Strong Growth Forecast For Smart Locks

The global smart lock market is expected to reach US$4.31 billion in 2022 and projected to surpass $19 billion by the end of 2032, says a survey by Fact.MR. As smart locks assist in enhancing home security, they are increasingly being adopted across residential and commercial sectors which is, in turn, favouring growth in the market. This is expected to increase the sales of smart locks at 16 per cent compound annual growth rate (CAGR) over the forecast period from 2022 to 2032. The survey says the rising prevalence of crimes such as theft, home invasion, and burglary has resulted in strong demand for security devices. Deadbolt smart locks are estimated to remain the most sought-after locks, accounting for more than 46 per cent of the revenue share in 2022. The residential application segment is projected to account for maximum revenue share, expanding at 2.7 times over the assessment period.