The Smart Lock Market Size is anticipated to grow at a CAGR of 12.9% between 2022 and 2027, from an estimated value of USD 2.1 billion in 2022 to USD 3.9 billion by 2027.

During the study period, market participants should benefit from the growing usage of IoT-based security systems and growing urban infrastructure in emerging nations.

Major Tier I and II players such as ASSA ABLOY AB (Sweden), dormakaba Group (Switzerland), Spectrum Brands, Inc. (US), SALTO Systems, S.L. (Spain), Allegion plc (Ireland), and others are present in the global smart lock market. These companies are well-established in the North American, European, Asian, and global markets for smart locks.

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an increase in the use of smartphones and other linked devices

The market for smart locks is strongly supported by the rising demand for tablets, smartphones, and other connected devices. Many wealthy economies are quickly adopting smartphones. The demand for smartphones will likely continue to be driven by emerging markets like China, India, Malaysia, and Indonesia. Companies are being encouraged to deliberately spend more in smartphone-based applications and mobile websites by the boom in Internet usage and the increasing adoption of smartphones.

During the projection period, deadbolt locks are anticipated to have the biggest market share.

One of the most often used exterior home locks is the deadbolt. They are sorted into grades based on how long-lasting and durable they are, which determines their relative strengths. From 1 to 3, 1 being the highest and 3 being the lowest, are the grades. The majority of smart locks work specifically with the existing deadbolt, making the systems more secure.

During the anticipated period, the residential vertical will account for the biggest share of the market for smart locks.

The residential vertical contains single-family homes and condominiums. The residential sector of the market for smart locks is the largest. Numerous factors, including increased urbanisation, rising acceptance of security systems, and expanding demand for smart homes, are contributing to the expansion of the residential vertical market. ASSA ABLOY (Sweden), August Home (US), Spectrum Brands (US), and Gate (US) are some of the top manufacturers of smart locks for the home market.

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The projection period will see the greatest CAGR for the smart lock market in APAC.

As most nations in this region are emerging economies with a growing number of manufacturing bases and demonstrating increasing demand for connected security devices, it is anticipated that the adoption of security systems will increase in APAC. Furthermore, it is anticipated that the adoption of smart locks in APAC would be fueled by the region's vast population base, rising research and development (R&D) activities, and growing urbanisation.

Key players in the smart lock market are ASSA ABLOY AB (Sweden), dormakaba Group (Switzerland), Spectrum Brands, Inc. (US), SALTO Systems, S.L. (Spain), Allegion plc (Ireland), Honeywell International Inc. (US), Dahua Technology Co., Ltd (China), Samsung Electronics Co., Ltd. (South Korea), Vivint, Inc. (US), ZKTECO CO., LTD. (China), igloohome Pte Ltd (Singapore), RemoteLock (US), Onity (US), Master Lock Company LLC. (US), MIWA Lock Co. (Japan), SentriLock (US), Avent Security (China), HavenLock, Inc. (US), Shenzhen Vians Electric Lock Co., Ltd. (China), Anviz Global Inc. (US), CANDY HOUSE, Inc. (US), AMADAS (South Korea), Thekeywe (South Korea), Gate Video Smart Lock (US), and DESSMANN Schliessanlagen GmbH (Germany).

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