Smart Lock Market by Lock Type (Deadbolt, Lever Handles, Others), Connectivity, Operating Mode, Application (Access Control & Authentication, Asset Control), End User (Residential, Commercial, Others), and Geography—Global Forecast to 2029

The Smart Lock Market is projected to reach $5.53 billion by 2029, at a CAGR of 14.7% during the forecast period of 2022–2029.

Based on volume, the global smart locks market is projected to reach 49.9 million units by 2029, at a CAGR of 15.3% during the forecast period. The growth of this market is attributed to the increasing safety & security concerns, the growing awareness of consumers about the benefit and comfort offered by smart locks, the increasing smart home penetration, and the rising acceptance of advanced access control and authentication technologies. Additionally, the increasing adoption of IoT-based security systems, the rising proliferation of smart cities, and the growing integration of biometric technologies into smart locks are expected to offer significant opportunities for the growth of this market. However, the high cost of smart locks, perception of unreliability, and lack of awareness among customers can restrain the growth of this market.

Impact of COVID-19 on the Smart Lock Market

By March 2020, governments worldwide imposed countrywide lockdowns to control the spread of the infection. The lockdown restrictions impacted manufacturing operations, with production facilities either completely shutting down or running at reduced capacities to ensure social distancing and employee safety. Most industries came to a standstill due to raw material & workforce shortages, supply chain disruptions, and restrictions on international trade. The pandemic impacted many businesses, including the smart locks market.

The demand for smart locks decreased significantly in the first half of 2020. In 2020, ASSA  ABLOY (Sweden), a provider of smart locks, shut down its global factories due to the decreased demand for smart door solutions. Sentrilock LLC (U.S.), a key player in the smart lock market, temporarily suspended its manufacturing operations due to the shortage of raw materials for new lock boxes.

However, during the pandemic, the government and key players, such as Samsung Group, Godrej Group, and Yale, concentrated on increasing their investments to restore market growth. For instance, in 2020, the Singapore Government Technology Agency (GovTech) invested around USD 3.50 billion in developing various security and monitoring tools in smart city projects during the pandemic. Several leading smart lock market players are eying this health crisis as a new opportunity to restructure and revisit their existing strategies and develop an advanced product portfolio. For instance, in 2020, Netatmo, a French home-based smart device manufacturer, announced launched its Smart Door Lock and keys that support Apple's HomeKit standard. Currently, the market is growing at a good pace & it is estimated that it will gain huge shares during the forecast period.

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Growing safety and security concern is expected to drive market growth

Smart locks come in different shapes and forms. Some are enhanced by security cameras, keypads, and touchpads, while others can be controlled remotely directly from a mobile app, allowing more control and efficiency. The recent versions of these wirelessly connected security devices may accelerate their adoption rate.

The growing security concern is a major factor driving the rapid adoption of smart locks industry. Smart locks work on IoT connectivity that synchronizes the lock with the user’s smartphone or other portable control devices and thus contributes to ease of use and maintenance of the system in private homes, buildings, and housing compounds. These locks provide efficient and user-friendly services, and their high efficiency and sophistication have led to their deployment in various premises to boost security. The growing need for identification and authentication in various premises such as individual houses, condominiums, hotels, retail stores, banks and financial institutions, corporate buildings, and commercial buildings contributed to the increased demand for smart locks. Furthermore, the increasing safety concern regarding home leads to the rise in demand for smart locks as they help prevent unauthorized access.

Key Findings in the Smart Lock Market Study:

Based on lock type, in 2022, the Deadbolt Lock Segment is Expected to Account for the Largest Share of the Market

Based on lock type, the smart locks market is segmented into deadbolt locks, lever handles, knob locks, and other locks. In 2022, the deadbolt locks segment is expected to account for the largest share of the global smart locks market. This segment is also projected to register the highest CAGR during the forecasted period. The large market share of this segment is attributed to deadbolt locks’ low installation cost, high durability, and effective protection against intense intrusion or attacks in residential, commercial, and other verticals.

Based on application, in 2022, the Access Control & Authentication Segment is Expected to Account for the Largest Share of the Market

Based on application, the smart locks market is segmented into access control & authentication and asset control. In 2022, the access control & authentication segment is expected to account for the largest share of the global smart locks market. This segment is also projected to register the highest CAGR during the forecasted period. Factors such as the rising acceptance of advanced access control & authentication technologies such as fingerprint recognition, face recognition, IRIS recognition, voice recognition, and smart card, along with the increasing consumer demand for modern access control & authentication devices and consistent technological advancements in access control & authentication technology are expected to drive the segment growth.

Asia-Pacific to be the Fastest Growing Regional Market

Based on geography, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. During the forecast period, Asia-Pacific is projected to register the highest CAGR due to the presence of rapidly developing economies, consistent technological advancements in access control and authentication technology, and government initiatives to integrate access control and authentication technologies in various public services. Moreover, increased adoption of advanced technologies, including artificial intelligence, IoT, and biometric recognition, is also contributing to the growth of the smart locks market in Asia-Pacific.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by the leading market participants in the smart locks market between 2020 and 2022. The key players profiled in the smart lock market report are ASSA ABLOY (Sweden), dormakaba Group (Switzerland), SALTO Systems, S.L. (Spain), Allegion plc (Ireland), Honeywell International Inc. (U.S.), Vivint Smart Home, Inc. (U.S.), ZKTECO CO., LTD. (China), igloocompany Pte Ltd (Singapore), RemoteLock (U.S.), Onity (U.S.), Master Lock Company LLC. (U.S.), MIWA Lock Co. (U.S.), Avent Security (China), Shenzhen Vians Electric Lock Co., Ltd. (China), Samsung Electronics Co., Ltd. (South Korea), SentriLock, LLC (U.S.), Zhejiang Dahua Technology Co., Ltd (China), and DESSMANN Schliessanlagen GmbH (Germany).

Scope of the report:

Smart Lock Market, by Lock Type                 

• Deadbolt Locks

• Lever Handles  
• Knob Locks     
• Other Lock Types

Smart Lock Market, by Connectivity

• Single Connectivity       

  • RFID
  • Bluetooth
  • WiFi
  • Other Single Connectivity Modes
• Multi Connectivity         

Smart Lock Market, by Operating Mode

• Single Operating Mode 

  • Keypad
  • Smart Card
  • Touch-based
  • Key Fob
  • Smartphone-based
  • Multi Operating Mode   

Smart Lock Market, by Application

• Access Control & Authentication

• Asset Control

Smart Lock Market, by End User

• Residential

• Commercial                  
  • BFSI          
  • IT & Telecom          
  • Government & Public Sector           
  • Retail         
  • Hospitals   
  • Education  
  • Hospitality 
• Industrial                      
  • Manufacturing        
  • Transportation & Logistics  
  • Other Industries      

Smart Lock Market, by Geography

• North America

  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
  • Italy
  • Spain
  • Netherlands
  • Sweden
  • Rest of Europe
• Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Singapore
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Israel
  • Rest of Middle East & Africa

Key questions answered in the report: