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 smart lock market trends. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.

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

Smart Lock Market Trends:

The global market is primarily driven by the increasing demand for home automation and smart home solutions, seeking enhanced convenience and control over their security systems. In line with this, growing awareness of security concerns, coupled with the rise in property crimes, prompting homeowners to invest in advanced technologies is significantly propelling the market growth. 

Furthermore, continual advancements in Internet of Things (IoT) technology are facilitating the development of smart locks that can be remotely accessed and monitored via mobile applications, further enhancing the market appeal. Additionally, the emerging trend of keyless entry systems, as consumers appreciate the convenience of digital keys and the ability to grant access to guests remotely, is impelling the market. Besides this, rapid urbanization and the rising number of rental properties are creating demand in multi-family units and vacation rentals, which is creating lucrative opportunities in the market.

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Global Smart Lock Market Scope & Growth Analysis:

The scope of the market is extensive, encompassing a wide range of applications across residential, commercial, and industrial sectors. Key segments include single-family homes, multi-family dwellings, hotels, and office buildings, each requiring tailored locking solutions to meet specific security needs. Market analysis indicates that the market scope is poised for substantial expansion, driven by the increasing adoption of smart home technologies and rising consumer interest in enhanced security solutions. 

As continual advancements in technology continue to improve the functionality and affordability of smart locks, their market penetration is expected to grow significantly. Moreover, the rapid integration with various smart home platforms and voice assistants is anticipated to attract a broader audience. The proliferation of smart home ecosystems, where devices communicate with one another, is also fueling the expansion in the market scope. The ongoing development of advanced biometric technologies, such as fingerprint recognition and facial recognition, is enhancing the functionality and security of smart locks.

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 (2018-2023)
  • Market Outlook (2024-2032)
  • Historical, Current, and Future Market Trends
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Structure of the Market
  • Value Chain Analysis
  • Comprehensive Mapping of the Competitive Landscape

Why Choose IMARC Research Report:

  • Strong Market Research Expertise
  • Targeted Marketing Strategies
  • Innovative Solutions
  • Comprehensive Analysis
  • Accuracy and Reliability
  • Provides Insightful Forecasts
  • Available Customization Options
  • Strong Customer Service

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.

About us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services.

IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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IMARC Group
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