Smart locks provide added convenience, security and control for homeowners by allowing keyless entry to doors and gates using smartphones, codes, biometric features or other wireless controls. Residents can grant temporary access to guests, service providers or caregivers remotely without handing out physical keys. The locks can also interact with sensors, cameras and other smart devices within connected home systems for enhanced automation and alerts. Rapid growth of the Internet of Things has made smart home technology increasingly affordable and accessible, prompting more consumers to adopt intelligent entry solutions.

The Global Smart Locks Market accounted for US$ 2.33 Bn in terms of value in 2023 and is expected grow at a CAGR of 12.1% during the forecast period (2023-2030).

Key Takeaways

Key players operating in the Smart Locks market include Apigy Inc. (Lockitron), Schlage, Kwikset, Honeywell International Inc., Havenlock Inc., Panasonic Corporation, Samsung SDS Co., Ltd, Vivint, Inc., August Home Inc., and Assa Abloy Group.

Growing consumer demand for convenience, automation and security features in homes is a major factor boosting demand for Smart Locks Market Size. Ability to remotely monitor and control door access using smartphones provides additional peace of mind.
Leading manufacturers are expanding their product lines and geographical presence to capitalize on the widespread adoption of smart home technologies. Partnerships with major technology companies will further propel the global smart locks market forward in the coming years.

Market Drivers

The rising installations of smart home devices and systems globally is a key driver for the smart locks market. As consumers increasingly demand integrated solutions that can be controlled and monitored remotely, the market for smart entry solutions will continue to flourish. Growth in disposable incomes especially in developing countries is also allowing more homeowners to invest in advanced security and access control systems featuring smart locks.

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