smartphone penetration are driving the adoption of smart locks in the region. Additionally, government initiatives promoting smart home technologies are bolstering market growth. Besides the residential sector, there is growing demand for smart locks in commercial and industrial applications due to their ability to provide detailed access control and improve overall security.
Prominent Companies Forge Agreements to Enhance Industry Presence
The global smart lock market is fragmented, with key players including ASSA ABLOY Group , Avent Security , Cansec Systems ., Spectrum Brands, Inc , Mul-T-Lock Technologies LTD., Allegion Plc, SentriLock and Smart Locking, Logic Proprietary Limited. These companies are expanding their market presence through various strategies such as acquisitions, mergers, partnerships, and new product launches.
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