Smart Lock Market Outlook from 2023 to 2033

The smart lock market size was projected to be USD 2,996.70 million in 2022. By the end of 2023, the industry is likely to reach a valuation of USD 3,404.70 million. During the forecast period, the global market for smart lock is expected to garner a 14.90% CAGR and reach a size USD 13,611.40 million by 2033.

Key industry Trends and Highlights

  • IoT integration Centralized control and automation are made possible by the growing integration of smart locks into larger Internet of Things (IoT) ecosystems. With capabilities like voice control and remote monitoring, users may construct networked smart environments for their homes or buildings due to this trend.
  • Mobile phone friendly Smart locks make life for users easier by allowing them to be managed remotely using smartphone apps. Users may even grant guests access while getting real time notifications. Instead of using conventional keys or PIN numbers, users are able to access their properties using distinct biometric data.
  • Biometric access Smart locks are increasingly using biometric technologies, such facial and fingerprint identification, to improve security and user experience.
Attributes Details
Estimated Market Value in 2022 USD 2,996.70 million
Expected Market Value in 2023 USD 3,404.70 billion
Expected Market Value in 2033 USD 13,611.40 million
Value based CAGR from 2023 to 2033 14.90%

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2018 to 2022 Historical Analysis vs. 2023 to 2033 Industry Forecast Projections

Report Attributes Details
Market value in 2022 USD 2,996.70 million

Smart lock usage is being driven by the growth of rental as well as sharing economies, including coworking spaces and short term vacation rentals. Smart locks with features like temporary access codes give these businesses the flexible and safe access control solutions that they need for their tenants, visitors, and members.

Consumers are more conscious of personal hygiene and the value of avoiding contact with shared surfaces. In response to these worries, smart locks are growing more popular. These permit touchless entry through techniques like key cards, smartphone apps, or biometric scans. The unique factor has sped up the use of smart locks in a variety of contexts where contactless access is essential, such as homes, businesses, and lodging establishments.

Key Drivers of the Global Smart Lock Market

  • The market for smart locks is particularly driven in areas with elderly populations, like many developed nations. These groups frequently experience difficulties with accessibility and mobility. Older individuals can keep their independence while increasing their security by using smart locks, which can accommodate their needs by providing features such as remote control and easy accessibility.
  • The use of smart locks is a result of the growing emphasis on sustainability as well as green building techniques. To optimize energy usage and support sustainability and energy efficiency initiatives, these locks can be integrated with smart building management systems. For example, these systems can be set to automatically alter HVAC systems based on whether a door is locked or unlocked.
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Sudip Saha

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Challenges in the Global Smart Lock Market

  • Data theft and privacy violations pose a serious danger to the smart lock market. Customers may lose faith and slow down market adoption if hackers obtain the data and private information connected to smart lock users, raising concerns about data security and privacy.
  • Smart locks are becoming vulnerable to cybersecurity attacks as they become more widely used. A big obstacle facing the smart lock market is making sure these gadgets are secure and shielded from hacker attacks.
  • Compatibility issues may arise from smart lock owing to their occasionally sluggish integration with other smart home appliances and platforms. Making sure smart locks integrate seamlessly with different ecosystems can be a challenging undertaking.

Country wise Insights

The table below lists the top five nations expected to experience prominent growth during the forecast period. India and China are predicted to have the maximum development among these nations.

Forecast CAGRs from 2023 to 2033

Countries CAGR from 2023 to 2033
The United States 10.90%
The United Kingdom 9.20%
Germany 10.90%
China 11.90%
India 13.70%

Home Automation Trend in the United States to Boost Sales

The United States market for smart lock is likely to garner a 10.90% CAGR during the forecast period.

The use of smart lock is being propelled by the expanding trends of home automation along with the Internet of Things (IoT). Smart lock are an essential part of the ecosystem of connected homes as consumers seek more integrated solutions that let them monitor and control their properties from a single platform.

The United States market for smart lock is also being driven by the desire for increased convenience and security. Advanced security features like access management, remote monitoring, and the capacity to provide guests with temporary access are all available with smart lock. For homeowners looking for a more user friendly and safe locking option, the simplicity of remote control and keyless entry is appealing.

Growing Urbanization to Accelerate Industry Growth in the United Kingdom

The smart lock market in the United Kingdom is poised to expand at a 9.20% CAGR from 2023 to 2033.

The United Kingdom is witnessing an increase in high density housing as well as shared accommodations, like apartment buildings and co living spaces. This is due to ongoing urbanization within the nation. In these urban living conditions, smart lock are becoming more and more popular since they provide tenants, property managers, and landlords with a convenient and safe access solution.

