Smart Lock Market Size Worth $11.92 Billion By 2032 | CAGR: 18.10%

The global smart lock market size is expected to reach USD 11.92 billion by 2032, according to a new study by Polaris Market Research. The report “Smart Lock Market Share, Size, Trends, Industry Analysis Report, By Product (Deadbolt, Lever Handle, Padlock, Others); By Technology; By Authentication Method; By Application; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Smart locks are electromechanical devices equipped with Wi-Fi or Bluetooth, enable remote unlocking, and provide constant device monitoring. They offer enhanced security, customizable features, and various entry options like fingerprint, face unlock, smartphone access, and gestures.

The growing security concern is a key factor driving the smart locks market. These innovative locks utilize Internet of Things (IoT) connectivity, enabling synchronization with the user's smartphone or other portable control devices. This synchronization not only enhances user convenience but also facilitates the seamless management of the system in private residences, commercial buildings, and housing complexes.

Improvements in bioelectronic sensors, nanotechnology, and related fields are anticipated to propel market growth in the forecast period. Key manufacturers are making significant investments in comprising NFC Technology and Power over Ethernet (PoE) with Artificial Intelligence in current smart lock system developments.

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Smart locks are extensively used in the hospitality sector. Many hotels are choosing to enhance security in their facilities by adopting Wi-Fi or Bluetooth-enabled locks, moving away from RFID locks that rely on integrated circuit cards.

Smart locks market is anticipated to grow by an increasing demand for efficient and time-saving IT solutions designed for residential and commercial structures. The rapid expansion is expected to be fueled by the introduction of location-based locks featuring highly sensitive threat detection systems coupled with specialized real-time GPS integration designed specifically for commercial buildings.

Smart Lock Market Report Highlights

• The deadbolt segment accounted for the largest revenue share in the smart lock market. This can be attributed to the growing acceptance of the product across various industries and its easy-to-install nature. Key factors contributing to the surge in the deadbolt segment comprise cost-effective installation, outstanding durability, and reliable protection against intrusion. Moreover, businesses are actively expanding their array of products and services.
• The residential segment accounted for the highest market share. The substantial growth in revenue can be attributed to the increasing worldwide embrace of smart home technology, associated with a surge in both new construction initiatives and renovation projects. The growing accessibility of modern security solutions, such as motion detectors, door and window opening sensors, and remote door locking and unlocking, is anticipated to drive the growth of the market.
• North America dominated the largest market contributor in the smart lock market. The increase in demand for advanced security solutions, the growing popularity of smart homes, and the necessity for effective and seamless access management. Moreover, the surging requirement for secure access control solutions, coupled with the adoption of cutting-edge technologies like Bluetooth, NFC, and ZigBee in North America is more, and it is anticipated to drive the growth of the market.
• Asia Pacific accounted for the fastest growth in the smart lock market. The growth is ascribed to the increasing adoption of advanced security solutions in emerging economies like China and India associated with urbanization. Moreover, a rising need for seamless access control, along with the presence of key manufacturers in the region, is anticipated to contribute significantly to the market's revenue expansion.
• The global key market players include August Home, Inc., Avent Security, Cansec Systems Ltd., Goji, HavenLock, Inc., Honeywell International Inc., Kwikset, MUL-T-LOCK TECHNOLOGIES LTD., Onity Inc., Schlage, Sentrilock LLC, Smart Locking Logic Proprietary Limited, UniKey Technologies, Inc., Yale Lock, and Zigbang Co., Ltd.

Polaris Market Research has segmented the smart lock market report based on product, technology, authentication method, application and region:

Smart Lock, Product Outlook (Revenue - USD Billion, 2019 - 2032)

• Deadbolt
• Lever Handle
• Padlock
• Others

Smart Lock, Technology Outlook (Revenue - USD Billion, 2019 - 2032)

• Bluetooth
• Wi-Fi
• Thread
• Zigbee
• Z-Wave
• Others

Smart Lock, Authentication Method Outlook (Revenue - USD Billion, 2019 - 2032)

• Biometric
• Pin Code
• RFID Cards

Smart Lock, Application Outlook (Revenue - USD Billion, 2019 - 2032)

• Hospitality
• Residential
• Government
• Commercial
• Others

Smart Lock, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Smart Lock Market Report Scope