Vertical: SEMIBase Year: 202210 Sections
Market Size (2022)
$1.16B
Projected (2030)
$3.30B
CAGR (2018–2030)
11.4%
Key Players
13+
The Global Smart Lock Market is consistently growing due to the increasing concern for safety and growing hospitality industry across the globe. Furthermore, growing research & development abilities among key players in the market is likely to drive the region’s market throughout the forecast year.
The Global Smart Lock Market is projected to grow at 15.4% CAGR during the forecast period, 2023–2030. In 2021, the Global Smart Lock Market was dominated by North America with a 35.9% share, followed by Europe, and Asia-Pacific with shares of 27.6%, and 23.6% respectively, while developing countries such as India and China are projected to showcase substantial growth throughout the forecast period.
The Global Smart Lock Market has been segmented based on lock type, authentication method, communication protocol, end user and region. Based on lock type, the Global Smart Lock Market has been segmented into deadlocks, lever handles, padlocks, and others. The lever handles segment is estimated to grow at 14.5% during the forecast period, while in 2022, while it accounted for 43.8% share.
Based on authentication method, the Global Smart Lock Market has been segmented into biometric, pin code, and RFID cards. The RFID cards segment is expected to grow at 15.0% during the forecast period. In 2022, the segment held a 68.4% share of the Global Smart Lock Market.
Based on communication protocol, the Global Smart Lock Market has been segmented into Bluetooth, Wi-Fi, and NFC. The NFC segment is expected to grow at 14.5% during the forecast period. In 2022, the segment held 47.0% of the Global Smart Lock Market.
Based on end user, the Global Smart Lock Market has been segmented into commercial, and government. The commercial segment is expected to grow at 15.3% during the forecast period. In 2022, the segment held 80.2% of the Global Smart Lock Market.
The Smart Lock Market market is projected to grow at a CAGR of 11.4% from 2018 to 2030.
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View Subscription PlansThe smart lock market refers to the industry and ecosystem surrounding the production, distribution, and use of electronic or digital locks that offer advanced features and connectivity capabilities. Smart locks are designed to provide convenient and secure access control for residential, commercial, and industrial applications. These locks typically utilize wireless communication protocols such as Wi-Fi, Bluetooth, or Zigbee to connect with smartphones, tablets, or other smart devices, allowing users to remotely control and monitor the lock's functionality. They often offer features such as keyless entry, remote access management, activity logs, and integration with smart home systems.
The smart lock market encompasses manufacturers that design and produce smart lock hardware, as well as software developers and platform providers that develop the accompanying mobile applications or cloud-based platforms for lock control and management. Additionally, the market includes distributors, retailers, and service providers involved in the sale, installation, and maintenance of smart lock systems. The growth of the smart lock market is driven by factors such as the increasing adoption of smart home technology, the desire for enhanced convenience and security, and advancements in wireless connectivity and IoT (Internet of Things) infrastructure.
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View Subscription PlansThis report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.
Base Year
2022
Historical Period
2018 – 2021
Forecast Period
2023 – 2030
Primary Interviews
150+
Historical data (2018–2022) and forecast period (2022–2030)
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
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View Subscription PlansThe global smart lock market is characterized by the presence of many international and regional manufacturers. The global market is highly competitive, with all the players competing to gain a larger market share. The manufacturers compete based on cost, product quality, reliability, and aftermarket services. Therefore, the manufacturers must provide innovative and efficient products which are also cost-effective to survive and succeed in a competitive market environment. The Assa Abloy Group – Yale, Allegion Plc, dormakaba GROUP, Spectrum Brands, Inc., SALTO SYSTEMS, S.L, Onity Inc are the major players in the market, competing in terms of a variety of products for the global smart lock market and their components, as well as efficiency, reliability, affordability, and advanced technology. The primary focus of the players is to provide advanced products to aid in increasing adoption, which could help strengthen a country’s growth with advanced products. Although global players dominate the market, a few regional and other local players with a limited market share also have a prominent presence in this market.
The major players would look to strengthen their regional presence through mergers & acquisitions of local and global players, they are expected to expand their presence and solutions in these countries during the forecast period. Therefore, manufacturers must develop new technologies to stay at par with emerging technology trends that could affect the competitiveness of their product lines in the market.
The Threat Of New Entrants
New competitors in the market for smart locks pose a minor threat. This is because there are numerous obstacles to entry, including the requirement for a powerful brand, a reliable distribution system, and the capacity to create novel products. But new players still have potential because the market is continually expanding. Thus, the threat of new entrants is moderate.
Bargaining Power Of Suppliers
In the market for smart locks, suppliers have little negotiating leverage. This is because there are numerous different suppliers of the smart lock components, and suppliers cannot readily raise prices without losing clients. Thus, the bargaining power of the supplier is low.
Threat Of Substitutes
In the market for smart locks, the threat of replacements is moderate. The alternative available in the market is conventional locks, but they cannot offer the same security features. Thus, only smart locks provide the same level of ease and security. Thus, the threat of substituting a smart lock is low.
