Smart Lock Market Size, Share, Growth Analysis, By Lock Type(Deadbolt Locks, Lever Handles), By Communication Protocol(Bluetooth, WiFi), By Unlocking Mechanism(Keypad, Card Keys, Touch Based), By Vertical(Residential, Commercial), By Region - Industry Forecast 2024-2031

Smart Lock Market size was valued at USD 1861.15 million in 2019 and is poised to grow from USD 2077.24 million in 2023 to USD 4962.32 million by 2031, growing at a CAGR of 11.5% in the forecast period (2024-2031).

The growing global adoption of smart home architecture, which includes features such as remote access, voice control, and seamless connectivity, is driving the adoption of smart locks for residential premises. Furthermore, the elimination of the need to carry mechanical keys has drawn the attention of home owners.

The growing popularity of smartphones is also fueling the growth of connected devices, which allow users to remotely access and unlock their door locks via various connected mobile apps. According to Oberlo, an e-commerce company, there are currently 3.5 billion smartphone users worldwide, representing 45.4% of the global population of 7.7 billion people. Simply put, four out of every ten people on the planet now own a smartphone. Wi-Fi, Z-Wave, ZigBee, Thread, and Propriety communication technologies further enable smart home technology connectivity. All of these technologies can be found in the same device at times. For example, at CES 2020, Netatmo, a French smart home device manufacturer, announced the release of the Netatmo Smart Door Lock, a smart door lock with keys compatible with Apple's HomeKit standard. The company includes three physical keys that use NFC to instantly and securely unlock the door.

US Smart Lock Market is poised to grow at a sustainable CAGR for the next forecast year.