Smart Lock Market (Updated Version Available)
Smart Lock Market Size, Share & Trends Analysis, By Type (Deadbolt, Lever Handle, Padlock, and Others), Unlocking Type (Keypad Card Key, Touch Based, Smartphone-Based, and Others), Connectivity (Wi-Fi, Bluetooth, Zig-Bee, and Others), End-User (Residential, Industrial, and Commercial), By Region, Forecast Period 2023 - 2030
Report ID : RI_618418 | Date : April 2023 |
Format : 
Key Market Overview:
Smart Lock Market is estimated to reach over USD 5.73 Billion by 2030 from a value of USD 1.79 Billion in 2022, growing at a CAGR of 15.65% from 2023 to 2030.
A smart lock is a type of electronic lock that uses wireless technology to communicate with other devices such as smartphones, tablets, or smart home systems. Smart locks connect to a homes Wi-Fi network, and is integrated with other smart home devices, such as security cameras, doorbells, and lighting systems, to provide a more comprehensive home automation solution. Smart locks offer convenient access control solutions, as users are able to unlock or lock doors remotely, grant access to others, or monitor activity via their smartphone or computer.
Smart locks offer a convenient and secure way to access and lock doors remotely, thereby offering security and convenience to the customers. Customers access the door locks using smartphones and grant access to others remotely. Therefore, convenience and greater security offered by smart locks is driving the growth of smart locks market. For instance, in July 2022, Infineon Technologies launched smart locks that are controlled wirelessly via smartphones. The product offers a reliable, low-maintenance and secure way of opening and closing smart locks. Therefore, increasing awareness of home security among consumers allow them to look for more advanced solutions to protect their homes, thereby contributing to the growth of smart lock market.
Smart Lock Report Coverage:
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Market Dynamics:
Driver:
The continuous advancements in technology have greatly impacted the smart lock industry, driving innovation and growth in the smart lock market. The ability to communicate wirelessly using technologies such as Bluetooth, Wi-Fi, and Zigbee has made it possible for smart locks to be remotely controlled and monitored from a smartphone or other device. Moreover, the use of biometric technology, such as fingerprint scanning, or facial recognition has greatly improved the security of smart locks. For instance, in September 2021, Bosch smart home and Yale partnered with each other to create smart lock for enhanced convenience and security. Therefore, continuous advancements in technology have greatly expanded the capabilities and convenience of smart locks, thus, driving the growth of smart lock market.
Restraint:
The limited battery life of smart locks is the major factor restraining the growth of smart lock market. Many smart locks require batteries to power their electronic components. As a result, batteries in smart locks degrade quickly and need to be replaced at regular intervals. Replacing batteries in smart locks is quite challenging than traditional locks, thereby adding to the overall maintenance cost of the smart locks. Moreover, Smart locks rely on wireless technology and communication protocols that are vulnerable to hacking. Therefore, security concerns are another important factor limiting the growth of the global market.
Opportunities:
The Integration of smart locks with advanced technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), and Augmented Reality (AR) is expected to create potential opportunities for the growth of smart lock market. For instance, AI-powered smart locks are expected to analyze users habits and detect unusual access attempts, such as unauthorized attempts to enter a house or building. Therefore, AI is expected to enhance the security features of smart locks by enabling them to learn and adapt to users behavior and detect anomalies in access patterns.
Smart Lock Market Competitive Landscape:
The smart lock market is highly competitive, with several leading companies offering a range of products and services. The key market players are adopting strategies for mergers and acquisitions, and product innovations to stay competitive in the market. Some of the major players in the market include:
• August Home
• Haven Lock, Inc.
• Honeywell International, Inc.
• Panasonic Corporation
• Master Lock Company LLC.
• SentriLock
• Gartner Group
• SALTO Systems
• Spectrum Brand, Inc.
• Vivint, Inc.
• Dahua Technology Co., Ltd
Recent Developments:
• In May 2022, ButterflyMX acquires CloudKeyz adding four new security products to its stable of offerings.
• In September 2020, 1VALET Corporation announced a strategic partnership with SALTO Systems. The strategic partnership is to expand the smart door lock product portfolio.