Bargaining Power Of Buyers
When a strong group of consumers is present within the market, it will considerably impact a company's product and selling decisions. Buyers have the choice; brand loyalty can help mitigate buyers' power. The increasing trend of entertainment motivates more customers to buy smart locks. However, due to strong competition and substitution in the industry, the power is with the buyers. Another factor that increases the power of the buyers is the limited switching costs. Switching from one model to another has little to no cost for the customer. Therefore, buyers tend to choose their model based on quality, price, and service. An answer to mitigating the power of buyers is better customer service and a stronger focus on brand loyalty. However, the buyers dictate the specification and type of advertising opportunities required, which makes their bargaining power moderate.
Intensity Of Rivalry
There is intense competition among the market's current rivals for smart locks. This is due to the numerous brands vying for market share and the ongoing efforts made by each brand to set itself apart from its rivals. The major players, such as Allegion Plc., Dormakaba Holding Ag, and Onity Inc., have strong distribution networks, research and development, and a wide range of products. Thus, the intensity of rivalry is high.
Market estimates by geography (2030)
InsightAsia Pacific leads with $1.11B by 2030.
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View Subscription Plans| REGION | 2018 | 2022 | 2030 | CAGR | SHARE |
|---|---|---|---|---|---|
| North America | $338.60M | $521.40M | $1.04B | 9.8% | 29% |
| Europe | $246.40M | $420.10M | $970.50M | 12.1% | 27% |
| Asia Pacific | $187.00M | $384.60M | $1.11B | 16.0% | 31% |
| Rest of the World | $114.30M | $200.20M | $495.40M | 13.0% | 14% |
| Total | $886.30M | $1.53B | $3.62B | 11.4% | 100% |
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View Subscription PlansTotal Market Size
$3.30B
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| Lever Handles | $1.49B | 11.5% | 45% |
| Deadbolt | $830.70M | 9.9% | 25% |
| Others | $683.40M | 13.0% | 21% |
| Padlock | $300.70M | 12.5% | 9% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
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Analytical insights on Smart Lock Market covering market dynamics, competitive landscape, and strategic outlook.
The Smart Lock Market market is projected to reach $3.30B by 2030, growing at 11.4% CAGR. The Lever Handles segment holds the largest share.
The global smart lock market is expected to be driven by rising concern for security and technological advancement in the smart lock. However, the threat of hacking will likely restrain the market. on the other hand, the growing hospitality industry is expected to create lucrative opportunities in the market during the forecast period.
The adoption of smart home devices has lowered the concerns due to consumer demand for data security and privacy in their house, having smart locks. The house owner pains with Wi-Fi or Bluetooth device with a deadbolt to gain access with a voice command or phone tap. Smart locks improve security by using advanced presence durability, detection, and alert systems. Easy to access, as well as quick authentication, have become the trend. As a result, consumers' security concern is supporting the market's growth.
The increasing adoption of smart locks still requires to be prevalent in the US compared to other devices for smart homes. According to a recent CTA Consumer Technology Association study, around 69% of United States households own at least one smart home device. In this, the adoption of smart speakers in the US is high, with a rate of 28%, although the adoption of smart locks is around 10%. The adoption of smart homes on a global scale and the expansion of business that offers home automation technology are rising the demand for smart locks.
A wave of digital disruption will hit the hospitality industry, and it is expected to be aided by new additions that will improve not smart locks systems as well as reservations, hotel services, food delivery, etc. Hotels are focusing on the security and safety of their guests. Suppliers of locks are increasing the functionality and adaptability of their solutions for meeting various property requirements along with guest service preferences. Platforms for smart locks support hotels existing mobile applications or stand alone as a whole independent service. Innovative and advanced solutions let guests use and save digital keys without installing new software. This allows tourists to take track of digital hotel keys and boarding passes.
This type of platform may increase the adoption rate of smart locks by providing visitors control over how they interact with digital key services. There has been an increase in the number of mobile key transactions because businesses have appreciated the suitability of using this payment method to create a seamless customer experience from the moment customers enter through doors.
Smart locks provide a quick and secure way to lock and unlock your door. Smart locks are gaining popularity. Smart locks are susceptible to hacking, just like any other linked device. The threat of hacking also hinders consumers' perception of dependence on smart locks. Smart locks may have a threat from hackers if the system is not regularly updated. As electronic devices, smart locks can be disrupted by hackers who can create bogus smartphone access codes. Due to several smart lock models running on electricity or battery, a power outage could disturb the operation and make them vulnerable. Thus, high costs, as well as perceived unreliability, restrain the market.
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Profiles of 105 companies operating in the Smart Lock Market market, including revenue, employee count, and market positioning where available.