In the United Kingdom, home safety and security are highly valued. Since they come with features like access control, notifications, and remote monitoring, smart lock are seen as a way to improve home security. Smart lock adoption is fueled by the active search for solutions that offer increased security and peace of mind.

Increased Home Security to Boost Growth in Germany

The Germany market for smart lock is poised to develop at a 10.90% CAGR during the forecast period.

Security and privacy are highly valued in German culture. Protecting private areas and improving home security are two benefits of using smart lock. The adoption of smart lock in the country is fueled by the need for sophisticated security features like remote monitoring as well as access control.

Germany is renowned for its emphasis on quality and technological innovation. German customers will probably embrace smart lock technology as it develops and becomes more dependable, particularly if well engineered, high quality products that satisfy their security and usage requirements are made available.

Door Symbolism Culture to Boost Demand in China

The China market for smart lock is likely to expand with a 11.90% CAGR from 2023 to 2033.

The market for smart lock in China is driven in a particular way by the cultural importance of door symbolism. Doors are viewed as symbols of opportunity and security in Chinese culture. The modern security features that smart lock provide are in line with the cultural value placed on securing a house and personal area. This cultural affinity may encourage China to adopt smart lock.

Delivery Services and Increased Domestic Help in India to Bolster Demand

The India smart lock market is poised to expand with a 13.70% CAGR during the forecast period.

The growing popularity of domestic help and delivery services is one of the distinctive market drivers in India for smart locks. In India, many households employ domestic help, and the e commerce sector is expanding rapidly. With smart locks, homeowners can remotely grant temporary access to delivery or housekeeping teams. The adoption of smart locks may be greatly influenced by this convenience factor, especially given the Indian way of life.

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Category wise Insights

The table below highlights how biometric locks are projected to take up a significant global market share by product type.

The Wi Fi technology segment is likely to garner the dominant market share in 2023.

Category Market share in 2023
Biometric Lock 33.80%
Wi Fi Technology 58.9%

Biometric Locks to Gain Traction in the Global Smart Lock Market

The biometric lock segment is expected to acquire a market share of 33.80% in 2023.

Biometric locks offer a convenient as well as user friendly experience. Lockout risks are decreased because users are not required to carry actual keys or memorize passwords. Customers find it easy to unlock doors using a fingerprint or face scan, which is why biometric locks are becoming more and more common in both residential and commercial establishments.

A higher level of security is provided by biometric locks, which include facial recognition and fingerprint, as opposed to conventional key or PIN based locks. Since biometric data is specific to each individual, unwanted access is more difficult. Businesses and individuals alike are choosing biometric solutions more frequently as security and privacy concerns rise.

smart lock Connected over Wi Fi Technology to Bolster Demand

Based on the technology, the Wi Fi segment is anticipated to take up a significant global market share. In 2023, the Wi fi segment is likely to acquire 58.9% global market share.

With a smartphone app or online interface, consumers with Wi Fi connectivity may track and operate their smart lock from a distance. With this feature, homeowners may provide temporary access to visitors or service providers, lock or unlock doors from anywhere, and get real time updates regarding lock activity. The ease of remote access improves the property's general security and accessibility.

A smart lock with WiFi connectivity can be easily integrated into larger smart home networks. With this connectivity, customers may set up automation as well as security scenarios, such as turning on security cameras, adjusting temperatures, and locking the door automatically when they leave the house. The demand for these solutions is fueled by the potential of Wi Fi connected smart lock to function with other smart devices, thus improving the whole smart home experience

Competitive Landscape

The smart lock market is changing very quickly. Over the past few years, it has proceeded to consolidate as top businesses have been vying for the largest market share. A lot of businesses engage in collaborations, research and development, acquisitions, and investments in order to set themselves apart from competitors and make a lasting impression on the market.

As industry leaders unveiled solutions that required less human engagement, the use of IoT to advance non contact lock technology gained traction.

Some of the prominent developments by the important companies in this domain are

Company Key Developments
Alfred International Inc.
  • Wi Charge and Alfred International Inc. announced the launch of a new smart lock.
  • Commercial real estate developers in the United States and Canada can now easily obtain the first remotely charged smart lock that can be updated over the air.
  • Alfred ML2 smart mortise locks featuring wireless power choices are setting new standards for automation, safety, and security in the commercial as well as residential industries.
  • The locks have been certified following comprehensive internal testing along with actual pilot installations.
Level Home Inc
  • In 2022, Level Home Inc. introduced the next iteration of their premium line of smart lock devices, called Level Lock+.
  • The company is reimagining smart homes.
  • Level Lock+, an Apple only product, seamlessly integrates Apple's house keys technology once the home key has been registered to Apple Wallet.
  • This allows owners to safely lock and access their homes by simply touching their iPhone or Apple Watch to their Level Lock+.
  • Thanks to Apple Home keys, which completely leverage the privacy and security features built into the iPhone and Apple Watch, the Level Lock+ can offer excellent security with everyday convenience and beautiful design.

