Smart lock market expected to grow to over $8.71 billion by 2032

From GlobeNewswire: 2024-10-23 09:29:00

The Smart Lock Market was valued at USD 2.38 Billion in 2023, set to reach USD 8.71 Billion by 2032 with a 15.58% CAGR. Smart home tech adoption is increasing, but concerns over data privacy persist. Smart locks offer convenience and safety, with advanced features like fingerprint recognition and voice commands.
Deadbolts lead the smart lock market with a 37% market share in 2023, known for their security features. Wi-Fi smart locks dominate with a 35% market share, offering remote access and monitoring capabilities. North America holds a 41% market share, while Asia-Pacific is projected to witness higher growth throughout 2024-2032.
Future trends include AI integration and IoT connectivity shaping the smart lock market, with features like facial recognition and predictive access control gaining traction. Growing consumer awareness of energy efficiency is expected to drive demand for low power consuming smart locks. Increased emphasis on convenience and security will drive demand for innovative smart lock solutions.



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