Smart Lock Market is expected to grow at a CAGR of 18 %, is reported by Maximize Market Research
Smart Lock Market is forecasted to reach USD 10.49 Bn by 2032. This surge is driven by the rapid adoption of IoT (Internet of Things), AI (Artificial Intelligence), and ML (Machine Learning) in security systems, providing enhanced protection and seamless integration with smart home ecosystems.
Market to Hit USD 10.49 Bn by 2032
Smart Lock Market was USD 2.79 Bn in 2024 and is expected to expand at a compound annual growth rate (CAGR) of 18% from 2025 to 2032, reaching USD 10.49 Bn by 2032. The Europe market in 2023 was valued at about USD 4.0 billion and is anticipated to attain about USD 11 billion by 2032, growing at a sound CAGR of 11.8% throughout the forecast period. North America holds a dominant portion of more than 40% global revenue, followed by Europe with the second-largest share (30%) of the global market. Rising adoption of smart homes, security concerns, and AI-driven innovations are fueling growth in the smart lock market. Biometric authentication, IoT integration, and remote access key drivers, as 65% of users prefer keyless convenience. It comes from the hospitality and commercial sector (Airbnb, etc.) which is responsible for 15% of installations. North America, Europe, and Asia-Pacific are experiencing acceleration in adoption owing to governments and smart city initiatives.
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Market Segmentation
By Lock Type: The most popular product category associated with professional locksmiths is deadbolt locks, which account for 35% of the total market share, primarily due to their durability, affordability, and superior security. These locks are popular in both residential and commercial applications. Demand for deadbolt locks is projected to reach 3.7K in import shipments globally by 2024, demonstrating a 16% CAGR.
By Communication Protocol: Bluetooth-enabled smart locks account for 45% of the communication protocol segment, offering benefits such as seamless smartphone integration, low power consumption, and secure access. The market for Bluetooth smart locks is expected to grow due to their affordability and ease of use, with a projected CAGR of 17% from 2025 to 2032.
Market Regional Analysis
North America (Market Leader – 40% share): North American market set to reach USD 4.5 billion landmark by 2032 A majority of production, accounting for more than 60% North America smart lock sales, comes from U.S. The market is being driven by factors such as the expanding smart home ecosystem, government investments in security infrastructure, and collaboration between lock manufactures and tech companies (specially Amazon and Google), among others.
Europe (Market Share – 30%): Europe accounts for 30% of the market, with the most prominent players being Germany, the UK and France. Smart lock adoption has been driven by the demand for high-security commercial and residential applications. Germany is especially significant with 12% of the total market share, making heavy investments in biometric security systems. Smart lock market in Europe is projected to witness a 16% CAGR between 2025 to 2032.
Asia-Pacific (Fastest-Growing Market – 20% share): In terms of global market share, China accounts for 10%, and is the leading smart lock producer alongside Japan. This is driven by the absurdity number of smart city projects and the growing disposable income of middle-income consumers. The other region, i.e. Japan, will witness huge demand in the hospitality sector, where biometric locks are on rise.
Market Competitive Landscape
Assa Abloy: Assa Abloy had $150 billion (USD 14.5 billion) of net sales in the year 2024. In September 2024, Assa Abloy acquired Level Lock, a technology solutions company based in Redwood City, California, in a move to improve its smart lock portfolio.
Allegion: Allegion full year 2024 net revenues: USD 3.8B .Allegion continued to grow internationally, acquiring Dorcas in March 2024, adding to its Horst Solutions electromechanical offering.
Schlage: In November 2024, Schlage announced it had integrated with the Airbnb platform so that hosts can now control Schlage smart locks from within the Airbnb app to allow access for guests without a need for physical keys.
Market Trends & Developments
- Machine Learning and AI Integration for Predictive Smart Locking Security
- Growth of biometric authentication solutions across commercial and residential spaces
- Rise of cloud-based remote access solutions on smart locks.
- Collaborations between smart lock manufacturers and real estate developers to ensure seamless integration into new projects.
Conclusion
- Future smart locks will deploy predictive security analytics, AI and machine learning to analyze suspicious activities and proactively notify the user.
- Blockchain-based authentication is being researched by companies as it allows them to keep tamper-proof and encrypted records of access to the system, adding a strong layer of security and making hacking attempts futile.
- Smart locks are also making their way into connected vehicles, providing keyless car entry and remote access control.
- With a view to global sustainability goals, next-gen smart locks will emphasize low-energy Bluetooth and solar-powered designs.
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