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Smart Lock Market to Attain Valuation of US$ 15.42 Billion by 2032

Smart Lock Market to Attain Valuation of US$ 15.42 Billion by 2032
AstuteAnalytica India Pvt. Ltd.
AstuteAnalytica India Pvt. Ltd.

Smart locks have become a crucial component of modern home security as they integrate with smart home ecosystems, including video doorbells and virtual assistants.

New Delhi, Feb. 05, 2025 (GLOBE NEWSWIRE) — As detailed in the latest research from Astute Analytica, the global smart lock market was valued at US$ 6.33 billion in 2023 and is projected to hit the market valuation of US$ 15.42 billion by 2032 at a CAGR of 10.4% during the forecast period 2024–2032.

The increasing adoption of smart home technology globally, coupled with the influx of companies specializing in home automation, is significantly driving the demand for smart locks. As consumers seek more integrated and intelligent living environments, industry players are dedicated to providing commercially viable products that enhance convenience and security. This includes advanced features like remote locking and unlocking doors and windows, enabling homeowners to manage their security from anywhere.

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As the prevalence of voice assistants continues to grow, manufacturers are responding by integrating their smart lock offerings with these devices. This integration allows users to control locks using simple voice commands, further enhancing the convenience and appeal of smart locks. The ability to interact with home security systems in a hands-free manner is becoming a key selling point.

The increased adoption of smart locks can be attributed to a combination of factors, including a heightened demand for security and convenience and advancements in Internet of Things (IoT) and Artificial Intelligence (AI) technologies. Smart locks are finding applications not only in residential homes but also in hotels, retail stores, and various commercial spaces. Innovations in this sector, particularly the rise of smart door locks with integrated cameras, are capturing consumer interest as customers increasingly seek more sophisticated locking and unlocking systems.

Rise of the Smart Home Increasing the Adoption of Smart Lock

The global smart home market is projected to exceed $170 billion by 2025, reflecting a significant shift in consumer preferences towards smart technologies. Notably, 78% of potential home buyers express a willingness to pay a premium for a smart home, indicating a strong market demand. Furthermore, approximately 75% of smart home consumers are under 55, highlighting a trend among younger demographics more inclined to embrace technological advancements.

In 2022, global consumer spending on smart home systems was estimated at $135 billion, with expectations for this figure to rise to $170 billion by 2025, representing a 26% growth rate. This steady increase in consumer investment underscores the growing importance of smart technologies in everyday life.


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