Smart Locks Market Growth Drivers and Forecast by 2031

The smart locks market size is projected to reach US$ 7.21 billion by 2031 from US$ 2.43 billion in 2023. The market is expected to register a CAGR of 14.6% in 2023–2031. The rising security concern among consumers worldwide is likely to remain a key smart locks market trend.

Smart Locks Market Analysis

The smart locks market is growing at a rapid pace due to the growing demand for connected devices among consumers, growing urbanization, and increasing utilization of smart devices among consumers. The market is expanding steadily, driven by the shifting consumers' preference towards the adoption of enhanced feature smart locks over traditional locks and rising smart city projects. Moreover, the development of technologically advanced smart locks and the growing adoption of IoT-based security devices are providing lucrative opportunities for market growth.

Smart Locks Market Overview

A smart lock is a Bluetooth or Wi-Fi-enabled smart home device that allows users to open and lock doors with their finger or a simple voice command. It is a more advanced version of the classic lock. The smart door lock is remotely actuated by a cryptographic key upon authentication, allowing access to only authorized staff. The smart lock system is being widely used in residential and commercial buildings to provide a novel approach to locking systems by improving usability. Furthermore, the development of advanced technologies such as AI, IoT, Big Data, and cloud-based applications are generating significant growth opportunities in the smart door lock market.

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Smart Locks Market: Strategic Insights

Smart Locks Market Drivers and Opportunities

Growing Demand for Connected Devices Among Consumers is Driving the Market

The constantly increasing demand for connected devices among consumers, such as tablets, smartphones, and other connected devices, is driving the smart lock market. These devices are capable of receiving and transmitting data, which is used to control smart locks.  Smart locks do not require a physical key, and the virtual keys can be accessed using smartphones, portable devices, and other linked devices. Thus, the operability of smart locks via smartphones and linked devices is fueling the market.

Development of Technologically Advanced Smart Locks – An Opportunity in the Smart Locks Market

Expanding smart city projects across the globe increases the need for smart devices, such as smart locks, to provide greater security for city residents. The demand for advanced smart home devices such as smart door locks and smart alarm systems among consumers to improve their home security is creating opportunities in the market. Major industry companies, including August Home, ASSA ABLOY AB, DESSMANN, Godrej Group, and others, are focusing on manufacturing emerging door lock devices and technologies for residential, commercial, and government use. These companies expand their product offerings by adopting business techniques such as acquisitions, mergers, and partnerships. For instance, In October 2022, ASSA ABLOY acquired Bird Home Automation GmbH (“DoorBird”) to expand its offering of smart home security solutions.

Smart Locks Market Report Segmentation Analysis

Key segments that contributed to the derivation of the smart locks market analysis are type, streaming type, communication technology, and application.

• Based on type, the smart locks market is divided into padlocks, deadbolt, lever handle, and others. The padlocks segment held a larger market share in 2023.
• In terms of communication technology, the smart locks market is divided into Wi-Fi, NFC, Bluetooth, and others. The Wi-Fi segment held a larger market share in 2023.
• On the basis of application, the market is segmented into residential, commercial, and industrial. The residential segment held the largest share of the market in 2023.

Smart Locks Market Share Analysis by Geography

The geographic scope of the smart locks market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. In terms of revenue, North America accounted for the largest smart locks market share, due to the growing adoption of smart home devices among consumers.

The market in Asia Pacific is expected to grow at a significant CAGR during the forecast period, due to rising smart city projects in countries including China, India, Japan, South Korea, and other countries in Asia. Increasing demand and adoption of advanced devices among consumers encourages manufacturers to develop new devices that improve home security. For instance, in December 2022, Xiaomi introduced an automatic smart door lock ‘E10’, in China. E10 is the cheapest smart door lock featuring NFC, a fingerprint scanner, and a keypad that provides multiple ways to unlock the door. The fingerprint scanner in this smart door lock can connect through Bluetooth and opens the door with a smartphone or smartwatch.

Smart Locks Market Regional Insights

The regional trends and factors influencing the Smart Locks Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Smart Locks Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Smart Locks Market Report Scope

Smart Locks Market Players Density: Understanding Its Impact on Business Dynamics

The Smart Locks Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Smart Locks Market News and Recent Developments

The smart locks market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for smart locks and strategies:

• In March 2023, HavenLock, Inc. announced that it had patented its new and innovative locking system from the United States Patent and Trademark Office (USPTO). (Source: HavenLock, Inc., Press Release, 2023)
• In February 2023, SentriLock announced its new partnership with the Chesapeake Bay & Rivers Association of REALTORS (CBRAR) to make SentriLock the association’s marketplace electronic lockbox solution for its REALTOR members. (Source: SentriLock, Press Release, 2023)

Smart Locks Market Report Coverage and Deliverables

The “Smart Locks Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles