#Smart #Lock #Market #Size #projected #reach #USD
New York, United States, Oct. 25, 2022 (GLOBE NEWSWIRE) — Increasing penetration of the Internet of Things and Artificial Intelligence in home solutions and rising need for sophisticated security systems due to thefts and burglaries drive the market growth. The integration of smart locks in car rental services prevents unauthorized access to vehicles. For instance, Drivy, a car rental company in Europe, allows the users to access the vehicles via smartphone application. The user credentials are verified, and then the car can be unlocked. Similarly, premium car manufacturers are deploying smart lock technology in their vehicles, owing to rising customer demand.
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Segmental Analysis
The smart lock market is segmented into Bluetooth, Wi-Fi, ZigBee, NFC, and others based on the communication protocol. Because it is increasingly popular with users, the Wi-Fi category commands a large portion of the market. The smart lock industry is divided into sections based on the type of lock: padlocks, lever handles, and deadbolts. Due to its excellent durability and user-friendliness, the deadbolt segment is the market leader and is increasingly used in residential settings. Due to the increased use of smart locks by businesses in the corporate, hospitality, and healthcare sectors, the commercial category is the one with the market’s quickest growth.
Report Scope
| Report Metric | Details |
| Market Size | USD 6.74 billion by 2030 |
| CAGR | 17.5% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Lock Type, Communication Protocol, Application, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | ADEL Group (China), Allegion plc (Ireland), ASSA ABLOY… |
Read on GNW: Smart Lock Market Size is projected to reach USD 6.74
