Global Smart Locks Market to Reach USD 8.4B by 2035

Future Market Insights (FMI), ranked by Clutch among leading consulting firms, reports that the global smart locks market is projected to grow from USD 2.8 billion in 2025 to approximately USD 8.4 billion by 2035, expanding at a CAGR of 11.6%. The forecast reflects an absolute value increase of USD 5.6 billion and a total growth of 200% over the period, supported by accelerating demand for home automation, expanding Internet of Things (IoT) adoption, and rising security requirements across residential, commercial, and institutional properties.

According to Future Market Insights (FMI), the market is expected to grow by nearly 3.0X by 2035 as property owners and managers increasingly prioritize remote access control, keyless convenience, and stronger visitor management. Growth momentum is being reinforced by wider smartphone penetration, increasing comfort with connected devices, and rapid advancements in biometric and encryption capabilities that make modern smart locks more reliable and security-forward than earlier generations.

FMI analysis indicates the smart locks market will expand in two distinct phases, with the decade's upside weighted toward the later years as advanced access control becomes more embedded across broader property categories.

Smart locks are increasingly positioned as "core infrastructure" for connected properties because they deliver keyless entry, temporary access credentials, real-time monitoring, and audit trails—capabilities that align with modern expectations across homeowners, rental operators, and institutional property managers.

Between 2020 and 2024, the smart locks market experienced significant growth as users recognized the practical value of remote access and visitor control across residential use cases, light commercial applications, vacation rentals, and shared workspace environments. Improvements in wireless protocols, battery optimization, and tamper-alert systems strengthened confidence, while also highlighting the importance of balancing convenience with security integrity.