Smart Lock Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Global Smart Door Lock Market Share and is Segmented By Communication Technology (Wi-Fi, Bluetooth, Zigbee, Z-Wave), Authentication Methods (Biometric, Pin Code, RFID Cards), End-user Applications (Commercial, Residential, Educational Institutes & Government, Industrial), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

Smart Lock Market Size

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Smart Lock Market Summary
Study Period 2022 - 2029
Market Size (2024) USD 2.80 Billion
Market Size (2029) USD 5.75 Billion
CAGR (2024 - 2029) 15.40 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Smart Lock Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Smart Lock Market Analysis

The Smart Lock Market size is estimated at USD 2.80 billion in 2024, and is expected to reach USD 5.75 billion by 2029, growing at a CAGR of 15.40% during the forecast period (2024-2029).

The increasing adoption of smart home architecture worldwide, including features like remote access, voice control, and seamless connectivity, is further propelling the adoption of smart locks for residential premises. Additionally, the eliminated need to carry the mechanical keys around has attracted the likes of residential owners.

  • The expansion of smart home adoption on a global scale and the rise of businesses that offer home automation technology are further factors in the rising demand for smart locks. The industry's participants concentrate on developing cutting-edge techniques and commercially viable goods, such as remote locking and opening windows, doors, and doors.
  • Additionally, manufacturers pair their products with such devices as the number of households with voice assistants increases steadily, enabling voice control of locks. Customers are anticipated to become more popular due to these advancements as they increasingly look for sophisticated and straightforward locking/unlocking solutions. A growing number of properties must be identified and certified, including individual homes, hotels, supermarkets, banks, financial institutions, corporate buildings, and commercial buildings.
  • The increasing penetration of smartphones is also stimulating the growth of connected devices, which enable users to remotely access their door locks and unlock the doors using various related mobile apps. According to Oberlo, an e-commerce company, there are currently 3.5 billion smartphone users worldwide, and the penetration rate is approximately 45.4% of the global population of 7.7 billion people. Simply put, four out of every ten people in the world are currently equipped with a smartphone.
  • Amid various driving factors, the growth of the smart locks market could face challenges, owing to the prevailing vulnerability to hacking and increasing threats of cybercrimes, as smart locks, in particular, is a popular target for cybercriminals. For instance, in July this year, According to security researchers with NCC Group, there were 11 security problems affecting Nuki intelligent lock systems, including ones that could let intruders unlock doors. Such instances instill a sense of insecurity among casual users.
  • The COVID-19 pandemic has led to a nosedive in investments in the ICT industry, particularly in the Internet of Things, 5G technologies, and other emerging technologies. Players in the smart lock market are forced to restrict their operational expenses. They have witnessed a reduction in hiring and capital budgets as well. Moreover, discretionary consumer spending in this scenario has also lowered the sales of smart locks. The scenario for this market looks bleak, and it is expected to witness a slowdown, which is projected to continue until the second quarter of the last year.

Smart Lock Market Trends

This section covers the major market trends shaping the Smart Lock Market according to our research experts:

Commercial Adoption is Expected to Grow Significantly

  • Factors such as secure and easy management of various entry points through remote access and the ability to track the security of the premises have enabled the growth of smart lock adoption in these spaces, thus, propelling various stakeholders to invest significant amounts. Such statistics highlight the need for organizations in these spaces (mainly schools and churches) to seek the highest security level possible in the age of mass shootings in public places.
  • However, customer service and experience play a vital role in the hospitality industry. Hotel management ensures that customers' stay at their place is pleasant. In the process, various hotels are planning to adopt Bluetooth-enabled or Wi-Fi-enabled locks in place of RFID locks accessible by IC cards for their hotels to improve the security of their premises.
  • The hospitality industry has quickly adopted smart locks to address the growing security concerns of customers while they are in the store. In the upcoming years, keyless entry systems are projected to become more popular as hotels are required to increase in-room security. Leading market companies are providing creative solutions for the hotel sector. Hoomvip, an app-based rental property access service, installed an ENTR smart door lock by TESA, one of Assa Abloy's trademarks, to increase security and ensure hassle-free access to rental homes.
  • Further, the new smart lock launches aimed at businesses and office spaces have high growth potential as numerous people require access to the same facility. The need for enhanced safety has forced the management to simplify the door-unlocking process for authorized users. For instance, U-tec is expected to launch a new biometric smart lock designed primarily for their application in office doors.
Smart Lock Market - Most important reasons for hoteliers to implement new technologies worldwide as of February 2021

