Pulished Date August, 2019
ID: 8703
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Smart Lock Market Analysis - By Lock Type (Deadbolts, Lever Handles, Padlocks & Others), By Communication Protocols (Bluetooth, Wi-Fi, Zigbee, Z-Wave, Thread, NFC & Other Protocols) By Verticles (Commercial, Residential, Institution & Government, Industrial), By Region ((North America (U.S., Canada), Europe (UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of EU), Asia Pacific (India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC), Latin America (Brazil, Mexico, Argentina, Chile), Middle East and Africa (KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA)) - Industry Size, Share, Growth Rate, Demand, Strategy, Trends & Forecast Report | 2019 - 2024

Pulished: August, 2019
ID: 8703
Pages: 175

Smart Lock Market Size, Trends & Forecast (2019 - 2024)

According to our research report, the market size for Smart Lock is forecast to grow at a steady CAGR over the forecast period, reaching USD 2.67 billion in 2024 from USD 1.45 billion in 2019.

Smart lock depicts certain ease of use and generally works on either WiFi, Bluetooth, or both. Smartphones have boomed to become an integral part of contemporary lifestyle, even in emerging economies. As the usage of smartphones continues to grow, and more users acquire these electronic devices for daily use, the market for mobile applications will also grow at a steady and significant pace.

The global smart lock industry is in its growth stage and is expected to witness substantial growth in the near future, due to heavy investment in research and development activities by market players and the major focus of the world towards the Internet of Things (IoT). The other factors driving the market include robust growth in demand for the development of smart cities, portable security devices, and a rise in security threats.

Research Methodology:

Market research involves studying market trends, growth patterns, and understanding the influence of variables like macro and microeconomic conditions, geopolitical, and demographic conditions on the market value and market dynamics.

Growth Drivers

Increasing the adoption of smartphones and various other connected devices is a major driver for the growth of the market. Also, growing safety and security concerns and enhanced features compared with traditional lock systems also contribute to the growth of this market.

Major Challenges

High cost, apparent unreliability, and the lack of awareness among customers act as restraints for the global smart lock market. Cost is a major factor restraining the growth of the market since the smart lock technology is significantly pricier than its non-smart counterparts. Also, the switching cost of smart locks is high making it less attractive for consumers to adopt. Factors such as power failure and hacking contribute to the perception of a lack of reliability of smart locks among consumers.

Report Coverage


Report Metric


Market Size Available

2018 – 2024

Base Year


Forecast Period

2019 - 2024

Segments Covered

By Lock Type, Communication Protocol, Vertical & Region.

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities.

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa.

Market Leaders Profiled

Assa Abloy AB (Sweden), Allegion PLC (Ireland), dorma+kaba Holding AG (Switzerland), Spectrum Brands Holdings Inc. (U.S.), Salto Systems S.L. (Spain), Onity Inc. (U.S.), Canseco Systems Ltd. (Canada), Gantner Electronic GmbH (Austria), Master Lock Company LLC (U.S.), MIWA Lock Co. (Japan), Samsung Electronics Co., Ltd. (South Korea) & 10 More Companies


Global Smart Lock Market is Segmented & Sub-Segmented into the Following Categories as per Research Report Evaluated & Forecasted until 2024

Smart Lock Market - By Lock Type

  • Deadbolts
  • Lever Handles
  • Padlocks
  • Other Locks (Knob locks, rim/mortise locks, and rim cylinders, and rim latch locks)

Smart Lock Market - By Communication Protocol

  • Bluetooth
  • Wi-Fi
  • Zigbee
  • Z-Wave
  • Thread
  • NFC
  • Other Protocols

Based on the Communication Protocol, the smart lock WiFi market is poised to record the highest CAGR across the forecast period. The growth of the market for WiFi can be attributed to factors such as high speed and wireless connectivity offered to the smart lock system. Deadbolts, however, hold the current largest share.

Smart Lock Market - By Vertical

  • Commercial
  • Residential
  • Institution & Government
  • Industrial

Smart Lock Market - By Region

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

Regionally, The Asia Pacific region holds the highest CAGR regionally, due to the increasing population and rising adoption of smartphones. The Asia Pacific area currently is the fastest-growing region. This is predominantly because the region’s growing economies house many manufacturing bases and has a huge population base with growing demands for connected security devices.