Smart Lock Market Segmentation:
By Type
Based on the type, the market is segregated into deadbolt, lever handle, padlock, and others. The deadbolt segment dominates the global market as it provides a combination of enhanced security, ease of installation, and compatibility with smart home systems. Deadbolt smart locks offer enhanced security features compared to traditional locks, such as keyless entry, remote access, and automated locking and unlocking. Moreover, deadbolt smart locks are easily installed into existing doors, allowing users to adopt deadbolt smart locks more conveniently. The lever handle segment is expected to emerge as the fastest-growing segment during the forecast period. Lever handle smart locks are easier to operate than traditional locks, making them accessible for people with disabilities or mobility issues. Moreover, lever handle smart locks offer keyless entry, remote access, and automated locking and unlocking to users, thereby contributing to the growth of this segment. For instance, in January 2023, Schlage launched the Schlage EncodeTM Smart WiFi Lever lock designed to work on standard single bore-hole doors, offering the security and convenience to the users. Therefore, the ability of smart locks to provide contactless access to the doors is driving the growth of the market.
By Unlocking Type
Based on the unlocking type, the market is segmented into keypad card key, touch based, smartphone-based, and others. The touch-based segment accounted for the largest revenue share in the year 2022. Smart locks with touch-based user authentication technology use biometric sensors to scan the users fingerprint or palm print to grant access. As a result, fingerprint-based locks are becoming increasingly popular in offices and residential settings as they eliminate the need for keys or codes. Smartphone-based segment is expected to register fastest CAGR growth during the forecast period. The increasing adoption of smartphones and the convenience offered by smartphone-based smart locks are driving the growth of this segment. Smartphone-based smart locks come with additional features such as remote access and monitoring, that further enhance their convenience and attract a large number of customers towards this segment. For instance, in March 2022, Huawei launched the worlds first HarmonyOS door lock. HarmonyOS is Huaweis own operating system, designed to support a wide range of smart devices, including smart locks.
By Connectivity
Based on the connectivity, the market is divided into Wi-Fi, Bluetooth, zig-bee, and others. The Bluetooth segment dominates the global market and accounted for the largest revenue share in the year 2022. Bluetooth-enabled smart locks offer a more localized control experience, with users needing to be in close proximity to the lock to operate it. Moreover, Bluetooth-enabled smart locks offer a secure connection between the lock and the users smartphone, providing enhanced security for the home or business.
The Wi-Fi enabled segment is expected to witness robust growth during the forecast period. Wi-Fi-enabled smart locks are integrated with other smart home devices such as cameras, sensors, and lighting systems, creating a more comprehensive smart home system. For instance, in November 2021, Nuki launched a new Smart Lock 3.0 Pro with integrated Wi-Fi and battery pack allowing users to remotely control the lock using a smartphone app. Therefore, Wi-Fi-enabled smart locks offer greater flexibility and convenience by enabling users to control the lock from anywhere as long as they have an internet connection.
By End-User
Based on the end-user, the market is trifurcated into residential, industrial, and commercial. The commercial segment accounted for the largest revenue share in the year 2022. Smart locks in offices, government, and educational institutions are controlled through a central access control system and offers features such as keyless entry, time-based access control, and integration with other security systems. Commercial smart locks provide enhanced security and convenience for businesses, helping to improve efficiency and reduce costs. The residential sector is expected to register fastest CAGR during the forecast period. The residential segment of the smart lock market includes smart locks that are designed for use in homes and apartments. Smart locks are controlled through a smartphone app and offer features such as remote access, voice control, and integration with other smart home devices. For instance, in November 2020, Yale launched a new smart lock called Linus designed to provide keyless entry and gives users the ability to check whether the door is open or closed. Therefore, residential smart locks provide enhanced security and convenience for homeowners and are becoming increasingly popular as part of a comprehensive smart home system.
By Region:
North America dominates the smart lock market and accounts for the largest revenue share in the year 2022. North America has a high adoption rate of smart home technology, including smart locks. The growth in this region is attributed to the advanced technological infrastructure and a culture that values convenience and security. Moreover, the commercial sector in North America is also a growing particularly the hospitality industry. Hotels and other commercial properties are increasingly adopting smart locks to enhance security, improve guest experiences, and streamline operations. Furthermore, presence of key players such as Honeywell International, Inc., Master Lock Company LLC., and Gartner Group is contributing to the growth of the regional market.
Asia-Pacific is anticipated to witness fastest CAGR growth during the forecast period. The Asia Pacific region has seen an increasing adoption of smart homes, leading to a surge in demand for smart locks. As consumers become more tech-savvy, they are looking for ways to make their homes more secure and convenient, contributing to the growth of the regional market. Furthermore, several governments in the Asia Pacific region are promoting the adoption of smart homes and smart technologies, which is driving growth in the smart lock market. For instance, the Indian government launched Digital India program to promote the adoption of digital technologies, including smart locks across the country. Therefore, continuous government initiatives to promote digitalization in the region is driving the growth of the market.
Smart Lock Market is estimated to reach over USD 5.73 Billion by 2030 from a value of USD 1.79 Billion in 2022, growing at a CAGR of 15.65% from 2023 to 2030.
