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    Smart Lock Market

    ID: MRFR/SEM/3376-CR
    176 Pages
    Shubham Munde
    March 2024

    Smart Lock Market Research Report Information By Lock Type (Deadbolt, Lever Handles, Padlock, and Others), By Connectivity (Bluetooth, Wi-Fi and NFC), By Authentication Method (Keypads, Touch Based, Card Keys, and Others), By Application Area (Commercial and Government) and By Region (North America, Europe, Asia-Pacific, Middle East and Africa, South America) – Industry Forecast Till 2032

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    Smart Lock Market Summary

    As per Market Research Future Analysis, the Global Smart Lock Market was valued at USD 1,326 Million in 2023 and is projected to reach USD 4,887.2 Million by 2032, growing at a CAGR of 15.60% from 2024 to 2032. The market is driven by the increasing adoption of smart home technology, rising security concerns, and advancements in IoT. Smart locks provide convenience, enhanced security, and remote access, making them popular in both residential and commercial applications. The market features diverse products, including biometric and Bluetooth-enabled locks, catering to various consumer needs. North America accounted for approximately 36% of the market share in 2022, with Europe and Asia-Pacific also showing significant growth potential.

    Key Market Trends & Highlights

    Key trends driving the Smart Lock Market include rising security concerns and technological advancements.

    • Smart Lock Market Size in 2023: USD 1,326 Million.
    • Projected Market Size by 2032: USD 4,887.2 Million.
    • CAGR from 2024 to 2032: 15.60%.
    • North America held ~36% market share in 2022.

    Market Size & Forecast

    2023 Market Size USD 1,326 Million
    2024 Market Size USD 1,532.85 Million
    2032 Market Size USD 4,887.2 Million
    CAGR (2024-2032) 15.60%

    Major Players

    Key players include Assa Abloy Group - Yale, Allegion Plc, dormakaba GROUP, Spectrum Brands, Inc., SALTO SYSTEMS, S.L, Onity Inc.

    Smart Lock Market Trends

    RISING CONCERN FOR SECURITY

    The adoption of smart home devices has lowered the concerns due to consumer demand for data security and privacy in their house, having smart locks. The house owner pains with wifi or Bluetooth device with a deadbolt to gain access with a voice command or phone tap. Smart locks improve security by using advanced presence durability, detection, and alert systems. Easy to access, as well as quick authentication, have become the trend. As a result, consumers' security concern is supporting the market's growth.

    The increasing adoption of smart locks still requires to be prevalent in the US compared to other devices for smart homes. According to a recent CTA Consumer Technology Association study, around 69% of United States households own at least one smart home device. In this, the adoption of smart speakers in the US is high, with a rate of 28%, although the adoption of smart locks is around 10%. The adoption of smart homes on a global scale and the expansion of business that offers home automation technology are rising the demand for smart locks.

    The increasing emphasis on home automation and security solutions appears to be driving the adoption of smart locks, reflecting a broader trend towards interconnected living environments.

    U.S. Department of Commerce

    Smart Lock Market Drivers

    Market Growth Projections

    Increased Focus on Home Security

    The Global Smart Lock Market Industry is significantly influenced by the heightened focus on home security among consumers. With rising crime rates and a growing awareness of security vulnerabilities, individuals are increasingly investing in smart locks as a proactive measure. These devices provide enhanced security features, such as alerts and monitoring capabilities, which resonate with safety-conscious homeowners. The market's growth trajectory is further supported by the anticipated compound annual growth rate of 15.6% from 2025 to 2035, indicating a strong commitment to improving residential security through innovative locking solutions.

    Integration with IoT and Smart Devices

    The integration of smart locks with the Internet of Things (IoT) and other smart devices is a significant driver of the Global Smart Lock Market Industry. As consumers adopt interconnected home ecosystems, smart locks that seamlessly communicate with other devices, such as security cameras and alarms, become increasingly desirable. This interconnectedness not only enhances convenience but also provides a comprehensive security solution for homeowners. The growing trend of smart home technology adoption suggests that the market will continue to expand, with smart locks playing a crucial role in the overall smart home experience.