United States is Expected to Grow Significantly

  • The adoption of smart locks still needs to be prevalent in the United States compared to the adoption of other smart home devices. According to a recent Consumer Technology Association (CTA) study, about 69% (translates to 83 million households) of U.S. households now own at least one smart home device. Of which, the adoption of smart speakers in the country is high, with a rate of 28%, whereas the adoption of smart locks is only 10%-statistics such as this highlight the opportunity for market players to follow proper marketing strategies.
  • Expanding the key players in the U.S. market to other regions, especially in European nations, is also expected to provide a strong impetus for market growth. For instance, August Inc. and Yale Locks (smart lock manufacturers based out of the United States) announced new smart locks in their product portfolios and the availability of their products for new and existing owners of Yale Smart Lock in the EMEA region under the name 'Yale Access module.'
  • The new product 'Wi-Fi Smart Lock' from August Inc. mandates two-factor authentication and two-layer encryption and can be remotely managed through their App and cloud. Similarly, a new Linus Smart Lock from Yale is equipped with DoorSense technology that can monitor the lock/unlock position of the door and notifies. It also supports unlocking doors via smartphones. Also, the increasing penetration of smartphones is augmenting the growth of connected devices, which enable users to remotely access their door locks and unlock the doors using various connected mobile apps.
  • A favorable regulatory climate for smart lock adoption has been created due to customers' high purchasing power and growing safety concerns, particularly in essential infrastructure and household applications. For instance, over 12 million homes in the U.S. have smart locks installed due to their rapid growth. Today, Parks Associates published a whitepaper outlining the adoption of smart locks in the U.S. and the benefits of having a smart lock.
Smart Lock Market - Smart home technology benefits impacting consumer adoption in the United States in 2021

Smart Lock Industry Overview

The Smart Lock Market is consolidated as it is still in its nascent stage with fewer adoptions across the globe. However, the market poses various growth opportunities to smart lock providers due to the increasing need for home and building security. Hence, the market players, such as August Inc., Yale Locks & Hardware, Allegion PLC, Salto Systems, S.L., and U-TEC Group Inc., are consistently innovating to provide innovative products in the market to gain maximum market traction in the forecast period.

  • February 2022 - AtiQx Holding B.V. has been fully acquired by Dormakaba, expanding its core business and services operations in the Netherlands. AtiQx is one of the leading suppliers of electronic access control and labor management in the relevant market.
  • April 2022 - On Wyze's website, Wyze Lock Bolt was officially released (wyze.com). The latest security technology from Lockin is used to create the new product. The third co-branding venture between the two businesses is Wyze Lock Bolt.

Smart Lock Market Leaders

  1. August Inc. (ASSA ABLOY AB)

  2. Allegion plc (Schlage)

  3. Salto Systems, S.L.

  4. U-TEC Group Inc.

  5. Yale Locks & Hardware

*Disclaimer: Major Players sorted in no particular order

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Smart Lock Market News

  • September 2022 - The first over-the-air remotely charged smart locks are now widely accessible to commercial developers of real estate in the United States and Canada, according to an announcement made today by Alfred International Inc., the intelligent lock innovator with industry-leading designs and flexibility, and Wi-Charge, the pioneer in long-range wireless power solutions. In the commercial and residential markets, Alfred ML2 smart mortise locks with wireless power options are establishing new benchmarks for safety, security, and automation. After extensive internal testing and live pilot installations, the locks have been certified.
  • October 2022 - The next version of its top-tier range of smart lock products, Level Lock+, was unveiled by Level Home Inc. the business is reinventing the smart home. Once the owner's home key has been registered to Apple Wallet, Level Lock+, which is exclusive to Apple, effortlessly incorporates Apple's home keys technology, enabling owners to securely lock and open their homes by touching their iPhone or Apple Watch to their Level Lock+. The Level Lock+ can provide top-notch security with everyday ease and stunning design thanks to Apple Home keys, which fully utilize the privacy and security capabilities integrated into the iPhone and Apple Watch.

