Smart Locks MarketSize and Trends

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). A smart lock is an electromechanical locking system that opens wirelessly with authorized users’ authentication.

Global Smart Locks Market Trends:

Growing popularity of smart home-as-a-service and home automation

The smart locks market is witnessing a significant boost in demand and growth due to the growing popularity of smart home-as-a-service and home automation. Smart home-as-a-service, also known as SHaaS, is an innovative business model where customers subscribe to a package that offers a comprehensive range of smart home devices and services. This subscription-based approach allows users to access various smart home functionalities without the need for substantial upfront investments in individual devices. As part of these SHaaS packages, smart locks play a pivotal role in enhancing home security and automation. By integrating smart locks into the broader smart home ecosystem, users can enjoy seamless control and monitoring of their locks along with other connected devices through a unified platform or mobile app. This convenience and consolidation of services contribute to the growing popularity of SHaaS and smart home automation. As the trend towards smart homes continues to expand, smart lock manufacturers and providers of SHaaS are poised to enjoy remarkable business growth and increased consumer adoption in the coming years.

Advent of novel technologies

The smart locks market has witnessed the advent of novel technologies that have revolutionized the way we approach security and access control. One of the most significant advancements is the integration of biometric authentication in smart locks. Biometric technologies, such as fingerprint recognition and facial recognition, provide a highly secure and convenient way for users to access their homes or premises. These methods eliminate the need for traditional keys or PINs, reducing the risk of unauthorized access and enhancing user experience. Moreover, the rise of artificial intelligence (AI) and machine learning has enabled smart locks to become more intelligent and adaptive. AI-powered smart locks can analyze user behavior patterns, identify anomalies, and proactively enhance security measures. For instance, they can detect suspicious activities, such as multiple failed access attempts, and trigger alerts or temporary lockouts to protect against potential threats. The advent of novel technologies in the smart locks market has expanded the possibilities for home security and access control. Biometric authentication, AI-powered intelligence, mobile-based access, IoT integration, and blockchain security are just a few examples of the exciting developments that have transformed traditional locks into highly sophisticated and user-friendly smart lock solutions. As these technologies continue to evolve and become more accessible, the smart locks market is poised for further growth and innovation in the future.

Figure 2: Global Smart Locks Market Share (%), By Product Type, 2023