The smart lock market is expected to grow at a CAGR of 13% by 2024

   October 21, 2019
According to a new market report by Lucintel, the future of the smart lock market looks promising with opportunities in the commercial, residential, institution and government, and industrial sectors. The smart lock market is expected to grow with a CAGR of 13% from 2019 to 2024. The major drivers for this market are growing security and safety concerns, enhanced features compared with traditional lock systems, and rising adoption of smartphones and other connecting devices.

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In this market, various smart locks, such as deadbolts, lever handles, and padlocks are used in various end use industries for safety and security purpose. Lucintel forecasts that deabolts will remain the largest segment over the forecast period due to its low installation cost and durability.

Within the smart lock market, commercial, residential, institution and government, and industrial are the major end use industries. Lucintel predicts that residential will remain the largest segment over the forecast period due to the increasing demand for smart home and security solutions.

Bluetooth, Wi-Fi, and Zigbee are the major communication protocol used in smart lock system. Wi-Fi is expected to witness the highest growth over the forecast period.

APAC will remain the largest region over the forecast period.

ASSA ABLOY, Allegion, Dormakaba Holding, Spectrum Brands, Salto Systems, Onity, Cansec Systems, Samsung Electronics, Haven Lock and Master Lock are among the major manufacturers of smart lock

Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the smart lock market by lock type, communication protocol, end use industry, and region. Lucintel has prepared a comprehensive research report entitled “Smart Lock Market 2019-2024: Trends, Forecast, and Opportunity Analysis. This Lucintel report serves as a catalyst for growth strategy as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the smart lock market by lock type, communication protocol, end use industry, and region as follows:

By Lock Type [$M shipment analysis for 2013 – 2024]:

  • Deadbolts

  • Lever Handles

  • Padlocks

  • Other Locks

By Communication Protocol [$M shipment analysis for 2013 – 2024]:

  • Bluetooth

  • Wi-Fi

  • Other Protocols (Zigbee, Z-Wave, Thread, and NFC, among others)

By End Use Industry [$M shipment analysis for 2013 – 2024]:

  • Commercial

  • Residential

  • Institution & Government

  • Industrial

By Region [$M shipment analysis for 2013 – 2024]:

  • North America

    • United States

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • Italy

  • Asia Pacific

    • China

    • Japan

    • India

  • Rest of the World

This 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link or

About Lucintel

Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit

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