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Smart Lock Market

Smart Lock Market

Smart Lock Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:


Base Year:



Jan - 2024



Report Code:


Segments Covered
  • By Lock Type By Lock Type Deadbolt Locks, Lever Handles, Server locks & Latches, Knob Locks, Others
  • By Communication Protocol By Communication Protocol Bluetooth, WiFi, Z-Wave, Others
  • By Unlocking Mechanism By Unlocking Mechanism Keypad, Card Key, Touch Based, Key Fob, Smartphone Based
  • By Vertical By Vertical Commercial, Residential, Institutional & Government, Industrial, Transportation & Logistic
  • By Region By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Base YearBase Year: 2023
Forecast YearsForecast Years: 2024 - 2032
Historical YearsHistorical Years: 2018 - 2022
Revenue 2023Revenue 2023: USD 2.48 Billion
Revenue 2032Revenue 2032: USD 7.16 Billion
Revenue CAGRRevenue CAGR (2024 - 2032): 12.5%
Fastest Growing Region Fastest Growing Region (2024 - 2032) Asia Pacific
Largest Region Largest Region (2023): North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Smart Lock Market Share

The global Smart Lock Market is valued at USD 2.48 Billion in 2023 and is projected to reach a value of USD 7.16 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 12.5% between 2024 and 2032.

Key highlights of Smart Lock Market

  • In 2023, North America exhibited its market prowess, achieving the highest revenue share of over 38.5%
  • The Asia Pacific region is poised for remarkable growth, displaying a noteworthy CAGR between 2024 and 2032
  • The Deadbolt Locks segment will continue to assert its dominance by type, capturing the largest market share of 42.2% in 2023
  • The WiFi segment accounts for largest market share of 52.5% in 2023
  • In 2023, the Keypad segment accounted for the most significant market share
  • Residential accounted for a substantial market share of 59.5% in 2023
  • The global prevalence of smart home technology, along with the rise of businesses specializing in home automation, is further driving the demand for advanced smart lock solutions

Smart Lock Market Size, 2023 To 2032 (USD Billion)

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Smart Lock Market: Regional Overview

North America Dominated Sales with a 38.5% share in 2023. This indicates that smart lock technology is widely adopted in the United States and Canada. The region's dominance can be attributed to factors such as widespread technological adoption, high consumer awareness, and a robust smart home ecosystem. The North American market is open to integrating smart locks into connected living spaces, driven by the growing demand for home automation and security solutions. A recent whitepaper by Parks Associates highlights the adoption of smart locks in the U.S. and the advantages they bring.

U.S. Smart Lock Market Overview

The U.S. Smart Lock market, valued at USD 672.9 Million in 2023 to USD 1735.1 Million in 2032 is anticipated to grow at a CAGR of 11.1% from 2024 to 2032. The expansion of the U.S. smart lock market is driven via the growing use of smart home technologies, increasing consumer knowledge about advanced security options, and the continuing improvements within the internet of factors (IoT) ecosystem. With continuous technological improvements and a more recognition on home automation, the market is expected to have a significant impact on the destiny of residential security and access control solutions. For instance, the rapid growth of smart locks has led to over 12 million homes in the U.S. having them installed. A recent whitepaper by Parks Associates highlights the adoption of smart locks in the U.S. and the advantages they bring.

The global Smart Lock market can be categorized as Lock Type, Communication Protocol, Unlocking Mechanism, Vertical and Region.

Parameter Details
Segments Covered

By Lock Type

  • Deadbolt Locks
  • Lever Handles
  • Server locks & Latches
  • Knob Locks
  • Others

By Communication Protocol

  • Bluetooth
  • WiFi
  • Z-Wave
  • Others

By Unlocking Mechanism

  • Keypad
  • Card Key
  • Touch Based
  • Key Fob
  • Smartphone Based

By Vertical

  • Commercial
    • Hospitality
    • Retail Stores and Malls
    • Healthcare
    • Banks and Financial Centers
    • Enterprises and Data Centers
  • Residential
    • Condominum
    • Individual Houses
  • Institutional & Government
  • Industrial
    • Manufacturing
    • Oil & Gas
    • Energy & Power
  • Transportation & Logistic

By Region

  • North America
    • U.S.
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • ASSA ABLOY AB (Sweden)
  • dormakaba Group (Switzerland)
  • Spectrum Brands Inc.(US)
  • SALTO Systems
  • S.L. (Spain)
  • Allegion plc (Ireland)
  • Honeywell International Inc. (US)
  • Dahua Technology Co. Ltd.(China)
  • Samsung Electronics Co. Ltd. (South Korea)
  • Vivint Inc. (US)
  • and ZKTECO CO. Ltd. (China)
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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Smart Lock Market: Lock Type Overview

In 2023, the Deadbolt Locks segment dominated the market with 42.2% market share. The smart lock market, segmented by lock type, includes Deadbolt Locks, Lever Handles, Server Locks & Latches, Knob Locks, and Others. Deadbolt locks are known for their strong build and ability to resist forced entry, making them the preferred choice for people who want robust protection for their homes and businesses. The large market share of deadbolt locks indicates that they are widely accepted as a trustworthy and dependable security solution. This trend also reflects a broader industry movement towards advanced security measures driven by technology. Amongst these, the Deadbolt Locks segment is leading the way and influencing consumer perceptions and preferences in the evolving smart lock industry.