    Rising Demand for Smart Home Solutions

    The Global Smart Lock Market Industry experiences a notable surge in demand for smart home solutions, driven by the increasing consumer preference for convenience and security. As households seek to integrate advanced technology into their daily lives, smart locks offer features such as remote access, keyless entry, and real-time monitoring. This trend is reflected in the projected market value of 1.53 USD Billion in 2024, indicating a robust growth trajectory. The integration of smart locks with home automation systems further enhances their appeal, positioning them as essential components of modern living environments.

    Growing Urbanization and Population Density

    Urbanization and increasing population density are key factors influencing the Global Smart Lock Market Industry. As more individuals move to urban areas, the demand for efficient and secure living solutions rises. Smart locks cater to this need by offering enhanced security and convenience in densely populated environments. The trend towards smaller living spaces, such as apartments and condominiums, further drives the adoption of smart locks, as residents seek innovative solutions to enhance their living conditions. This demographic shift indicates a promising future for the smart lock market, aligning with broader urban development trends.

    Technological Advancements in Security Features

    Technological advancements play a pivotal role in shaping the Global Smart Lock Market Industry. Innovations such as biometric authentication, mobile app control, and artificial intelligence enhance the security features of smart locks, making them more appealing to consumers. These advancements not only improve user experience but also address growing concerns regarding home security. As a result, the market is expected to witness substantial growth, with projections indicating a rise to 7.55 USD Billion by 2035. The continuous evolution of technology suggests that smart locks will become increasingly sophisticated, potentially revolutionizing home security.

    Market Segment Insights

    Smart Lock Market Platform Segment Insights

    Smart Lock Type Insights

    Based on Lock Type, the Smart Lock Market segmentation includes Deadbolt, Lever Handles, Padlock, and Others. The Lever Handles holds the majority share in 2022, contributing around 44% to the market revenue. This is due to their widespread adoption, offering a convenient and intuitive solution for users in both residential and commercial spaces. Lever handles provide ease of use and incorporate advanced security features, solidifying their significant market presence and ongoing revenue contribution.

    FIGURE 2: SMART LOCK MARKET, BY LOCK TYPE, 2022 VS 2032 (USD MILLION)

    Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

    Smart Lock Connectivity Insights

    Based on the Connectivity, the Smart Lock Market segmentation is Bluetooth, Wi-Fi and NFC. NFC dominated the market in 2022. This dominance is a result of the widespread adoption of NFC technology, offering secure and convenient access control. The ease of connection and communication through NFC contribute to its significant market presence, making it the preferred choice for smart lock connectivity in various applications.

    Smart Lock Authentication Method Insights

    Based on the Authentication Method, the Smart Lock Market segmentation is Keypads, Touch Based, Card Keys, and Others. Touch Based dominated the market in 2022. The widespread adoption of Touch-Based authentication is driven by its convenience, modern appeal, and effective security features, contributing to its significant market presence and revenue dominance.

    Smart Lock Application Area Insights

    Based on the Application Area, the Smart Lock Market segmentation is Commercial and Government. Commercial dominated the market in 2022. This dominance is driven by the widespread adoption of smart lock technology in commercial applications, such as offices, retail spaces, and hospitality establishments. The need for enhanced security, access control, and convenience in commercial settings contributes to the significant market presence and revenue contribution of smart locks in the commercial sector.

    Get more detailed insights about Smart Lock Market Research Report - Forecast till 2032

    Regional Insights

    By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East and Africa and South America. The North America Smart Lock market accounted for ~36% in 2022.  This reflects the region's significant adoption and integration of smart lock technology, driven by the growing demand for enhanced security and home automation solutions. The widespread use of smart locks in residential and commercial applications contributes to North America's prominent position in the Smart Lock Market.

    FIGURE 3: SMART LOCK MARKET SIZE, BY REGION 2022 VS 2032

    SMART LOCK MARKET SIZE, BY REGION 2022 VS 2032

    Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

    Similarly, Europe significantly contributes to the Smart Lock Market, holding a considerable share in 2022. The adoption of smart locks is propelled by the region's tech-savvy consumer base and a growing emphasis on modern security features. European markets continue to witness increased deployment of smart lock solutions across various applications.

    Meanwhile, the Asia-Pacific (APAC) region emerges as a noteworthy player, capturing substantial market potential in 2022. With a dynamic and evolving technological landscape, APAC's Smart Lock market is driven by factors such as urbanization, increased awareness of smart home solutions, and a growing need for advanced security measures. The region's diverse and expanding markets contribute to its significant presence in the Smart Lock Market.