Report Scope

Attribute Details
Projected market value in 2023 USD 3,404.70 million
Projected market value in 2033 USD 13,611.40 million
Forecast CAGR from 2023 to 2033 14.90%
Forecast period 2023 to 2033
Historical period 2018 to 2022
Market analysis Value in USD million
Key regions covered

North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa

Key countries profiled

The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel

Key market segments

Product Type, Technology, Price Range, Region

Key companies profiled

AT&T Intellectual Property,; Comcast, Lowe’s Companies, Inc.; Staples, Inc.,; UniKey Technologies, Inc.,; Yale Real Living,; MIWA Lock Co.; HAVEN

Segmentation Analysis of the Smart Lock Market

By Product Type:

  • Biometric Lock
  • Electronic / Sensor Lock
  • Remote Control Lock
  • Pin Code Reader Lock

By Technology:

  • Bluetooth
  • Wi Fi
  • Z Wave

By Price Range:

  • Economical
  • Mid Range
  • Premium

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • South Asia and Pacific
  • East Asia
  • The Middle East & Africa

Frequently Asked Questions

What is the anticipated market value of the smart lock market outlook in 2023?

The global smart lock market is expected to reach US$ 3,404.70 million by 2023.

What is the expected CAGR for the smart lock market through 2033?

The global smart lock market is set to expand by a CAGR of 14.90% by 2033.

What is the anticipated market size of the global market in 2033?

The global smart lock market is forecast to reach US$ 13,611.40 million by 2033.

Which product type is likely to dominate the smart lock market?

The biometric locks are projected to attain a 33.80% share in 2023.

Which is the leading technology in the smart lock market?

The wi fi segment is likely to acquire a 53.9% share in 2023.

Table of Content
  • 1. Executive Summary
  • 2. Market Overview
  • 3. Market Background
  • 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
  • 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type
    • 5.1. Biometric Lock
    • 5.2. Electronic / Sensor Lock
    • 5.3. Remote Control Lock
    • 5.4. Pin Code Reader Lock
  • 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Technology
    • 6.1. Bluetooth
    • 6.2. Wi-Fi
    • 6.3. Z-Wave
  • 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Price Range
    • 7.1. Economical
    • 7.2. Mid-Range
    • 7.3. Premium
  • 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
    • 8.1. Residential
    • 8.2. Commercial
    • 8.3. Industrial
    • 8.4. Automotive
    • 8.5. Others
  • 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
    • 9.1. Introduction
    • 9.2. Historical Market Size Value (USD Million) & Volume (Units) Analysis By Region, 2018 to 2022
    • 9.3. Current Market Size Value (USD Million) & Volume (Units) Analysis and Forecast By Region, 2023 to 2033
      • 9.3.1. North America
      • 9.3.2. Latin America
      • 9.3.3. Western Europe
      • 9.3.4. Eastern Europe
      • 9.3.5. South Asia and Pacific
      • 9.3.6. East Asia
      • 9.3.7. Middle East and Africa
    • 9.4. Market Attractiveness Analysis By Region
  • 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 12. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 13. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 14. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 16. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 17. Key Countries Market Analysis
  • 18. Market Structure Analysis
    • 18.1. Competition Dashboard
    • 18.2. Competition Benchmarking
    • 18.3. Market Share Analysis of Top Players
      • 18.3.1. By Regional
      • 18.3.2. By Product Type
      • 18.3.3. By Technology
      • 18.3.4. By Price Range
      • 18.3.5. By Application
  • 19. Competition Analysis
    • 19.1. Competition Deep Dive
      • 19.1.1. AT&T Intellectual Property
      • 19.1.2. Comcast, Lowe’s Companies, Inc
      • 19.1.3. Staples, Inc.
      • 19.1.4. UniKey Technologies, Inc.
      • 19.1.5. Yale Real Living
      • 19.1.6. MIWA Lock Co.
        • 19.1.6.1. Overview
        • 19.1.6.2. Product Portfolio
        • 19.1.6.3. Profitability by Market Segments
        • 19.1.6.4. Sales Footprint
        • 19.1.6.5. Strategy Overview
      • 19.1.7. HAVEN
  • 20. Assumptions & Acronyms Used
  • 21. Research Methodology
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