According to a report released by market research firm AlliedMarketResearch, the global smart lock market will be US$416 million in 2016 and will reach US$1.175 billion by 2022, with a compound annual growth rate of 16.4%. The rise of safe family awareness, the increase of smart devices, the growth of consumer disposable income, and the further development of the Internet and the Internet of Things are the main factors driving the development of the smart lock market.

According to the end users, smart lock users are mainly divided into commercial users (enterprises, government agencies, research laboratories) and residential users. The diversified application of smart locks in commercial and government sectors, the uniqueness and ease of use of smart lock technology, the improvement of living standards, and the accumulation of R&D investment have contributed to the further explosion of the smart lock market. The increasing popularity of smart homes and smart technologies is expected to inject new growth opportunities into the market.