The Smart Lock Market is anticipated to grow at a CAGR of 12.9% between 2022 and 2027, from an estimated value of USD 2.1 billion in 2022 to USD 3.9 billion by 2027. Increased security and safety concerns, expanding smartphone and other connected device use, and their better features over conventional lock systems are all expected to contribute to the growth of the Smart Lock Market.

The vendor's cloud server houses all data pertaining to a smart lock's characteristics and its virtual key. Keys can be easily shared with other authorised people using smart locks, and unauthorised entry and lock breaking can be tracked and reported. The vendor cloud server, however, is vulnerable to attacks such as code injection, cross-site scripting, password eavesdropping, and others. Through a man-in-the-middle (MITM) attack, data communication between a smartphone and a smart lock using the Bluetooth Low Energy (BLE) protocol can also be compromised.

During the anticipated period, the market for deadbolt locks will account for the largest market share.

The deadbolts sector of the smart lock industry held the greatest market share in 2021. This segment's expansion can be ascribed to its expanding applicability across numerous industries and simplicity of installation. Among the most popular exterior residential locks are deadbolts. The expansion of this market is being fueled by elements like low installation costs, great durability, and efficient defence against intensive incursion or attacks across the residential, commercial, and other verticals.

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From 2022 to 2027, the smart lock market for Bluetooth communication will have the largest market share.

The Bluetooth communication protocol segment's Smart Lock Market held the biggest market share in 2021. Keeping the balance between factors like broad range, low power consumption, high dependability, bandwidth, and affordability is how the Bluetooth communication protocol works. The demand for smart locks based on this protocol is being fueled by this factor, which is propelling market expansion.

The keypad unlocking mechanism for smart locks will hold the largest market during the anticipated period.

The keypad unlocking mechanism segment of the Smart Lock Market is anticipated to account for the biggest market share throughout the forecast period. An ideal complement to a smart home system is a Wi-Fi-based smart lock with a smart keypad. The gadget allows you to unlock doors without a smartphone. It is good for residential use, but is also anticipated to be perfect for commercial application.

From 2022 to 2027, the residential vertical's smart lock market is expected to hold the largest share.

The residential vertical's Smart Lock Market had the biggest market share in 2021. The increased demand for smart homes and the global increase in urbanisation are both factors contributing to the growth of this market. The need for stronger infrastructure with security systems to protect people and property is developing along with the urban population.

From 2022 to 2027, the APAC smart lock market is expected to have the largest market share.

During the projected period, the Smart Lock Market in APAC is anticipated to develop at the highest CAGR. The adoption of smart locks in APAC is anticipated to be fueled by the region's enormous population base, extensive continuing research and development (R&D) efforts, and growing urbanisation. Additionally, it is anticipated that there would be a strong demand for smart locks due to the rising crime and terrorism threat levels, as well as the low police-population ratio in APAC nations.

Key Market Players

Players including ASSA ABLOY AB (Sweden), dormakaba Group (Switzerland), Spectrum Brands, Inc. (US), SALTO Systems, S.L. (Spain), and Allegion plc (Ireland) lead the Smart Lock Market.

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