A smart lock is a type of electronic lock that uses wireless technology to communicate with other devices such as smartphones, tablets, or smart home systems. Smart locks connect to a homes Wi-Fi network, and is integrated with other smart home devices, such as security cameras, doorbells, and lighting systems, to provide a more comprehensive home automation solution. Smart locks offer convenient access control solutions, as users are able to unlock or lock doors remotely, grant access to others, or monitor activity via their smartphone or computer.
Smart locks offer a convenient and secure way to access and lock doors remotely, thereby offering security and convenience to the customers. Customers access the door locks using smartphones and grant access to others remotely. Therefore, convenience and greater security offered by smart locks is driving the growth of smart locks market. For instance, in July 2022, Infineon Technologies launched smart locks that are controlled wirelessly via smartphones. The product offers a reliable, low-maintenance and secure way of opening and closing smart locks. Therefore, increasing awareness of home security among consumers allow them to look for more advanced solutions to protect their homes, thereby contributing to the growth of smart lock market.
Smart Lock Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Billion) | USD 5.73 Billion |
| CAGR (2023-2030) | 15.65 % |
| Base Year | 2022 |
| By Type | Deadbolt, Lever Handle, Padlock, and Others |
| By Unlocking Type | Keypad Card Key, Touch Based, Smartphone-Based, and Others |
| By Connectivity | Wi-Fi, Bluetooth, Zig-Bee, and Others |
| By End-User | Residential, Industrial, and Commercial |
| By Geography |
|
| Key Players | August Home, Haven Lock, Inc., Honeywell International, Inc., Panasonic Corporation, Master Lock Company LLC., SentriLock, Gantner Group, SALTO Systems, Spectrum Brand, Inc., Vivint, Inc., Dahua Technology Co., Ltd |
Market Dynamics:
Driver:
The continuous advancements in technology have greatly impacted the smart lock industry, driving innovation and growth in the smart lock market. The ability to communicate wirelessly using technologies such as Bluetooth, Wi-Fi, and Zigbee has made it possible for smart locks to be remotely controlled and monitored from a smartphone or other device. Moreover, the use of biometric technology, such as fingerprint scanning, or facial recognition has greatly improved the security of smart locks. For instance, in September 2021, Bosch smart home and Yale partnered with each other to create smart lock for enhanced convenience and security. Therefore, continuous advancements in technology have greatly expanded the capabilities and convenience of smart locks, thus, driving the growth of smart lock market.
Restraint:
The limited battery life of smart locks is the major factor restraining the growth of smart lock market. Many smart locks require batteries to power their electronic components. As a result, batteries in smart locks degrade quickly and need to be replaced at regular intervals. Replacing batteries in smart locks is quite challenging than traditional locks, thereby adding to the overall maintenance cost of the smart locks. Moreover, Smart locks rely on wireless technology and communication protocols that are vulnerable to hacking. Therefore, security concerns are another important factor limiting the growth of the global market.
Opportunities:
The Integration of smart locks with advanced technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), and Augmented Reality (AR) is expected to create potential opportunities for the growth of smart lock market. For instance, AI-powered smart locks are expected to analyze users habits and detect unusual access attempts, such as unauthorized attempts to enter a house or building. Therefore, AI is expected to enhance the security features of smart locks by enabling them to learn and adapt to users behavior and detect anomalies in access patterns.
Smart Lock Market Competitive Landscape:
The smart lock market is highly competitive, with several leading companies offering a range of products and services. The key market players are adopting strategies for mergers and acquisitions, and product innovations to stay competitive in the market. Some of the major players in the market include:
• August Home
• Haven Lock, Inc.
• Honeywell International, Inc.
• Panasonic Corporation
• Master Lock Company LLC.
• SentriLock
• Gartner Group
• SALTO Systems
• Spectrum Brand, Inc.
• Vivint, Inc.
• Dahua Technology Co., Ltd
Recent Developments:
• In May 2022, ButterflyMX acquires CloudKeyz adding four new security products to its stable of offerings.
• In September 2020, 1VALET Corporation announced a strategic partnership with SALTO Systems. The strategic partnership is to expand the smart door lock product portfolio.