Smart Lock Market: Communication Protocol Overview

In 2023, the WiFi segment accounted for over 52.5% market share. Communication protocol segment is divided into Bluetooth, WiFi, Z-Wave, and Others. The wide usage and popularity of WiFi communication protocols in smart lock technology is evident in its significant market presence. WiFi-enabled smart locks provide users with effortless connectivity and the ability to control access remotely, catering to the rising need for convenient and effective home automation solutions. The dominant market share of WiFi in this segment demonstrates the increasing dependence on WiFi technology for instant communication and efficient management of smart lock features. As the smart lock market evolves, the WiFi segment continues to play a crucial role, shaping the landscape of connected security solutions and influencing consumers to opt for strong and easily accessible smart lock choices.

Smart Lock Market: Unlocking Mechanism Overview

In 2023, the Keypad category to witness a substantial share in the global market. Unlocking mechanisms are categorized into Keypad, Card Key, Touch-Based, Key Fob, and Smartphone-Based. The importance of keypad-based unlocking systems in the smart lock industry is emphasized, which reflects the preferences of consumers for access control that is both convenient and secure. Keypads offer a balance between user-friendly operation and improved security, as they allow users to enter personalized codes to unlock doors. The significant market share of keypad-based systems in 2023 indicates the increasing acceptance of this unlocking method due to its ease of use and the elimination of the need for traditional keys. As the smart lock market progresses, the keypad category remains crucial in shaping the landscape of unlocking systems, providing users with a dependable and easily accessible option for securing their homes and businesses.

Smart Lock Market: Vertical Overview

In 2023, Residential had a substantial share of 59.5% in Smart Lock market. Vertical segment is further divided into Commercial, Residential, Institutional & Government, Industrial, Transportation & Logistic. The strong presence of smart lock technology in residential settings highlights its widespread popularity and acceptance, emphasizing the growing significance of advanced security solutions for homeowners. The substantial market share in the residential sector demonstrates a rising desire for smart locks in individual households, influenced by factors like convenience, improved access control, and integration with smart home systems. With the increasing prevalence of smart homes, the residential segment becomes crucial in shaping the direction of the smart lock market, driving trends and innovations that cater to the unique security requirements of homeowners.

Key Trends

  • There is a growing trend in designing smart locks to work seamlessly with larger smart home systems. Popular platforms like Amazon Alexa, Google Assistant, and Apple HomeKit are often compatible, enabling users to easily control their locks using voice commands and effortlessly integrate them into their overall smart home setup.
  • Controlling and overseeing smart locks using specialized mobile applications has become a common practice. The inclusion of features that enable remote locking/unlocking and access monitoring grants users enhanced control and security.
  • Smart locks are increasingly incorporating biometric technologies, such as fingerprint recognition, which offer enhanced security and convenience in comparison to traditional systems relying on PIN codes or keys.
  • It is crucial for the acceptance of smart locks to continually enhance the security features such as encryption protocols and tamper detection. Manufacturers are prioritizing the improvement of their products' overall security to address the worries of consumers.

Premium Insights

The increasing worldwide adoption of smart home technology, which includes features like remote access, voice control, and smooth connectivity, is boosting the demand for smart locks in residential properties, thereby eliminating the need for traditional mechanical keys. Manufacturers are constantly introducing innovative features such as remote locking, window control, and door access, while integration with voice assistants enhances the overall user experience. With the growing number of smartphone users worldwide, which currently stands at approximately the number of smartphone users worldwide is projected to steadily rise from 2024 to 2032, with a total increase of 496.7 million users (10.71 percent). This continuous growth is expected to reach a new peak in 2028, with an estimated 5.1 billion smartphone users. the accessibility and remote management of smart locks through mobile applications contribute to the market's expansion. However, the smart lock industry also faces challenges, such as cybersecurity threats, as there have been instances of vulnerabilities in intelligent lock systems, raising concerns about user security.

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Market Dynamics

Surge in Smartphone and Connected Device Adoption

The smart lock industry is experiencing robust growth due to the widespread adoption of smartphones and connected devices. As greater consumers include these technologies into their everyday lives, there is a growing demand for convenient and connected solutions like smart locks. Smartphones play a crucial role as central hubs for controlling smart homes, making it desirable to remotely manage and monitor locks through dedicated mobile apps.