    Key Players and Competitive Insights

    Smart Lock market is highly competitive, with all the players competing to gain a larger market share. The manufacturers compete based on cost, product quality, reliability, and aftermarket services. Therefore, the manufacturers must provide innovative and efficient products which are also cost-effective to survive and succeed in a competitive market environment.

    The Assa Abloy Group – Yale, Allegion Plc, dormakaba GROUP, Spectrum Brands, Inc., SALTO SYSTEMS, S.L, Onity Inc are the major players in the market, competing in terms of a variety of products for the Smart Lock Market and their components, as well as efficiency, reliability, affordability, and advanced technology. The primary focus of the players is to provide advanced products to aid in increasing adoption, which could help strengthen a country’s growth with advanced products.

    Although global players dominate the market, a few regional and other local players with a limited market share also have a prominent presence in this market.

    The major players would look to strengthen their regional presence through mergers & acquisitions of local and global players, they are expected to expand their presence and solutions in these countries during the forecast period. Therefore, manufacturers must develop new technologies to stay at par with emerging technology trends that could affect the competitiveness of their product lines in the market.

    Key Companies in the Smart Lock Market market include

    Industry Developments

    • Q2 2025: Level Home acquires smart lock rival Lockly in $150M deal Level Home, a leading smart lock manufacturer, announced the acquisition of Lockly for $150 million, aiming to expand its product portfolio and accelerate innovation in connected home security.
    • Q2 2025: ASSA ABLOY launches new Yale Pro SL smart lock with Matter support ASSA ABLOY introduced the Yale Pro SL, a new smart lock compatible with the Matter smart home standard, targeting both residential and small business customers seeking enhanced interoperability.
    • Q1 2025: Allegion appoints new CTO to drive smart lock innovation Allegion plc named Dr. Priya Natarajan as Chief Technology Officer, tasking her with leading the company’s global smart lock R&D and digital transformation strategy.
    • Q1 2025: August Home unveils Wi-Fi Smart Lock 4th Generation August Home launched its 4th generation Wi-Fi Smart Lock, featuring improved battery life, enhanced security protocols, and a slimmer design for easier installation.
    • Q4 2024: Samsung SmartThings partners with Schlage for integrated smart lock solutions Samsung SmartThings and Schlage announced a partnership to integrate Schlage’s Encode series smart locks with the SmartThings platform, enabling seamless home automation and security management.
    • Q4 2024: Kwikset debuts Halo Touch fingerprint smart lock Kwikset launched the Halo Touch, a new smart lock featuring biometric fingerprint access, expanding its portfolio of connected security products for residential customers.
    • Q3 2024: Nuki secures €30 million in Series C funding to expand smart lock business Austrian smart lock company Nuki raised €30 million in Series C funding to accelerate product development and expand its presence in European and North American markets.
    • Q3 2024: Allegion acquires European smart lock startup Bold Allegion completed the acquisition of Bold, a Netherlands-based smart lock startup, to strengthen its position in the European connected security market.
    • Q2 2024: U-tec launches Ultraloq Bolt, a retrofit smart lock for apartments U-tec introduced the Ultraloq Bolt, a retrofit smart lock designed for apartment dwellers, offering keyless entry and smartphone control without replacing existing deadbolts.
    • Q2 2024: Igloohome partners with Airbnb to streamline guest access with smart locks Igloohome announced a partnership with Airbnb to integrate its smart lock technology, allowing hosts to automate guest access and improve property security.
    • Q1 2024: Alfred Inc. opens new smart lock manufacturing facility in Texas Alfred Inc. inaugurated a new manufacturing facility in Texas to meet growing demand for its smart lock products in North America and reduce supply chain lead times.
    • Q1 2024: Smart lock startup Latch goes public via SPAC merger Latch, a smart lock and building access startup, completed its public listing through a merger with a special purpose acquisition company (SPAC), raising capital to scale its operations.

    Future Outlook

    Smart Lock Market Future Outlook

    The Smart Lock Market is projected to grow at a 15.6% CAGR from 2024 to 2035, driven by increasing demand for security, smart home integration, and technological advancements.