Smart Lock Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.2.1 Bargaining Power of Suppliers

      2. 4.2.2 Bargaining Power of Buyers

      3. 4.2.3 Threat of New Entrants

      4. 4.2.4 Threat of Substitutes

      5. 4.2.5 Intensity of Competitive Rivalry

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Market Drivers

      1. 4.4.1 Increasing Safety and Security Concerns

      2. 4.4.2 Increasing Adoption of Smart Home Architecture

    5. 4.5 Market Challenges

      1. 4.5.1 Increasing Cyber Security and Hacking Threats

  5. 5. ASSESSMENT OF COVID-19 IMPACT

    1. 5.1 Market Overview - Trends, Developments, and Market Projections

    2. 5.2 Market Drivers

    3. 5.3 Market Challenges

  6. 6. MARKET SEGMENTATION

    1. 6.1 Communication Technology

      1. 6.1.1 Wi-Fi

      2. 6.1.2 Bluetooth

      3. 6.1.3 Zigbee

      4. 6.1.4 Z-Wave

    2. 6.2 Authentication Method

      1. 6.2.1 Biometric

      2. 6.2.2 Pin Code

      3. 6.2.3 RFID Cards

    3. 6.3 End-user Application

      1. 6.3.1 Commercial

      2. 6.3.2 Educational Institutions & Government

      3. 6.3.3 Industrial

    4. 6.4 Geography

      1. 6.4.1 Europe

      2. 6.4.2 Asia Pacific

      3. 6.4.3 North America

      4. 6.4.4 Rest of the World

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles

      1. 7.1.1 August Inc.

      2. 7.1.2 Yale Locks & Hardware

      3. 7.1.3 Allegion PLC (Schlage)

      4. 7.1.4 Salto Systems SL

      5. 7.1.5 Hanman International Pte Ltd

      6. 7.1.6 Dormakaba Group

      7. 7.1.7 U-TEC Group Inc.

      8. 7.1.8 Kwikset (Spectrum Brands Inc.)

      9. 7.1.9 Lockly

      10. 7.1.10 Master Lock Company LLC

      11. 7.1.11 Nuki Home Solutions

      12. 7.1.12 Netatmo (Legrand)

    2. *List Not Exhaustive
  8. 8. INVESTMENT ANALYSIS

  9. 9. FUTURE OF THE MARKET

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Smart Lock Industry Segmentation

A smart lock is an electromechanical locking device that enables users in various industries to remotely access and unlock the lock to enter the premises. It can be accessed by connecting it to smartphones and other smart devices through various communication technologies like Wi-Fi, Bluetooth, Zigbee, or Z-Wave. It allows remote authentication to verified and authorized users.

The Smart Lock Market is Segmented By Communication Technology (Wi-Fi, Bluetooth, Zigbee, Z-Wave), Authentication Methods (Biometric, Pin Code, RFID Cards), End-user Applications (Commercial, Residential, Educational Institutes & Government, Industrial), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

Communication Technology
Wi-Fi
Bluetooth
Zigbee
Z-Wave
Authentication Method
Biometric
Pin Code
RFID Cards
End-user Application
Commercial
Educational Institutions & Government
Industrial
Geography
Europe
Asia Pacific
North America
Rest of the World
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Smart Lock Market Research FAQs

The Smart Lock Market size is expected to reach USD 2.80 billion in 2024 and grow at a CAGR of 15.40% to reach USD 5.75 billion by 2029.

In 2024, the Smart Lock Market size is expected to reach USD 2.80 billion.

August Inc. (ASSA ABLOY AB), Allegion plc (Schlage), Salto Systems, S.L., U-TEC Group Inc. and Yale Locks & Hardware are the major companies operating in the Smart Lock Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Smart Lock Market.

In 2023, the Smart Lock Market size was estimated at USD 2.43 billion. The report covers the Smart Lock Market historical market size for years: 2022 and 2023. The report also forecasts the Smart Lock Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Smart Lock Industry Report

Statistics for the 2024 Smart Lock market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Smart Lock analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Smart Lock Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)