Recent Developments:

  1. Internet-connected deadbolts have declared enhanced Google Assistant integration for the August Smart Lock, together with Amazon Alexa and IFTTT-powered features for the August Doorbell Cam Pro for opening the front door hands-free.
  2. Next drive, a Taiwanese Startup, recently showcased the newest application of its cube devices, a smart IoT gateway, to a remote-controlled smart locking system built in collaboration with Rohm Semiconductor and OHGA SmartThings, which is poised to produce new business prospects in Taiwan’s smart home market.

Key highlights of the research report:

  • This report provides a detailed quantitative analysis of the current market and estimates for the years 2018-2023, which help identify the prevailing market opportunities.
  • Important changes in market dynamics.
  • Report and evaluation of recent developments in the industry.
  • Competitive intelligence helps to understand the competitive scenario in geographical regions.
  • The key players in the market are described in detail in this report, and their strategies are analyzed in-depth to understand the competitive advantage of the market better.

Key Players Profiled in the Market as per Research Report Includes, Assa Abloy AB (Sweden), Allegion PLC (Ireland), dorma+kaba Holding AG (Switzerland), Spectrum Brands Holdings Inc. (U.S.), Salto Systems S.L. (Spain), Onity Inc. (U.S.), Canseco Systems Ltd. (Canada), Gantner Electronic GmbH (Austria), Master Lock Company LLC (U.S.), MIWA Lock Co. (Japan), Samsung Electronics Co., Ltd. (South Korea), SentriLock LLC (U.S.), Avent Security (China), ADEL Group (China), Dessmann (Germany), Haven Lock Inc. (U.S.), Gate (U.S.), Shenzhen Vians Electric Lock Co. Ltd.(China), Anviz Global (U.S.), Poly-Control International ApS (Denmark), August Home (U.S.), Candy House, Inc. (U.S.), Dahua Technology Co., Ltd (China), Amadas Inc.(South Korea) & LockState (U.S.).


1. Introduction                                 

                1.1 Market Definition                    

                1.2 Study Deliverables                  

                1.3 Base Currency, Base Year and Forecast Periods                          

                1.4 General Study Assumptions                

2. Research Methodology                                           

                2.1 Introduction                               

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Econometric Modelling      

                                2.2.4 Expert Validation  

                2.3 Analysis Design                         

                2.4 Study Timeline                          

3. Overview                                       

                3.1 Executive Summary                

                3.2 Key Inferences                         

                3.3 Epidemology                              

4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)                                    