    New opportunities lie in:

    • Develop AI-driven smart locks for enhanced security features.
    • Expand into emerging markets with tailored solutions for local needs.
    • Leverage partnerships with home automation companies for bundled offerings.

    By 2035, the Smart Lock Market is expected to be robust, reflecting significant technological advancements and widespread adoption.

    Market Segmentation

    Smart Lock Type Outlook

    • Deadbolt
    • Lever Handles
    • Padlock
    • Others

    Smart Lock Regional Outlook

    North America
    • US
    • Canada
    • Mexico

    Smart Lock Connectivity Outlook

    • Bluetooth
    • Wi-Fi
    • NFC

    Smart Lock Application Area Outlook

    Commercial
    • Hospitality
    • Retail
    • Healthcare

    Smart Lock Authentication Method Outlook

    • Keypads
    • Touch Based
    • Card Keys
    • Others

    Report Scope

    Attribute/Metric Details
    Market Size 2023 USD 1,326 million
    Market Size 2024 USD 1532.85 million
    Market Size 2032 USD 4,887.2 million
    Compound Annual Growth Rate (CAGR) 15.60% (2024-2032)
    Base Year 2023
    Market Forecast Period 2024-2032
    Historical Data 2019- 2022
    Market Forecast Units Value (USD Million)
    Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
    Segments Covered Lock Type, Connectivity, Authentication Method, Application Area and Region
    Geographies Covered Europe, North America, Asia-Pacific, and the Rest of the World
    Countries Covered The U.S, Germany, Canada, U.K., Italy, France, Spain, Japan, China, Australia, India, South Korea, Brazil, and Others.
    Key Companies Profiled The Assa Abloy Group – Yale, Allegion Plc, Dormakaba Group, Spectrum Brands, Inc., Salto Systems, S.L, Onity Inc, Master Lock Company Llc.  (Fortune Brands Innovations.), Havenlock, Inc., Godrej & Boyce, U-Tec Group Inc, Bosama, Level Home Inc, Wyze Labs, Inc
    Key Market Opportunities ·       Growing Hospitality Industry
    Key Market Dynamics ·       Rising Concern for Security ·       Technological Advancement in The Smart Lock

    Market Highlights

    Author
    Shubham Munde
    Research Analyst Level II

    With a technical background in information technology & semiconductors, Shubham has 4.5+ years of experience in market research and analytics with the tasks of data mining, analysis, and project execution. He is the POC for our clients, for their consulting projects running under the ICT/Semiconductor domain. Shubham holds a Bachelor’s in Information and Technology and a Master of Business Administration (MBA). Shubham has executed over 150 research projects for our clients under the brand name Market Research Future in the last 2 years. His core skill is building the research respondent relation for gathering the primary information from industry and market estimation for niche markets. He is having expertise in conducting secondary & primary research, market estimations, market projections, competitive analysis, analysing current market trends and market dynamics, deep-dive analysis on market scenarios, consumer behaviour, technological impact analysis, consulting, analytics, etc. He has worked on fortune 500 companies' syndicate and consulting projects along with several government projects. He has worked on the projects of top tech brands such as IBM, Google, Microsoft, AWS, Meta, Oracle, Cisco Systems, Samsung, Accenture, VMware, Schneider Electric, Dell, HP, Ericsson, and so many others. He has worked on Metaverse, Web 3.0, Zero-Trust security, cyber-security, blockchain, quantum computing, robotics, 5G technology, High-Performance computing, data centers, AI, automation, IT equipment, sensors, semiconductors, consumer electronics and so many tech domain projects.

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    FAQs

    How much is the Smart Lock market?

    The Smart Lock Market size is expected to be valued at USD 1,326 Million in 2023.

    What is the growth rate of the Smart Lock market?

    The global market is projected to grow at a CAGR of 15.60% during the forecast period, 2024-2032.

    Which region held the largest market share in the Smart Lock market?

    North America had the largest share of the global market.

    Who are the key players in the Smart Lock market?

    The key players in the market are ASSA Abloy AB, Allegion Plc, DormaKaba Holding AG, Master Lock Company LLC.

    Which Lock Type led the Smart Lock market?

    The Lever Handles dominated the market in 2023.

    Smart Lock Market Research Report - Forecast till 2032 Infographic
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