Smart Lock Market Size & Share, by Lock Type (Deadbolt Locks, Lever Handles, Server locks & Latches, Knob locks); Communication Protocol (Bluetooth, WIFI, Z-Wave, Zigbee); Unlocking Mechanism (Keypad, Card Key, Touch Based, Key Fob, Smartphone-Based); Application (Commercial, Residential, Institutional & Government, Industrial, Transportation & Logistic) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 6020
  • Published Date: May 03, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Smart Lock Market size is poised to reach USD 21 Billion by the end of 2036, growing at a CAGR of 19.1% during the forecast period i.e., 2024-2036. In the year 2023, the industry size of smart lock was over USD 2.27 Billion. The increasing demand for smart locks is also attributed to the expansion of smart house adoption globally and the entry of businesses utilizing home automation technologies.  According to the most recent statistics from a survey, approximately 69.91 million households in the US are actively using smart home technologies by 2024. This represents an increase of 10.2% compared to the 63.43 million recorded in 2024.

The industry's companies are concentrated on creating cutting-edge solutions and commercially viable goods, such as remote door and window locking and opening. Furthermore, manufacturers are fusing their products with voice assistants, allowing voice control over locks, as the number of houses equipped with these devices increases significantly.

Given the growing demand for sophisticated locking and unlock systems by customers, these innovations are anticipated to increase the popularity of smart door locks with cameras. The market is estimated to be driven by increasing demand for the protection of various properties such as individual houses, hotels, supermarkets, banks, financial institutions, corporate buildings, smart locker rooms, and commercial buildings with advanced security solutions over the forecast period.

Smart Lock Market
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Smart Lock Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing integration of AI and ML - Due to advancements in technologies like the Internet of Things (IoT), Artificial Intelligence, and AI & ML, it is predicted that the use of smart locks will rise during the projection period. Moreover, rising customer awareness of the advantages and security provided by intelligent door locks is fuelling the market's expansion. Because of their efficiency and intricacy, they have been implemented in a number of areas to improve safety. Overall, the smart lock market is predicted to witness significant surge due to growing integration of AI and ML. 
  • Emergence of smart cities - The swift worldwide proliferation of smart city endeavors has led to a surge in the requirement for intelligent equipment, such as smart locks, to guarantee enhanced safety for city dwellers. By 2050, 60% of the world's population is expected to be living in smarter cities. Smart door locks and smart alarm systems are two examples of advanced smart home appliances that come with improved characteristics. In the upcoming years, it is predicted that these devices will be widely used. Thus, the smart lock market will have substantial growth prospects in the near future.
  •  Rising adoption of connected devices and smartphones - One of the main factors propelling the growth of the market is the increasing demand for tablets, smartphones, and other connected devices. In many developed economies, smartphone adoption is accelerating. In the foreseeable future, demand for smartphones will be fuelled by growing economies like China, India, Malaysia, and Indonesia. Businesses are encouraged to make more strategic investments in smartphone-based applications and mobile websites due to the surge in Internet usage and the increasing popularity of smartphones.

    In 2022, the global penetration rate of smartphones will reach 68%. That's based on the fact that there are more than 6.3 billion subscribers to smartphones and a worldwide population of about 7.4 billion. There's an increasing number of mobile phone users around the world. They are projected to reach 4.74 billion by 2024, an increase of 2.2% per year. Due to their ability to receive and transfer data, cellphones, smart home hubs, and other similar devices are mainly used to run smart locks.

    Virtual keys for smart locks can be accessible with smartphones, portable devices, and other linked devices; no real key is needed. Thus, this industry is driven by smart locks' capacity to be operated via smartphones and other connected devices.


  • Rising risk of cyberattacks - Smart locks, being IoT-enabled devices, are susceptible to cyberattacks. Hackers may exploit vulnerabilities in the device’s software or network communication, gaining unauthorized access to the safety and compromising the security of the property. Smart locks often store sensitive user data, including access logs and biometric information. If not adequately secured, these devices can become targets for cybercriminals seeking to steal or manipulate this data leading to potential privacy breaches, thus restricting the smart lock market’s growth.
  • Lack of awareness among the consumer base, can lead to the market’s restrained growth.
  • Jamming or signal interception attacks may be possible with smart locks that rely on wireless communication, such as Bluetooth or Wi-Fi.

Smart Lock Market: Key Insights

Base Year


Forecast Year



~ 19.1%

Base Year Market Size (2023)

~ USD 2.27 Billion

Forecast Year Market Size (2036)

~ USD 21Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Smart Lock Segmentation

Lock Type (Deadbolt Locks, Lever Handles, Server locks & Latches, Knob locks)

Deadbolt locks segment is projected to hold the largest share, accounting for 46% of the global smart lock market share. The segment’s growth is attributed to its robust security features. Adding deadbolt mechanisms to smart locks adds another layer of security and makes it harder for unauthorized people to break in. Compared to other locks, deadbolt locks are frequently simpler to install in already-existing doors. They are therefore a practical option for homeowners who want to increase security without having to make large changes to their doors.

