Smart Locks Market Size, Share Global Analysis Report, 2024 – 2032

Industry Insights

[208+ Pages Report] According to Facts & Factors, the global smart locks market size was valued at USD 2,896.60 million in 2023 and is predicted to surpass USD 8,701.60 million by the end of 2032. The smart locks industry is expected to grow by a CAGR of 13.00% between 2024 and 2032.

Market Overview

Smart locks are electronic locking systems made to offer security with convenience. It offers users access to businesses, homes, and other properties remotely. Smart locks use electronic components and connectivity technologies for their functioning. Smart locks include security features like real-time activity, monitoring, temper retention, and encryption. These locks are battery-operated and do not need manual wiring. These locks are versatile in nature and are ideal with different types of doors and locking mechanisms.

Smart locks can be easily operated through mobile apps to configure the locking settings. Smart locks eliminate the requirement for physical keys by offering alternative unlocking techniques like PIN code, fob key, fingerprint, scanning, facial recognition, and others.

Key Insights

• As per the analysis shared by our research analyst, the global smart locks market size is estimated to grow annually at a CAGR of around 13.00% over the forecast period (2024-2032).
• In terms of revenue, the global smart locks market size was valued at around USD 2,896.60 million in 2023 and is projected to reach USD 8,701.60 million by 2032.
• Growing demand for home automation is driving the growth of the global smart locks market.
• Based on the industry verticals, the residential segment is growing at a high rate and is projected to dominate the global market.
• Based on the unlocking mechanisms, the keypad unlocking mechanism segment is projected to swipe the largest market share.
• Based on the communication technology, the WiFi segment is expected to dominate the global market.
• Based on the lock type, the deadbolt locks segment is expected to dominate the global market.
• Based on region, North America is expected to dominate the global market during the forecast period.

Growth Drivers

• Growing demand for home automation is driving the growth of the global market.

Increasing requirements for home automation is one of the major factors propelling the growth of the global smart locks market during the forecast period. Consumers are looking forward to convenient ways to secure their homes and have remote access control.Also, rising awareness among people regarding home security is further positively impacting the growth of the industry. Smart locks offer real-time monitoring, activity logging, and many others, which attract users.

Moreover, continuous technological developments like biometric authentication, communication protocols, and many others are contributing to the high growth of the market. Such a landscape will accentuate the market’s growth in the coming years.

For instance, Kwikset launched SC1 Keyway in November 2020. The company is a leading residential lock manufacturer, and the product is exclusively built with the help of smart key security technology. The product is compatible with all the Kwikset locks.

Restraints

• Cybersecurity concerns are likely to hamper the growth of the global market.

Connectivity features pose high risks to smart locks like data breaches, unauthorized access, and hacking, which are expected to restrict the growth of the smart locks industry. Smart locks are also pierced quite higher than traditional locks. This high cost deters price-sensitive customers.

Opportunities

• Integration with the smart home ecosystem is likely to foster growth opportunities in the global market.

Smart locks can seamlessly work with smart home appliances which is a major factor accentuating the growth of the global smart locks market. This helps users customize and schedule their routines according to their preferences. Smart locks can seamlessly integrate with Apple HomeKit, Google Assistant, Amazon Alexa, and many others.

Also, the industry is highly segmented and diversified. Therefore, it helps people get tailored products according to their needs and specialization.For instance, Vivint and New American Funding revealed their partnership agreement in February 2022. The major aim of the partnership is to help home buyers, and homeowners protect their houses by automating their homes.

Challenges

• Power outages are a big challenge in the global market.

Smart locks depend on power resources like electrical or battery wiring, which makes them vulnerable to connectivity issues and power outages. In the absence of a proper supply of sources, the smart locks cannot function properly and, therefore, impact their usability. Such a landscape is expected to slow down the growth of the industry.

Segmentation Analysis

The global smart locks market can be segmented into industry verticals, unlocking mechanisms, communication technologies, lock types, and regions.

By Industry Verticals Insights

On the basis of industry verticals, the market can be segmented into transportation & logistics, industrial institutions & government, residential, commercial, and others. The residential segment accounts for the largest share of the smart locks industry. The growing interest of homeowners in smartphone technologies is a major reason for the high growth rate of the segment. Their driving interest in smart home technologies is due to the convenience, security, and assurance offered by modern devices. Smart locks help people get remote access control and the ability to check their home activity anywhere with the help of smartphones.

Security is a primary concern among homeowners, and smart locks are helping people to address it nowadays. It has emerged as a more secure alternative to the traditional Locks. Features like tamper detection are gaining more attention among homeowners. However, easy installation is further widening the scope of the segment.