Smart Lock Market Segmentation:
By Type
Based on the type, the market is segregated into deadbolt, lever handle, padlock, and others. The deadbolt segment dominates the global market as it provides a combination of enhanced security, ease of installation, and compatibility with smart home systems. Deadbolt smart locks offer enhanced security features compared to traditional locks, such as keyless entry, remote access, and automated locking and unlocking. Moreover, deadbolt smart locks are easily installed into existing doors, allowing users to adopt deadbolt smart locks more conveniently. The lever handle segment is expected to emerge as the fastest-growing segment during the forecast period. Lever handle smart locks are easier to operate than traditional locks, making them accessible for people with disabilities or mobility issues. Moreover, lever handle smart locks offer keyless entry, remote access, and automated locking and unlocking to users, thereby contributing to the growth of this segment. For instance, in January 2023, Schlage launched the Schlage EncodeTM Smart WiFi Lever lock designed to work on standard single bore-hole doors, offering the security and convenience to the users. Therefore, the ability of smart locks to provide contactless access to the doors is driving the growth of the market.
By Unlocking Type
Based on the unlocking type, the market is segmented into keypad card key, touch based, smartphone-based, and others. The touch-based segment accounted for the largest revenue share in the year 2022. Smart locks with touch-based user authentication technology use biometric sensors to scan the users fingerprint or palm print to grant access. As a result, fingerprint-based locks are becoming increasingly popular in offices and residential settings as they eliminate the need for keys or codes. Smartphone-based segment is expected to register fastest CAGR growth during the forecast period. The increasing adoption of smartphones and the convenience offered by smartphone-based smart locks are driving the growth of this segment. Smartphone-based smart locks come with additional features such as remote access and monitoring, that further enhance their convenience and attract a large number of customers towards this segment. For instance, in March 2022, Huawei launched the worlds first HarmonyOS door lock. HarmonyOS is Huaweis own operating system, designed to support a wide range of smart devices, including smart locks.
By Connectivity
Based on the connectivity, the market is divided into Wi-Fi, Bluetooth, zig-bee, and others. The Bluetooth segment dominates the global market and accounted for the largest revenue share in the year 2022. Bluetooth-enabled smart locks offer a more localized control experience, with users needing to be in close proximity to the lock to operate it. Moreover, Bluetooth-enabled smart locks offer a secure connection between the lock and the users smartphone, providing enhanced security for the home or business.
The Wi-Fi enabled segment is expected to witness robust growth during the forecast period. Wi-Fi-enabled smart locks are integrated with other smart home devices such as cameras, sensors, and lighting systems, creating a more comprehensive smart home system. For instance, in November 2021, Nuki launched a new Smart Lock 3.0 Pro with integrated Wi-Fi and battery pack allowing users to remotely control the lock using a smartphone app. Therefore, Wi-Fi-enabled smart locks offer greater flexibility and convenience by enabling users to control the lock from anywhere as long as they have an internet connection.
By End-User
Based on the end-user, the market is trifurcated into residential, industrial, and commercial. The commercial segment accounted for the largest revenue share in the year 2022. Smart locks in offices, government, and educational institutions are controlled through a central access control system and offers features such as keyless entry, time-based access control, and integration with other security systems. Commercial smart locks provide enhanced security and convenience for businesses, helping to improve efficiency and reduce costs. The residential sector is expected to register fastest CAGR during the forecast period. The residential segment of the smart lock market includes smart locks that are designed for use in homes and apartments. Smart locks are controlled through a smartphone app and offer features such as remote access, voice control, and integration with other smart home devices. For instance, in November 2020, Yale launched a new smart lock called Linus designed to provide keyless entry and gives users the ability to check whether the door is open or closed. Therefore, residential smart locks provide enhanced security and convenience for homeowners and are becoming increasingly popular as part of a comprehensive smart home system.
By Region:
North America dominates the smart lock market and accounts for the largest revenue share in the year 2022. North America has a high adoption rate of smart home technology, including smart locks. The growth in this region is attributed to the advanced technological infrastructure and a culture that values convenience and security. Moreover, the commercial sector in North America is also a growing particularly the hospitality industry. Hotels and other commercial properties are increasingly adopting smart locks to enhance security, improve guest experiences, and streamline operations. Furthermore, presence of key players such as Honeywell International, Inc., Master Lock Company LLC., and Gartner Group is contributing to the growth of the regional market.
Asia-Pacific is anticipated to witness fastest CAGR growth during the forecast period. The Asia Pacific region has seen an increasing adoption of smart homes, leading to a surge in demand for smart locks. As consumers become more tech-savvy, they are looking for ways to make their homes more secure and convenient, contributing to the growth of the regional market. Furthermore, several governments in the Asia Pacific region are promoting the adoption of smart homes and smart technologies, which is driving growth in the smart lock market. For instance, the Indian government launched Digital India program to promote the adoption of digital technologies, including smart locks across the country. Therefore, continuous government initiatives to promote digitalization in the region is driving the growth of the market.
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| Multi user | : $5460 |
| Corporate user | : $7460 |
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