With the help of smart deadbolt locks, customers can check the condition of their locks and lock or unlock doors from any location with an internet connection. This function improves security and convenience, especially for homeowners who wish to control who has access to their property while they are abroad. Consumer interest in smart deadbolt locks has increased as a result of greater knowledge about home security and the advantages of smart technology, propelling the segment’s growth within the market.

Application (Commercial, Residential, Institutional & Government, Industrial, Transportation & Logistic)

Residential segment is established to garner the majority smart lock market share, over the foreseen period. The market encounter significant revenue in this segment which can be attributed to the growing global use of smart homes as well as the rise in new building and restoration projects in the industry in recent years. Increased use is anticipated to result from the lower cost of contemporary security solutions such as fingerprint door locks, motion detectors, door and window opening sensors, and remote door locking and unlocking.

The creation of locks that work with Z-Wave, ZigBee, and BLE is becoming more popular, especially for mass-market residential applications, drawing in a large customer base. In a Survey conducted by Research Nester Analysts, each of the top four use cases for smart door locks is of interest to at least 70% of the managers and owners of apartment buildings.

Our in-depth analysis of the global market includes the following segments:

          Lock Type

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

          Communication Protocol

  • Bluetooth
  • WIFI
  • Z-Wave
  • Zigbee

          Unlocking Mechanism

  • Keypad
  • Card Key
  • Touch Based
  • Key Fob
  • Smartphone-Based


  • Commercial
  •  Residential
  •  Institutional & Government
  •  Industrial
  • Transportation & Logistic

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Smart Lock Industry - Regional Synopsis

North American Market Analysis

North America region is estimated to hold the largest revenue share, amounting to 37% of the global smart lock market share. The region’s growth is attributed to advancements in smart lock technology. This is a result of widespread technology use and the swift growth of smart homes in the United States. The combination of consumers' strong purchasing power and growing safety concerns especially in critical infrastructure and home applications has led to a legislative climate that is conducive to their adoption.

Additionally, the growing adoption of smart cities and homes is presenting significant future opportunities for companies in market. The increase in the demand for smart home appliances with energy efficiency and convenience is boosting the North American market. In the United States, revenue from smart homes is expected to rise to around USD 38 billion by 2024. Hence, due to this trend, the demand for smart locks will rise at an exponential rate over the course of projection period.

APAC Market Statistics

Asia Pacific smart lock market is established to attain a significant market share over the forecast period. The enormous number of smartphone users in the Asia-Pacific area and the easy access to the internet in the region's growing economies particularly in China, Japan, and India are credited with the market's notable rise. These smart locks are primarily integrated with the Internet of Things (IoT), which allows objects to be connected. The connectedness of objects which serves as a key internet connection for household items like door locks, fans, and lights, among others has been further accelerated by the sharp rise in smartphone usage.

Besides this, the well-established technological infrastructure, high consumer awareness, growing security concerns, increased government support from China, India, and Japan, and significant investment from major IoT players are all contributing factors to the growth of the smart locks market in the Asia-Pacific region. The main drivers of the market demand in this region are the following: growing net household disposable income and urbanization, increased awareness of automated solutions, quick uptake of internet-based services, advancements in broadband and communication technology, and early uptake of the smart home concept in both the Chinese and Indian markets.

Research Nester
Smart Lock Market Size
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Companies Dominating the Smart Lock Landscape

    • August Home
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
    • Avent Security
    • Cansec Systems Ltd.
    • HavenLock, Inc.
    • ASSA ABLOY Group
    • Schlage
    • SentriLock, LLC
    • UniKey Technologies, Inc.
    • Onity Inc./ Carrier Global Corporation 
    • Kwikset

In the News

  • HavenLock Inc. developed Haven Lockdown system. Further, the company also announced the launch of a Power G version of their well-liked commercial and school safety locking system.
  • Kwikset, the world's largest manufacturer of residential locks unveiled two new products, SmartCodeTM 260 Key Pad Deadbolts and SmartCodeTM 270 Touch Pad Deadbolts. Both types of deadbolts are now available in TraditionalTRLCNT and ContemporaryCNT styles and are supported by the BILT app.

Author Credits:  Abhishek Verma, Hetal Singh

  • Report ID: 6020
  • Published Date: May 03, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing integration with AI and ML technologies, rising prevalence of smart cities, and increased penetration of connected devices are some of the major drivers for the smart lock market.

The market size of smart lock is anticipated to attain a CAGR of 19% over the forecast period, i.e., 2024-2036.

The major players in the market are August Home, Avent Security, Cansec Systems Ltd., HavenLock, Inc., ASSA ABLOY Group, Schlage, SentriLock, LLC, SMARTLOCK, UniKey Technologies, Inc., Onity Inc. Carrier Global Corporation, and others.

The Deadbolt Locks segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North American region is projected to hold the largest market share, amounting to 37% of the global market share by the end of 2036 and provide more business opportunities in the future.
Smart Lock Market Report Scope

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