A smart lock is an electromechanical locking system that opens wirelessly with authorized users' authentication. A smart lock performs locking and unlocking operations on a door when it receives such instructions from an authorized user with a wireless protocol and cryptographic key to commence the authorization process. Smart locks are an integral part of smart homes, which allow homeowners to enter their home without requiring traditional key. As a connected device, smart locks are considered as a part of the Internet of Things (IoT). Many smart locks utilize mobile apps or websites allow homeowners to grant access to third parties by sending a virtual key. Some smart locks come with a camera, which provides a picture of individuals accessing the door.

The global smart locks market was valued for US$ 434.4Mn in 2019 is expected to exhibit a CAGR of 18.8% during the forecast period.

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The smart home locks an integral part of smart home ecosystems, providing automation and access capabilities to users via smartphones, tablets, and other devices. Exponential change in the lifestyle of urban households has increased the demand for smart electronic devices to monitor homes from a single platform. Some devices provide control of home systems using non-acoustic sensors. These are mechanical accelerometers that measure distinct vibrations on the surface and connect to Wi-Fi to convert them into programmable action. Moreover, smart home technologies are popular among investors for the potential they hold in the near future. Thus, these factors are expected to drive growth of the global smart locks market during the forecast period.