GVR Report cover Smart Lock Market Size, Share & Trends Report

Smart Lock Market Size, Share & Trends Analysis Report By Type (Deadbolt, Lever Handle, Padlock), By Application (Residential, Hospitality, Enterprise), By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-1-68038-138-2
  • Number of Pages: 132
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Technology

Report Overview

The global smart lock market size was valued at USD 1.95 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 19.6% from 2023 to 2030. The emergence of growing technologies like the Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML) are expected to boost the adoption of smart locks in the forecast period. In addition, the growing awareness of consumers about the benefit and comfort offered by smart locks is responsible for the ever-increasing demand for them, especially in areas of accommodation and hospitality around the world. Their complexity and high efficiency have led to their deployment in various locations to strengthen security.

U.S. Smart Lock Market size and growth rate, 2023 - 2030

The growth in global smart home adoption and the influx of companies that come with home automation technology are also factors in the rising demand for smart locks. The players in the industry are focused on providing commercially viable products and developing advanced solutions, including remote locking/opening of doors and windows. In addition, as the number of homes with voice assistants grows steadily, manufacturers are integrating their offerings with such devices, enabling voice to control locks.

Such innovations are expected to increase smart locks’ popularity as customers are progressively seeking advanced locking/unlocking systems. There is a growing need to safeguard various properties such as individual houses, hotels, supermarkets, banks, financial institutions, corporate buildings, and commercial buildings with advanced security solutions, which is expected to drive the market over the forecast period.

Since its inception, smart locks have emerged to provide efficient and easy-to-use solutions. Increased security concerns are a significant factor in the rapid adoption of smart locks globally, especially in the residential environment. With the growth in the number of construction projects across North America and the Asia Pacific, the industry has benefited tremendously due to the increase in new installations. When connected to a smart home ecosystem, the smart lock is one of the most prominent parts of a connected home.

Another major use of smart locks is in the Hospitality industry. Various hotels have planned to use Wi-Fi or Bluetooth-enabled locks instead of RFID locks accessed by IC cards to improve the security of their premises. In smart home technology, connectivity is enabled via communication technologies like Z-wave, Wi-Fi, Thread, ZigBee, etc. All of these technologies can be installed on the same device. For instance, in March 2022, Schlage (Allegion Plc) launched the new Encode Plus, one of the first smart locks to leverage Apple’s Home Key standard. Encode Plus provides option for tapping the user's watch or phone against the keypad for unlocking.

The COVID-19 outbreak significantly impacted the smart lock market due to the restrictions imposed by various governments. For instance, the reduced activities in production lines due to social distancing norms affected the market growth during the initial phase of the pandemic. However, the market also witnessed various opportunities due to the onset of the pandemic, as the demand for security solutions which minimized the need for physical touch increased.

 Organizations focused on cutting-edge technologies in the residential and commercial sectors, including artificial intelligence (AI), machine learning (ML), internet of things (IoT), and cloud computing, to implement contactless activities in the post-COVID-19 era. This is projected to spur growth for app-based smart lock systems that will promote global smart lock adoption.

Type Insights

The deadbolt category accounted for a 48% share in 2022 in terms of volume, and it is expected to continue to rise during the forecast period. This growth is attributed to the product’s growing deployment across of various sectors and easy installation. Factors such as low installation costs, high durability, and adequate protection against intrusion contribute to the growth of deadbolt segment. Further, companies are focused on expanding their product portfolio. For instance, Kwikset expanded its line of innovative deadbolts with built-in features including single-touch locks, low battery warnings, and personalized user codes which ultimately attracted a lot of customers.

In terms of volume, the lever handle segment is predicted to grow at a CAGR of over 25.1% from 2023 to 2030. Modernization operations in the hospitality sector to meet tourist security needs are expected to boost the segment's growth. Smart lever handles are frequently used in commercial environments on interior doors. In comparison to their competitors, they have simple locking/unlocking processes including the push-down style handle rather than a knob, which requires gripping and turning.

The padlock market is expected to expand at a significant CAGR over the next few years, resulting in widespread usage of smart lock globally because of various advantages including high-end security, user activity management, convenience, and smartphone connectivity. Smart padlocks are increasingly being used while travelling outside of the residential sector to provide the complete security of the luggage.

Application Insights

The residential application segment had the highest revenue share of over 63% in 2022, and the segment is likely to continue dominating throughout the forecast period. Its substantial revenue output can be linked to expanding worldwide smart home penetration as well as an increase in new construction and restoration projects across the sector in recent years. Increased affordability of modern security solutions such as motion detectors, door and window opening sensors, and remote door locking and unlocking is projected to drive adoption even further. The development of locks that are compatible with technologies like Z-Wave, ZigBee, and BLE is gaining traction, specifically for mass-market residential applications, thus attracting a broad client base.

Global Smart Lock Market share and size, 2022

The hospitality segment is expected to expand at the fastest CAGR of over 23.8% from 2023 to 2030. The industry has been rapidly implementing smart locks to accommodate consumers' growing security concerns throughout their visits. The obligation for hotels to improve in-room security is expected to boost the usage of these keyless access devices in coming years. Innovative solutions for the hospitality industry are being offered by leading market players.

For instance, in October 2022, Kwikset (Spectrum Brands Holdings, Inc.) launched two new products under its umbrella of smart lock products: SmartCode 270 Touchpad Deadbolts and SmartCode 260 Keypad Deadbolts. Both these products are available in traditional and contemporary styles along with application support. The implementation of these locks also increases the hotel's brand value, which drives their acceptance even further across the industry.

