Smart Lock Market To Reach USD 11.83 Billion By Year 2032

Smart Lock Market by Type, Product, Technology, End User and Region: Global Opportunity Analysis and Industry Forecast, 2024–2032

According to a new report published by Introspective Market Research, titled, “Smart Lock Market by Type, Product, Technology, End User and Region: Global Opportunity Analysis and Industry Forecast, 2024–2032,” 

Smart Lock Market size was valued at $ 2.49 billion in 2023, and is projected to reach $ 11.83 billion by 2032, registering a CAGR of 18.90 % from 2024 to 2032.

Smart locks are innovative electronic keyless systems that use either Wi-Fi or Bluetooth to communicate seamlessly with other electronic devices in the home. A smart lock is a modernized iteration of a traditional door lock. It works as a connected smart home device equipped with Bluetooth or Wi-Fi capabilities. It allows users to secure and unlock doors using either fingerprint recognition or voice commands. This smart door lock works wirelessly and uses cryptographic authentication to ensure access only to authorized persons.

These locks can be conveniently controlled with separate electronic remote controls or by installing the corresponding smart lock on your smartphone. Users have the flexibility to grant temporary access to people, allowing them access to an area for a specific period. Compared to traditional methods, smart lock technology stands out due to its ease of use and distinctive features. Previous methods relied on passcodes, passwords, mechanical locks, code words, and paper tags, all of which were difficult to manage and increased the risk of data theft or loss.  

The smart home framework consists of connected devices and systems that allow homeowners to control and automate various aspects of their living space, such as lighting, heating, security, and entertainment. Smart locks play a key role in improving the security and convenience of these frames. Smart locks integrate seamlessly into these ecosystems, allowing homeowners to remotely monitor and control their home's security through a central hub or smartphone app. This integration allows users to lock and unlock doors from anywhere, receive real-time access notifications, and even integrate their smart lock with other smart devices like security cameras and doorbells. This connectivity enhances the overall security and monitoring capabilities of the smart home and gives users a comprehensive view of their assets.

Consumers' growing awareness of the benefits of smart home ecosystems, such as energy savings, ease of use, and improved security, has increased the demand for smart locks. Homeowners are increasingly looking for solutions that, in addition to higher security, offer seamless integration into their existing or planned smart home configurations.

Advances in authentication methods are key to the possibilities. Technologies such as biometric authentication (such as fingerprint recognition and facial recognition) have become more reliable and cost-effective. This means that smart locks can provide even more secure and convenient access control options, reducing the need for traditional keys or PIN codes. As a result, consumers are more likely to adopt smart locks that offer superior security and a user-friendly experience. The Internet of Things (IoT) has paved the way for better connectivity and interoperability of smart devices. Smart locks can now be seamlessly integrated with other IoT devices such as security cameras, door cameras, and voice-activated virtual assistants. This integration enables more complete and intelligent home security solutions, where a smart lock can trigger functions such as turning on lights or sending alarms when unauthorized use is detected. The ability to create a complete smart home experience is an attractive proposition for consumers and a significant opportunity for smart lock manufacturers.

Global Smart Lock Market, Segmentation

The Smart Lock Market is segmented based on type, product, technology, end-user, and region.

Type:

The type segment is further classified into Deadbolts, Lever Handles, Padlocks, and Others (Knob). Among these, the Deadbolts sub-segment accounted for the highest market share in 2023. A lock is a type of security device commonly used to secure doors and provide additional protection against unauthorized entry. Unlike spring-loaded bolts, deadbolts do not have a spring mechanism, making them more resistant to forced entry attempts. These locks usually consist of a strong metal bolt that extends into the door frame and attaches to the lock plate. Deadbolt locks operate by turning the key from the outside or the thumb from the inside, ensuring that the bolt is properly inserted or withdrawn.

Product:

The product segment is further classified into Biometric Door Locks, Smart Card Door Locks, Electric Strike Door Locks, and Others (Keypad Door Lock). Among these, the Biometric Door Locks sub-segment is anticipated to show the fastest growth by 2032. Biometric door locks have emerged as a dominant force in the market for modern security solutions. Leveraging unique biological characteristics such as fingerprints, iris patterns, or facial recognition, these locks offer a level of security unparalleled by traditional mechanical locks or even other electronic locking systems like smart card or keypad locks. The primary appeal of biometric door locks lies in their ability to provide enhanced security through the use of personalized biometric data. This ensures that only authorized individuals can gain access, significantly reducing the risk of unauthorized entry or security breaches.

Region:

The Smart Lock Market in North America is projected to show the fastest growth by 2032. North America is poised to dominate the smart lock market, mainly due to the widespread adoption of advanced technologies and the rapid proliferation of smart homes in countries such as the US, Canada, and Mexico. Consumers' increasing reliance on devices such as smart speakers makes them a prime target for regional e-commerce companies. According to a recent study by the Consumer Technology Association (CTA), the adoption of smart locks in the United States has lagged behind the adoption of other smart devices. These statistics highlight the considerable market potential for companies willing to implement effective marketing strategies. Major players in the US smart lock market have the opportunity to expand to other regions, especially Europe. In particular, August Inc. and Yale Locks, both well-known American smart lock manufacturers, recently added new smart locks to their product line.

Some of The Leading/Active Market Players Are-

  • ASSA ABLOY (Sweden)
  • Samsung Group (South Korea)
  • Panasonic Corporation (Japan)
  • Guangdong Be-Tech Security Systems (China)
  • Honeywell International Inc. (U.S.)
  • DESSMANN (China)
  • The Chamberlain Group Inc. (U.S.)
  • Kaadas (Australia)
  • Master lock (U.S.)
  • August Home (U.S.), and Other Active Players

Key Industry Developments

  • In May 2024, Kaadas, a global leader in smart home security solutions – with a record-breaking 2.49 million-unit sales in 2022 –unveiled its first Singapore retail store at NEX Serangoon. This ground-breaking showroom combines hands-on product experiences with expert consultations, empowering consumers to discover cutting-edge smart lock technology before making their ideal home security upgrade.
  • In February 2024, Silicon Labs, a leader in secure, intelligent wireless technology for a more connected world, announced its solutions have been selected for use in the world's first native Matter-over-Thread smart locks. As more Matter-ready devices are deployed to streamline the connected home experience, companies require reliable and secure solutions to accelerate the time to market their Matter-compatible products.

Key Findings of the Study 

  • Global Smart Lock Market valued at $2.49 billion in 2023, projected to reach $11.83 billion by 2032, with a 6.6% CAGR.   
  • Biometric door locks, like fingerprint or facial recognition, dominate the market for their superior security.
  • North America leads the Smart Lock Market due to widespread technology adoption.
Posted by  Saurabh Bawage
Retina Graphics

An experienced and insightful market research analyst with a keen eye for data interpretation and trend analysis, leveraging a strong background in quantitative research and qualitative research to provide valuable insights for Healthcare and Allied Industries. Experience in market research with 1 year in healthcare, Chemical, Electronics and semiconductor, Service industry, Food and Beverages, and other major domains. Worked on over 25 different projects from healthcare and other domains with the help of research methods, advanced analytical tools, and methods like SWOT, PESTEL, PORTER’s five forces, Ecosystem, and other aspects. Proficient in creating compelling business proposals, case studies, and business models for client-sponsored studies. Led the creation of impactful reports by precisely discerning client needs, identifying crucial gaps, and pinpointing strategic opportunities.