According to the latest publication from Meticulous Research®, the smart locks market is projected to reach $5.53 billion by 2029, with a CAGR of 14.7% from 2022 to 2029. In terms of volume, the global smart locks market is expected to reach 49.9 million units by 2029, growing at a CAGR of 15.3% during the forecast period. This growth is driven by increasing concerns about safety and security, growing consumer awareness of the benefits and convenience offered by smart locks, rising smart home adoption, and the increasing acceptance of advanced access control and authentication technologies.
Moreover, the market is expected to benefit from the increasing adoption of IoT-based security systems, the proliferation of smart cities, and the integration of biometric technologies into smart locks. However, factors such as the high cost of smart locks, perceived unreliability, and limited customer awareness may impede market growth.
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The Key Segments in Smart Lock Market:
The smart locks market is segmented based on lock type into deadbolt locks, lever handles, knob locks, and other locks. In 2022, the deadbolt locks segment is anticipated to hold the largest share of the global smart locks market. This segment is also forecasted to exhibit the highest CAGR during the projected period. The significant market share of this segment is credited to the low installation cost, high durability, and effective protection against intense intrusion or attacks offered by deadbolt locks in various settings such as residential, commercial, and other verticals.
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Based on connectivity, the smart locks market is segmented into single connectivity and multi connectivity. The single connectivity segment is further segmented into RFID, Bluetooth, Wi-Fi, and other single connectivity modes. In 2022, the multi connectivity segment is expected to account for the largest share of the global smart locks market. This segment is also projected to register the highest CAGR during the forecasted period. Smart locks have various connectivity options, all of which have distinct features that increase the ability to use remote features. These devices may support one or several different wireless network standards, such as Wi-Fi, Bluetooth, Zigbee, Z-Wave, Thread, and LoRa. These multiple connectivity standards are crucial for smart lock operation, serving different but complementary purposes.
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Categorized by operating mode, the smart locks market is broadly divided into single operating mode and multi operating mode. The single operating mode segment is further broken down into keypad, smart card, touch-based, key fob, and smartphone-based categories. In 2022, the multi operating segment is anticipated to dominate the global smart locks market, holding the largest share. Moreover, this segment is forecasted to achieve the highest CAGR during the projected period. Smart locks offer versatility in operation, allowing users to utilize multiple methods for added security.
Categorized by application, the smart locks market is divided into access control & authentication and asset control. In 2022, the access control & authentication segment is anticipated to hold the largest share of the global smart locks market. Furthermore, this segment is forecasted to achieve the highest CAGR during the projected period. Factors such as the growing acceptance of advanced access control & authentication technologies—including fingerprint recognition, face recognition, IRIS recognition, voice recognition, and smart card—coupled with increasing consumer demand for modern access control & authentication devices and ongoing technological advancements in access control & authentication technology are expected to propel segment growth.
Based on geography, the smart locks market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the smart locks market. The region is also expected to witness rapid growth during the forecast period. The growth in this region is mainly driven by factors such as the presence of rapidly developing economies, consistent technological advancements in access control and authentication technology, and government initiatives to integrate access control and authentication technologies in various public services.
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Key Players:
The key players operating in the smart lock market are ASSA ABLOY (Sweden), dormakaba Group (Switzerland), SALTO Systems, S.L. (Spain), Allegion plc (Ireland), Honeywell International Inc. (U.S.), Vivint Smart Home, Inc. (U.S.), ZKTECO CO., LTD. (China), igloocompany Pte Ltd (Singapore), RemoteLock (U.S.), Onity (U.S.), Master Lock Company LLC. (U.S.), MIWA Lock Co. (U.S.), Avent Security (China), Shenzhen Vians Electric Lock Co., Ltd. (China), Samsung Electronics Co., Ltd. (South Korea), SentriLock, LLC (U.S.), Zhejiang Dahua Technology Co., Ltd (China), and DESSMANN Schliessanlagen GmbH (Germany).
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