                4.1 Market Drivers                          

                4.2 Market Restraints                    

                4.3 Key Challenges                         

                4.4 Current Opportunities in the Market                              

5. Market Segmentation                                              

                5.1 Lock Type                    

                                5.1.1 Introduction           

                                5.1.2 Deadbolts

                                5.1.3 Lever Handles        

                                5.1.4 Padlocks   

                                5.1.5 Other Locks            

                                5.1.6  Y-o-Y Growth Analysis, By Type    

                                5.1.7  Market Attractiveness Analysis, By Type  

                                5.1.8  Market Share Analysis, By Type    

                5.2 Type                              

                                5.2.1 Introduction           

                                5.2.2 Bluetooth

                                5.2.3 Wi-Fi          

                                5.2.4 Zigbee       

                                5.2.5 Z-Wave     

                                5.2.6 Thread      

                                5.2.7 NFC            

                                5.2.8 Other Protocols    

                                5.2.9 Y-o-Y Growth Analysis, By Communication Protocol             

                                5.2.10 Market Attractiveness Analysis, By Communication Protocol         

                                5.2.11 Market Share Analysis, By Communication Protocol           

                5.3 Verticals                       

                                5.3.1 Introduction           

                                5.3.2 Commercial            

                                5.3.3 Residential              

                                5.3.4 Institution & Government

                                5.3.5 Industrial 

                                5.3.6 Y-o-Y Growth Analysis, By Vertical                

                                5.3.7  Market Attractiveness Analysis, By Vertical             

                                5.3.8  Market Share Analysis, By Vertical               

6. Geographical Analysis                                              

                6.1 Introduction                               

                                6.1.1 Regional Trends    

                                6.1.2 Impact Analysis     

                                6.1.3 Y-o-Y Growth Analysis        

                                       By Geographical Area

                                       By Lock Type

                                       By Communication Protocol

                                       By Verticals

                                6.1.4  Market Attractiveness Analysis     

                                       By Geographical Area

                                       By Lock Type

                                       By Communication Protocol

                                       By Verticals

                                6.1.5  Market Share Analysis      

                                       By Geographical Area

                                       By Lock Type

                                       By Communication Protocol

                                       By Verticals

                6.2 North America                          

                                6.1.1 Introduction           

                                6.1.2 United States         

                                6.1.3 Canada     

                6.3 Europe                         

                                6.2.1 Introduction           

                                6.2.2 U.K             

                                6.2.3 Spain         

                                6.2.4 Germany 

                                6.2.5 Italy            

                                6.2.6 France       

                6.4 Asia-Pacific                 

                                6.3.1 Introduction           

                                6.3.2 China         

                                6.3.3 India          

                                6.3.4 Japan         

                                6.3.5 Australia   

                                6.3.6 South Korea           

                6.5 Latin America                             

                                6.4.1 Introduction           

                                6.4.2 Brazil          

                                6.4.3 Argentina

                                6.4.4 Mexico     

                                6.4.5 Rest of Latin America          

                6.6 Middle East & Africa               

                                6.5.1 Introduction           

                                6.5.2 Middle-East            

                                6.5.3 Africa         

7. Strategic Analysis                                       

                7.1 PESTLE analysis                         

                                7.1.1 Political     

                                7.1.2 Economic 

                                7.1.3 Social         

                                7.1.4 Technological         

                                7.1.5 Legal          

                                7.1.6 Environmental       

                7.2 Porter’s Five analysis                              

                                7.2.1 Bargaining Power of Suppliers        

                                7.2.2 Bargaining Power of Consumers    

                                7.2.3 Threat of New Entrants     

                                7.2.4 Threat of Substitute Products and Services              

                                7.2.5 Competitive Rivalry within the Industry     

8. Market Leaders' Analysis                                        

                8.1 Assa Abloy AB                           

                                8.1.1 Overview 

                                8.1.2 Product Analysis   

                                8.1.3 Financial analysis  

                                8.1.4 Recent Developments       

                                8.1.5 SWOT analysis       

                                8.1.6 Analyst View          

                8.2 Allegion PLC               

                8.3 Spectrum Brands Holdings Inc.                           

                8.4 Onity Inc.                     

                8.5 Master Lock Company LLC                   

                8.6 MIWA Lock Co.                         

                8.7 Dessmann                   

                8.8 Gate                              

                8.9 ADEL Group                

                8.10 LockState                  

9. Competitive Landscape                                           

                9.1 Market share analysis                            

                9.2 Merger and Acquisition Analysis                       

                9.3 Agreements, collaborations and Joint Ventures                         

                9.4 New Product Launches                         

10. Market Outlook and Investment Opportunities                                         


                a) List of Tables                

                b) List of Figures                              

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of By Component, By Application, and along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Smart Locks Market By Region, From 2018-2023 ( USD Billion )
  2. Global Smart Locks Market By Lock Type, From 2018-2023 ( USD Billion )
  3. Global Deadbolts Market By Region, From 2018-2023 ( USD Billion )
  4. Global Lever Handles Market By Region, From 2018-2023 ( USD Billion )
  5. Global Padlocks Market By Region, From 2018-2023 ( USD Billion )
  6. Global Other Locks Market By Region, From 2018-2023 ( USD Billion )
  7. Global Smart Locks Market By Communication Protocol, From 2018-2023 ( USD Billion )
  8. Global Bluetooth Market By Region, From 2018-2023 ( USD Billion )
  9. Global Wi-Fi Market By Region, From 2018-2023 ( USD Billion )
  10. Global Zigbee Market By Region, From 2018-2023 ( USD Billion )
  11. Global Z-Wave Market By Region, From 2018-2023 ( USD Billion )
  12. Global Thread Market By Region, From 2018-2023 ( USD Billion )
  13. Global NFC Market By Region, From 2018-2023 ( USD Billion )
  14. Global Other Protocols Market By Region, From 2018-2023 ( USD Billion )
  15. Global Smart Locks Market By Vertical, From 2018-2023 ( USD Billion )
  16. Global Commertial Market By Region, From 2018-2023 ( USD Billion )
  17. Global Residential Market By Region, From 2018-2023 ( USD Billion )
  18. Global Institution & Government Market By Region, From 2018-2023 ( USD Billion )
  19. Global Industrial Market By Region, From 2018-2023 ( USD Billion )

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