By Unlocking Mechanism Insights

On the basis of the unlocking mechanism, the market can be segmented into phone-based, key fob, touch-based cards, keys, keypads, and others. The keypad unlocking mechanism is the fastest-growing segment in the global smart locks market during the forecast period. Keypad unlocking is convenient and offers an accessible way to unlock doors without much manual labor. People only need a PIN code on the keypad, which avoids the hassle of carrying keys. Furthermore, keypad locks are more protected locks when compared to key-based locks. Pin codes are highly customizable and can be changed when needed.

The keypad locks are well equipped with smart features that help people to have full access to the property remotely. These locks are best for Airbnb hosts, homeowners, and property managers. These keypad locks can be easily integrated with the smart home ecosystems, thereby helping people with automation.

The versatility of smart locks makes them a popular choice among homeowners. These locks are easy to install and are ideal for retrofitting existing doors. These are battery-operated and, therefore, need no wiring. Also, these are cost effective when compared to other advanced lock options. Therefore, such a landscape is expected to foster growth opportunities in the segment.

By Communication Technology Insights

On the basis of communication technology, the market can be segmented into Z-wave, WiFi, Bluetooth, and others. The WiFi communication technology segment is likely to dominate the smart locks industry. WiFi is a commonly used technology that is easily found in offices, homes, and other public spaces globally. Smart locks with WiFi settings are easy to integrate with existing infrastructure.

Moreover, the WiFi-based smart locks offer remote access, thereby offering the convenience of locking and unlocking doors from one couch. Moreover, users can receive notifications and monitor door activity from anywhere across the globe with the help of smartphones.

Also, these are easy to install and do not pose the requirement for gateways or hubs for connectivity. WiFi smart locks are more secure because they work on encryption techniques for secure communication. Vendors offer regular firmware updates to keep up with the security of smart locks. Also, users can avail of a two-factor authentication feature in these locks.

By Lock Type Insights

On the basis of lock type, the market can be segmented into knob locks, server locks & latches, lever handles, deadbolt locks, and others. The deadbolt locks segment is projected to witness significant developments in the global smart locks market in the coming years. Deadbolt locks are popular for security reasons. It typically has a solid metal bolt that extends to the wall frame. These deadbolts are widely used in commercial and residential settings.

Manufacturers are innovating intensively with their functionality and features. Their capability to offer customers personalized access control settings is also driving the interest of users. Additionally, temporary guest codes, scheduled access times, multiple user codes, and many others offer people greater control over their properties. Therefore, such a landscape is likely to be an essential demand in the marketplace.

Report Scope

Regional Analysis

• North America to dominate the global market.

North America is the fastest-growing region in the global smart locks market. The region is a hub for technological advancements therefore leading to the innovation of smart lock technologies. Advancements in biometric authentication, wireless connectivity, and integration technology are further likely to accentuate the growth of the regional market. Growing adoption of smart home solutions is another major factor propelling the demand in the region.

Also, smart locks are gaining immense popularity in the region because of the rise in demand for energy-efficient, secure, and convenient locking solutions. Smart lock works with remote access control and keyless entry which is a major reason for its popularity in the region.

Additionally, smart locks can be easily integrated with popular home automation devices, and therefore, they help people operate smart locks with voice commands and customize automation schedules.

Asia Pacific is another major reason expected to experience rapid expansion in the smart locks industry. The region is witnessing a high urbanization rate, particularly in growing economies like India and China. Therefore, modernization is driving huge demand for smart home devices like smart locks for convenient and secure solutions.

Moreover, the growing disposable income of people in Asia-Pacific is another major reason expected to foster huge developments in the regional market. The rising awareness among people regarding smart home security, which can secure property against crimes, burglary, and theft, is also driving the high growth rate of the regional market.

For instance, Dorma Kaba successfully took over AtiQx B.V. in February 2022. The major aim of this acquisition is to strengthen its portfolio in the Netherlands.

 Smart Locks Market: Competitive Analysis

The key players in the global smart locks market include:

• Honeywell International Inc.
• Onity Inc.
• Goji
• Yale Locks
• UniKey Technologies Inc.
• Smart Locking Logic Proprietary Limited
• Sentrilock LLC
• Zigbang Co. Ltd.
• Schlage
• MUL-T-LOCK TECHNOLOGIES LTD.
• Kwikset
• HavenLock Inc.
• Cansec Systems Ltd.
• Avent Security
• August Home Inc.

For instance, Dahua Technology came up with a smart interactive whiteboard named the Dahua DeepHub in September 2021. It is an interactive flat panel display, particularly made for the latest meeting rooms and remote communication demands.

The global smart locks market is segmented as follows:

By Industry Verticals Segment Analysis

• Transportation & Logistics
• Industrial Institutions & Government
• Residential
• Commercial
• Others

By Unlocking Mechanisms Segment Analysis

• Phone-Based
• Key Fob
• Touch-Based Cards
• Keys
• Keypads
• Others

By Communication Technologies Segment Analysis

• Z-wave
• WiFi
• Bluetooth
• Others

By Lock Types Segment Analysis

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

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America