Showing 105 of 105 companies
Company Headquarters: United States Founded: 1921 Workforce: ~7,500 Company Working: Master Lock Company LLC. is a global leader in the development and manufacturing of security products, including padlocks, combination locks, and other security solutions. Master Lock's product line includes a wide range of padlocks, safety lockout devices, digital locks, and other security solutions for residential, commercial, and industrial use. The company has a strong reputation for quality and durability, and its products are widely used in schools, hospitals, airports, and other high-security environments. In addition to its core product offerings, Master Lock provides services, including key cutting, lock repair, and customized security solutions for specific customer needs. The company is committed to innovation and strongly focuses on research and development to stay ahead of evolving security threats. Master Lock is owned by Fortune Brands innovations, a leading home and security products company that also owns other well-known brands such as Moen, Therma-Tru Doors, and Fiberon Decking.
Company Headquarters: Switzerland Founded: 1862 Workforce: ~15,495 Company Working: dormakaba is a leading global provider of security and access solutions, offering various industries a diverse range of products and services. Its product portfolio includes door hardware, electronic access and data, entrance systems, safe locks, lodging systems, interior glass systems, movable walls, and more. With operations in over 50 countries, dormakaba has a strong presence in Europe, the Americas, and the Asia-Pacific, serving customers across multiple industries, including hospitality, commercial, institutional, and residential. Dormakaba's primary objective is to deliver innovative, reliable, and effective security and access solutions that improve its customers' safety, security, and convenience. The company accomplishes this by investing in research and development and utilizing advanced technologies to create products that meet the changing requirements of its customers.
Company Headquarters: Stockholm, Sweden Founded: 1840 Workforce: ~8,047 Company Working: Yale is a widely recognized name in the security industry, providing a diverse range of products such as smart locks, deadbolts, padlocks, and safes. Yale's smart locks are designed to be both convenient and secure, allowing for access control to homes or businesses via a smartphone app, key fob, or keypad. Some models offer voice control compatibility through virtual assistants such as Amazon Alexa or Google Assistant. Yale's smart locks also feature auto-locking, tamper alarms, and remote access control, enabling property owners to monitor and control access from anywhere. Yale produces various smart lock models, including the Yale Real Living Assure Lock SL, Yale Real Living Assure Lock Touchscreen, and Yale Real Living Assure Lock with Bluetooth. These locks are crafted to suit different door types and are available in various finishes to match the property's décor. In addition to smart locks, Yale offers other security products such as video doorbells, security cameras, and alarm systems. Yale is recognized as a trustworthy brand in the security industry, boasting a long history and a reputation for quality. Its smart locks are popular among homeowners and businesses seeking to improve their security and convenience. THE ASSA ABLOY GROUP is a parental brand of Yale.
Company Headquarters: United States Founded: 2016 Workforce: ~50 Company Working: LEVEL HOME INC.(Level) is a technology company specializing in designing and manufacturing smart locks and other home automation products. Level is focused on providing users with high security and convenience through its smart lock products. The company's flagship product, the Level Lock, is a smart lock installed on existing deadbolts, allowing users to keep their current keys and lock hardware while upgrading to a smart lock. The Level Lock features touch-to-open technology, remote access, and voice control, making it a convenient and secure way to control access to your home. In addition to its smart lock products, Level Home Inc. also offers a range of other home automation products, including the Level Touch, a smart lock that replaces the existing door handle, and the Level Bolt, a retrofit smart lock that can be installed on the inside of the door.
Company Headquarters: California Founded: 2015 Workforce: ~500 Company Working: Bosma. is a company that specializes in the design and manufacture of smart locks with a focus on accessibility for people with vision loss. The company adopts the principles of universal design in developing its products to ensure that they are usable by people of all abilities. Bosma's smart locks come with a range of features that make them accessible to people with vision loss, such as audible feedback, voice commands, and Braille keypads. By providing these features, Bosma's smart locks enable people with vision loss to lock and unlock their doors independently, enhancing their sense of security and independence. The locks are user-friendly and provide a high level of security, making them a valuable tool for people with vision loss.
Company Headquarters: United States Founded: 2013 Workforce: ~25 Company Working: U-TEC Group Inc specializes in developing and manufacturing smart locks and security systems for residential and commercial properties. The company was established in 2015 and has since been offering a wide range of smart locks that utilize diverse technologies, such as Bluetooth, Wi-Fi, and fingerprint recognition, which enable users to manage access control from their mobile devices. Among the features of U-TEC smart locks are temporary access codes, remote access, biometric recognition, and keyless entry. In addition to its smart locks, U-Tec provides other security products like alarm systems, video cameras, and doorbells. The company's products are user-friendly and easy to install, with intuitive controls and interfaces.
18 interactive charts drawn from the Smart Lock Market dataset — market size, regional splits and each segment breakdown. Open one to read its full data table and download it.
Smart Lock By End User
Smart Lock By Communication Protocol
Smart Lock By Authentication Method
Smart Lock By Lock Type
Smart Lock Middle East And Africa and South America Of Rest Of The World By Region
Smart Lock China, India, Japan and Rest Of Asia Pacific By Country
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Historical performance and future projections (2020–2030, USD Billion)
Market Size (USD Mn)
