Smart Lock Market By Type of Smart Lock, Connectivity Type (Wi-Fi Enabled Smart Locks, Bluetooth Smart Locks, Z-Wave Smart Locks, Zigbee Smart Locks, NFC Smart Locks,Thread Smart Locks), Application, & Region for 2024-2031

Smart Lock Market Valuation - 2024-2031

Rising awareness of the benefits of smart locks, combined with the growing trend of smart home solutions, is driving market growth, with both residential and commercial sectors increasingly adopting these innovative security systems surpassing USD 2 Billion in 2024 and reachingUSD 6.46 Billion by 2031.

Smart locks are becoming more accessible and user-friendly as technology advances, including the integration of IoT, AI, and Bluetooth, by providing features such as remote access, keyless entry, and integration with other smart home devices. The growing emphasis on home automation and security is driving demand, as people seek more convenient and secure ways to manage access to their properties is expected to grow at aCAGR of about 17.45% from 2024 to 2031.

Smart Lock Market: Definition/ Overview

Smart locks are electronic locking systems that use digital technology such as keypads, biometric sensors, or smartphone connectivity to control access to doors that do not require traditional keys. They are widely used in residential, commercial, and industrial settings to provide added security and convenience. Remote access management, temporary guest access, and integration with home automation systems are all possible applications. The future of smart locks includes advancements in biometric technology, AI-driven security features, and greater integration with IoT ecosystems, which could lead to more secure, user-friendly, and adaptable access solutions.

What's inside a VMR industry report?

Our reports include actionable data and forward-looking analysis that help you craft pitches, create business plans, build presentations and write proposals.

Will Rising Trend of Smart Home Solutions Drive the Smart Lock Market?

The growing popularity of smart home solutions is a significant driver of the smart lock market, as consumers seek more integrated and convenient ways to manage their home environments. Smart locks, which provide remote access, voice control, and seamless integration with other smart home devices, meet the growing demand for interconnected and user-friendly home automation systems. This trend is driving market growth, as more homeowners and property managers use smart locks to improve security and streamline access control.

In April 2024, Amazon announced new advancements to its smart home ecosystem, including improved compatibility with a variety of smart lock systems. This move aims to better integrate smart locks with Amazon's Alexa and other smart home devices, demonstrating how major tech companies are driving the adoption of smart home solutions. Such initiatives demonstrate the growing overlap between smart locks and broader home automation trends.

Furthermore, government policies that promote smart home technologies are driving the smart lock market. For instance, in June 2024, the European Union implemented new regulations encouraging the use of smart home technologies to improve energy efficiency and security in residential buildings. These regulations include incentives for integrating advanced security solutions such as smart locks, which promote adoption and boost market growth. The combination of consumer demand and supportive policies is expected to drive further growth in the smart lock market.

Will Increasing Concern over Cybersecurity Vulnerabilities and Potential Hacking Hinder the Growth of the Smart Lock Market?

The growing concern about cybersecurity vulnerabilities and potential hacking poses a significant threat to the growth of the smart lock market. Smart locks become more integrated with home and business security systems, but their reliance on digital technology and internet connectivity makes them vulnerable to cyber-attacks. High-profile hacking and data breaches have raised consumer concerns about the potential risks associated with smart locks, leading to skepticism and reduced trust in their security effectiveness.

Manufacturers are investing in advanced encryption and multi-factor authentication to improve the security of smart locks. However, these solutions are frequently associated with increased costs and complexity, which can be a barrier to widespread adoption. Furthermore, the constant evolution of cyber threats necessitates regular updates to security measures, posing an ongoing challenge for both manufacturers and users.

The smart lock market is expected to expand as technology and industry standards improve. Ongoing research and development efforts are aimed at addressing security vulnerabilities and increasing the overall robustness of smart lock systems. Furthermore, as consumer awareness and education about smart lock security improves, the market is expected to see increased acceptance and adoption, owing to innovations that reduce cybersecurity risks.

Category-Wise Acumens

Will Rising Demand for Deadbolt Smart Locks Drive the Smart Lock Market?

Rising demand for deadbolt smart locks is expected to fuel significant growth in the smart lock market. Deadbolt smart locks are dominating owing to their strong security features and dependability, making them an excellent choice for both residential and commercial applications. Their advanced locking mechanisms provide superior protection against forced entry, and their compatibility with a variety of smart home systems makes them more appealing. As consumers prioritize home security, demand for deadbolt smart locks is expected to rise further, supporting market growth.

In January 2024, Yale announced the release of a new line of smart deadbolt locks with improved security and integration capabilities. The new models incorporate advanced encryption technology and compatibility with major smart home platforms, meeting consumer demands for security and convenience. This product launch demonstrates the growing interest in deadbolt smart locks and how manufacturers are meeting market demands with innovative solutions.

In April 2024, the United States Department of Housing and Urban Development (HUD) announced a new initiative to improve residential security through smart technologies. This initiative provides funding and incentives for upgrading home security systems, such as installing advanced deadbolt smart locks. Such policies are expected to encourage the use of these locks by providing financial incentives and raising awareness of their benefits, thereby fueling market growth.

However, retrofit smart locks are the fastest growing segment. This growth is being driven by their ability to upgrade existing locks with smart capabilities without requiring a full hardware replacement. Retrofit locks appeal to consumers who want to improve their security systems without incurring the cost and complexity of installing new locksets. This segment's rapid growth reflects rising demand for adaptable and cost-effective smart lock solutions.

Will Rising Usage of Wi-Fi Enabled Smart Locks Drive the Smart Lock Market?

