Smart Lock Market Trends

Smart Lock Market size was valued at USD 2077.24 Million in 2023 and is poised to grow from USD 2316.12 Million in 2024 to USD 5532.99 Million by 2032, growing at a CAGR of 11.5% during the forecast period (2025-2032).

The smart lock Market is consolidated because the market is still in its infancy, with fewer adoptions worldwide. However, due to the growing demand for home and building security, the market presents numerous growth opportunities for smart lock providers. As a result, market participants are constantly innovating to provide innovative products in the market in order to gain maximum market traction during the forecast period. 'ASSA ABLOY ', 'Allegion PLC  ', 'Dormakaba Group ', 'Kwikset  ', 'Yale Locks & Hardware ', 'Salto Systems SL ', 'Hanman International Pte Ltd ', 'U-TEC Group Inc.  ', 'Lockly ', 'Nuki Home Solutions ', 'Netatmo  ', 'Master Lock Company LLC ', 'August Home Inc. ', 'Igloohome ', 'Gate Labs ', 'ZKTeco ', 'Smartlock Digital Solutions ', 'Mul-T-Lock  ', 'CANDY HOUSE Inc.  ', 'Remotelock Inc.'

A major factor driving the rapid adoption of smart locks is the growing concern for security. Smart locks have evolved to provide efficient and user-friendly services since their inception. Because of their high efficiency and sophistication, they have been deployed in a variety of locations to improve security. Individual homes, condominiums, hotels, retail stores, banks and financial institutions, corporate buildings, and commercial buildings all have an increasing need for identification and authentication.

The introduction of new products into the market may have a significant impact on the occurrence and nature of competitive reactions. Fortunately, a security technology company for homes, offices, and personal items based in California, United States, launched the Lockley Secure Pro in May 2019. The patented PIN Genie software was used to create this smart lock solution. The device also has a 3D biometric fingerprint sensor and is Alexa and Google Assistant compatible.

The global smart lock market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America had the largest market share in 2021 and is expected to grow significantly over the next seven years as smart lock technology advances. This is primarily due to widespread technological adoption and the rapid growth of smart homes in the US. Customers' high spending power, combined with growing safety concerns, particularly in critical infrastructure and domestic applications, has resulted in a regulatory environment that encourages their adoption.