Regional Insights

North America had the largest market share in 2022, accounting for around 39% in terms of volume, and is expected to grow significantly during the forecast period as a result of advancements in smart locks technology. This is mainly due to extensive technology adoption and the rapid expansion of smart homes in the U.S. For instance, nearly 30% of internet households in the U.S. want to get a smart lock by the end of 2023. Customers' high spending power coupled with increasing safety concerns, particularly in key infrastructure and domestic applications, has resulted in a supportive regulatory environment for their adoption.

Smart Lock Market Trends by Region, 2023 - 2030

Asia Pacific is predicted to register a CAGR of 26.6% from 2023 to 2030, in terms of volume. Significant growth could be attributed to a dramatic increase in the number of residential and commercial projects and ongoing programs of smart cities in developing countries like India. In addition, smart home penetration across the region has seen significant growth, which plays a vital role in spreading awareness about advanced gadgets and technologies. Several players in APAC region are constantly developing new features for smart locks. In addition, a large number of new start-up companies are testing new smart lock applications to improve safety.

Key Companies & Market Share Insights

The smart lock industry is going through rapid changes. It has continued to consolidate over the last few years, with leading companies constantly pushing to hold the highest market share. Many companies take steps such as acquisitions, partnerships, investments, and R&D to be able to separate their portfolio from competitors and stand out with their market presence.

The implementation of IoT to improve the technology of non-contact locks gained momentum as leading companies introduced solutions that involved less human interaction. In March 2022, Onity Inc. launched its latest contactless locking solution, the HT RFID (radio frequency identification) lock, for the hospitality industry. Some prominent players in the global smart lock market include:

  • August Home, Inc. (ASSA ABLOY)

  • Avent Security

  • Cansec Systems Ltd.

  • HavenLock, Inc.

  • Kwikset (Spectrum Brands Holdings, Inc.)


  • Schlage (Allegion Plc)

  • Zigbang Co., Ltd. (Previously Samsung SDS)

  • Sentrilock, LLC

  • Smart Locking Logic Proprietary Limited

  • UniKey Technologies, Inc.

  • Yale Locks (ASSA ABLOY)

  • Goji

  • Onity Inc. (Carrier Global Corporation)

  • Honeywell International Inc.

Recent Developments

  • In April 2023, ASSA ABLOY Group, a global leader of access solutions, has carried out a distinctive South African assignment for securing businesses and homes worldwide through its smart lock solution.

  • In March 2023, HavenLock Inc., a Tennessee based veteran organization and developer of the innovational Haven Lockdown System, declared the launch of a Power G version of a smart locking system that is safe for school and commercial purpose.

  • In March 2023, Honeywell International Inc., an American multinational conglomerate organization, reported the successful implementation of Bangalore safe city project with the aim to provide a safe environment for citizens through the organization’s smart lock and security technology.

  • In February 2023, Sentrilock, LLC, a leading provider of electronic lockbox solutions for the real estate sector, reported its latest partnership with Chesapeake Bay and Rivers Association of REALTORS® (CBRAR) to create a smart electronic lockbox solution marketplace for the members of REALTORS®.

  • In January 2023, Schlage, a leading supplier of access and home security solutions under Allegion Plc, launched the Schlage EncodeTM Smart Wi-Fi Lever, a residential smart lock, at the NAHB International Builders’ Show (IBS) 2023.

  • In December 2022, ASSA ABBLOY Group successfully acquired Janam Technologies, a leading supplier of handheld readers and mobile computers. The purpose was to include handheld readers as a smart lock solution for scanning tickets with the use of RFID technology and barcode.

  • In October 2022, Kwikset, a part of the hardware and home division category of Spectrum Brands Holdings, Inc., introduced two latest products- SmartCodeTM 270 Touchpad Deadbolts, and SmartCodeTM 260 Keypad Deadbolts that are smart keyless entry locks.

Smart lock Market Report Scope

Report Attribute


Market size value in 2023

USD 2.32 billion

Revenue forecast in 2030

USD 8.13 billion

Growth rate

CAGR of 19.6% from 2023 to 2030

Base year for estimation


Historical data

2018 - 2021

Forecast period

2023 - 2030

Report updated

April, 2023

Quantitative units

Revenue in USD billion, volume in thousand units, and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Type, application, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; South Korea; Japan; India; Australia; Indonesia; Brazil; Mexico; Argentina; UAE; Saudi Arabia; Egypt; South Africa; Nigeria

Key companies profiled

August Home, Inc. (ASSA ABLOY); Avent Security; Cansec Systems Ltd.; HavenLock, Inc.; Kwikset (Spectrum Brands Holdings, Inc.); MUL-T-LOCK TECHNOLOGIES LTD. (ASSA ABLOY); Schlage (Allegion Plc); Zigbang Co., Ltd. (Previously Samsung SDS); Sentrilock, LLC; Smart Locking Logic Proprietary Limited; UniKey Technologies, Inc.; Yale Locks (ASSA ABLOY); Goji; Onity Inc. (Carrier Global Corporation); Honeywell International Inc.

Customization scope

Free report customization (equivalent to up to 8 analyst working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Global Smart Lock Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global smart lockmarket report on the basis of type, application, and region:

Global Smart Lock Market Report Segmentation

  • Type Outlook (Volume, Thousand Units; Revenue, USD Million, 2018 - 2030)

    • Deadbolt

    • Lever Handles

    • Padlock

    • Others

  • Application Outlook (Volume, Thousand Units; Revenue, USD Million, 2018 - 2030)

    • Residential

    • Hospitality

    • Enterprise

    • Critical Infrastructure

    • Others

  • Regional Outlook (Volume, Thousand Units; Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

      • Benelux

      • Nordic Countries

      • Russia

    • Asia Pacific

      • China

      • South Korea

      • Japan

      • India

      • Australia

      • Indonesia

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • Middle East & Africa (MEA)

      • UAE

      • Saudi Arabia

      • Egypt

      • South Africa

      • Nigeria

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