The growing popularity of Wi-Fi enabled smart locks is resulting in its top position in the smart lock market forward. Wi-Fi-enabled smart locks provide the benefit of remote access from anywhere, allowing users to control and monitor their locks via smartphones, tablets, and computers. This capability meets the growing consumer demand for convenience, connectivity, and integration with other smart home devices. As Wi-Fi becomes more common in residential and commercial settings, the appeal of these smart locks grows, resulting in increased adoption.

In February 2024, Kwikset introduced its new line of Wi-Fi-enabled smart locks with improved security and integration with major smart home ecosystems. This product launch highlights the growing market focus on Wi-Fi connectivity, as well as the growing consumer preference for smart locks that provide seamless remote management. Such developments are propelling market growth by increasing the functionality and appeal of smart locks.

In March 2024, the US Department of Energy issued new guidelines to encourage the use of smart home technologies, such as Wi-Fi-enabled security systems. The guidelines provide incentives for integrating advanced technologies into residential buildings, thereby increasing the demand for Wi-Fi enabled smart locks. These policies not only promote the use of smart locks, but also stimulate market growth by creating an environment conducive to their adoption and integration into modern homes and businesses.

Bluetooth smart locks are expanding at a rapid pace. This growth is due to their simplicity and cost-effectiveness, as they do not require a hub or complicated installation. Bluetooth locks offer dependable performance for close-range access control and are becoming increasingly popular due to their ease of use and affordability, making them an appealing option for both residential and commercial customers.

Country/Region-wise

Will Rising Adoption of Smart Lock Technologies in North America Drive the Smart Lock Market?

The growing adoption of smart lock technologies in North America is expected to significantly boost the smart lock market. North America, particularly the United States, is the market leader in smart home technology adoption due to high consumer demand for advanced security solutions and smart device integration. As more homeowners and businesses seek to improve security and convenience with smart locks, the market is expanding rapidly. This trend is fueled by rising awareness and a preference for connected home technologies.

In March 2024, Schlage smart lock manufacturer announced the launch of a new line of smart locks that are specifically designed to integrate seamlessly with popular smart home ecosystems such as Google Home and Amazon Alexa. This product launch demonstrates how companies are meeting the high demand for smart home integration in North America, resulting in increased adoption of smart locks. Such innovations not only cater to consumer preferences, but also broaden the market reach by making smart locks more accessible and user-friendly.

For instance, in May 2024, the US Department of Energy announced a new initiative to promote smart home technologies, such as smart locks, as part of a larger strategy to improve home security and energy efficiency. This initiative incentivizes the adoption of advanced technologies while also supporting smart home research and development. Consumer demand, technological advancements, and supportive government policies are expected to drive further growth and innovation in North America's smart lock market.

Will Increase Rapid Urbanization in Asia-Pacific Propel the Smart Lock Market?

The rapid urbanization of the Asia-Pacific region is expected to significantly propel the smart lock market. As cities in China, India, and Southeast Asia grow, there is a greater demand for modern, efficient, and secure access solutions. Smart locks, with advanced features like remote access and integration with smart home systems, are an appealing option for new residential and commercial developments in these growing cities. This trend is consistent with the broader push to modernize infrastructure and improve security in rapidly expanding cities.

In July 2024, Hikvision, a leading provider of smart home solutions, will launch a new series of smart locks that are specifically designed for the Asia-Pacific market. This product line is designed to meet the needs of urban developments, with features such as increased security, easy integration with local smart home systems, and affordability. The introduction of these smart locks demonstrates the region's growing market potential, which is being driven by urbanization and increased demand for smart home technology.

Furthermore, government initiatives are promoting the adoption of smart lock technologies in Asia-Pacific. For instance, in June 2024, the Chinese government unveiled new urban development plans that include incentives for incorporating smart technologies into residential and commercial properties. This initiative aims to improve the safety and efficiency of new buildings and infrastructure projects, such as the use of smart locks. Such policies not only encourage the use of advanced security solutions, but also promote market growth by facilitating the integration of smart locks in rapidly urbanizing areas.

Competitive Landscape

The competitive landscape of the smart lock market extends beyond key players to include a variety of innovative companies and startups specializing in niche technologies and regional solutions. The market features a dynamic mix of firms offering diverse product ranges, from high-end smart locks with advanced biometric features to affordable models for broader consumer segments. Emerging competitors are focusing on integrating smart locks with new technologies such as AI and IoT, enhancing user experiences and security. Additionally, collaborations between tech firms and home security providers are fostering innovation and driving market growth. The competitive environment is characterized by rapid technological advancements and a continuous push to meet evolving consumer demands and security needs.

Some of the prominent players operating in the smart lock market include:

ASSA ABLOY AB (August Home)

Allegion PLC (Schlage)

dormakaba Group

Spectrum Brands Holdings, Inc. (Kwikset)

SALTO Systems

U-TEC Group, Inc.

Yale Locks & Hardware (ASSA ABLOY)

Onity, Inc.

Latest Developments

In March 2024, Schlage introduced smart locks that work with Google Home and Amazon Alexa. The new models offer improved connectivity and ease of use, meeting the growing demand for seamless smart home integration.

In May 2024, Yale introduced a new smart lock with AI features for predictive access control. The lock employs machine learning to analyze user behavior and optimize security settings, providing advanced protection for residential properties.

In June 2024, Level Lock announced integration with Apple HomeKit, allowing users to control their locks via Siri and the Apple Home app. This move reflects a growing trend of integrating smart locks into major smart home ecosystems.

In August 2024, Eufy launched a new line of affordable smart locks aimed at mass adoption. The series provides essential smart lock features at a lower cost, aiming to make smart security more accessible to a wider audience.