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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~ 19.1% |
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Base Year Market Size (2023) |
~ USD 2.27 Billion |
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Forecast Year Market Size (2036) |
~ USD 21Billion |
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Regional Scope |
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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:
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Lock Type |
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Communication Protocol |
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Unlocking Mechanism |
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Application |
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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.
Author Credits: Abhishek Verma, Hetal Singh
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