Smart Lock Market Share, Size, Trends, Growth Factors, and Forecast 2024-2032

Written by Ravinder  »  Updated on: April 03rd, 2024

Smart Lock Market Share, Size, Trends, Growth Factors, and Forecast 2024-2032

The latest report by IMARC Group, titled “Smart Lock Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, provides an extensive analysis of the industry, including smart lock market demand analysis. The report also covers competitor and regional analysis and the latest advancements in the global market.

The global smart lock market size reached US$ 2.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 9.3 Billion by 2032, exhibiting a growth rate (CAGR) of 16.2% during 2024-2032.

Smart Lock Market Overview:

A smart lock is a high-tech security device that offers keyless entry and remote access to homes or buildings. It replaces traditional lock-and-key mechanisms with digital technologies such as Bluetooth, Wi-Fi, or RFID. Users can control and monitor the lock using a smartphone app, allowing them to lock and unlock doors remotely, grant access to others, and receive notifications of door activity. Some smart locks feature additional security measures like biometric authentication or built-in cameras. Smart locks provide convenience, flexibility, and enhanced security, offering peace of mind to homeowners and property managers by modernizing access control systems and integrating seamlessly with smart home ecosystems.

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Global Smart Lock Market Trends:

The global market is majorly driven by the increasing adoption of smart home technology and the growing demand for home automation solutions. Consumers seek convenience, security, and connectivity, prompting them to invest in smart locks as part of their connected home ecosystem. Besides, rising concerns about home security and the desire for enhanced access control drive the demand for smart locks. With features such as remote locking and unlocking, activity monitoring, and temporary access codes, smart locks offer improved security and peace of mind to homeowners and property managers. Furthermore, advancements in technology, such as improved wireless communication protocols, biometric authentication, and integration with voice assistants like Amazon Alexa and Google Assistant, make smart locks more functional and user-friendly, further fueling market growth. Moreover, the increasing trend towards urbanization and the rise of rental properties contribute to the adoption of smart locks, as landlords and property managers seek efficient and secure access management solutions.

Competitive Landscape with Key Players:

  • Assa Abloy
  • Allegion Plc
  • Dorma+Kaba Holding AG
  • Spectrum Brands Holdings, Inc.
  • Salto Systems S.L.
  • Onity, Inc.
  • Cansec Systems Ltd.
  • Gantner Electronic GmbH
  • Master Lock Company LLC
  • MIWA Lock Co.
  • Samsung Electronics Co., Ltd.
  • Amadas Inc.
  • Sentrilock
  • LLC
  • Avent Security
  • Dessmann

Key Market Segmentation:

Breakup by Lock Type:

  • Deadbolts
  • Lever Handles
  • Padlocks
  • Others

Breakup by Communication Protocol:

  • Bluetooth
  • Wi-Fi
  • Others

Breakup by End-User:

  • Commercial
  • Residential
  • Institution and Government
  • Industrial

Breakup by Region:

  • North America (United States, Canada)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

  • Market Performance
  • Market Outlook
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

Who we are:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact us:

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Email: [email protected]
Tel No:(D) +91 120 433 0800
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