Addressing Consumer Awareness Gaps

Despite the advancements in technology and the benefits that smart locks offer, a major challenge in the industry is the lack of consumer awareness. Many potential customers do not fully understand the features and advantages of smart locks, which leads to hesitation in adopting this technology. To overcome this challenge, targeted education and awareness campaigns are needed to inform consumers about the value of smart locks. For example, in the United States, smart lock adoption is slower compared to other smart home devices. A recent study conducted by the Consumer Technology Association (CTA) found that approximately 69% of households (equivalent to around 83 million households) own at least one smart home device. Of these devices, smart speakers have a high adoption rate of 28%, while smart locks have a much lower adoption rate of only 10%. These statistics underscore the potential for market players to implement effective marketing strategies.

Integration with the Advancement of Smart Cities

With the increasing adoption of smart technologies in cities globally, a significant rise in the demand for intelligent security solutions, such as smart locks, emerges. Smart locks play a vital role in ensuring secure and efficient access control in the broader context of smart city development. Companies in the smart lock industry have the chance to benefit by incorporating their products into the infrastructure of smart cities, allowing them to capitalize on this expansive opportunity.

Competitive Landscape

The Smart Lock market is highly competitive, established companies, such as ASSA ABLOY AB, dormakaba Group, and Allegion plc continue to dominate the market by offering a wide range of products and forming strategic partnerships. However, they face strong competition from emerging players like igloohome Pte Ltd, RemoteLock, and Anviz Global Inc., who bring unique perspectives and specialized offerings. To stay ahead, all companies focus on technological advancements, especially in biometric authentication and integration with smart home systems. Additionally, smart lock manufacturers are exploring environmentally friendly options in response to the growing demand for sustainability and energy efficiency. The industry also responds to global trends like the rise of smart cities by aligning their products with broader technological advancements and urban development initiatives.

The key players in the global Smart Lock market include - ASSA ABLOY AB (Sweden), dormakaba Group (Switzerland), Spectrum Brands Inc.(US), SALTO Systems, S.L. (Spain), Allegion plc (Ireland), Honeywell International Inc. (US), Dahua Technology Co., Ltd (China), Samsung Electronics Co., Ltd. (South Korea), Vivint Inc. (US), and ZKTECO CO., LTD. (China) among others.

Recent Market Developments

  • In April 2023, through its smart lock solution, global access solutions leader ASSA ABLOY Group has successfully completed a unique task in South Africa aimed at enhancing the security of businesses and residences across the globe.
  • In March 2023, HavenLock Inc., a veteran organization operating in Tennessee, has announced the release of a Power G version of their smart locking system, designed to provide safety for schools and commercial establishments. This innovative product, known as the Haven Lockdown System, is now available for purchase.
  • In March 2023, Honeywell International Inc., a multinational conglomerate from the United States, announced the successful execution of the Bengaluru safe city project. The project aims to ensure citizens have a secure environment by utilizing Honeywell's smart lock and security technology.
  • In Sept 2022, Alfred International Inc., in partnership with Wi-Charge, has announced that the first commercially available remotely charged smart locks are now widely accessible to real estate developers in the United States and Canada. These innovative Alfred ML2 smart mortise locks, equipped with wireless power options, are setting new standards for safety, security, and automation in both commercial and residential markets. The locks have undergone extensive internal testing and successful pilot installations, resulting in their certification.
  • In October 2022, Level Home Inc. recently launched its new flagship smart lock, Level Lock+. This innovative product is part of the company's mission to revolutionize the smart home industry. By registering the owner's home key to Apple Wallet, the exclusive Level Lock+ seamlessly integrates with Apple's home keys technology. This allows homeowners to conveniently lock and unlock their homes by simply touching their iPhone or Apple Watch to the Level Lock+. Not only does the Level Lock+ offer exceptional security measures, but it also boasts a sleek and stylish design. This is made possible by the utilization of Apple Home keys, which maximizes the privacy and security features embedded within the iPhone and Apple Watch.

Frequently Asked Question
  • The global Smart Lock valued at USD 2.48 Billion in 2023 and is expected to reach USD 7.16 Billion in 2032 growing at a CAGR of 12.5%.

  • The prominent players in the market are ASSA ABLOY AB (Sweden), dormakaba Group (Switzerland), Spectrum Brands Inc.(US), SALTO Systems, S.L. (Spain), Allegion plc (Ireland), Honeywell International Inc. (US), Dahua Technology Co., Ltd (China), Samsung Electronics Co., Ltd. (South Korea), Vivint Inc. (US), and ZKTECO CO., LTD. (China).

  • The market is project to grow at a CAGR of 12.5% between 2024 and 2032.

  • The driving factors of the Smart Lock include

    • Enhanced features compared with traditional lock systems

  • North America was the leading regional segment of the Smart Lock in 2023.