Global Smart Door Lock Market size is projected to reach USD 4.835 billion by 2028 from an estimated USD 1.64 billion in 2021, growing at a CAGR of 16.7%.
Smart Door lock allow users to grant access to a third party by means of a virtual key. This key can be sent to the recipient smartphone over standard messaging protocols such as e-mail or SMS. Once this key is received the recipient will be able to unlock the smart lock during the time previously specified by the sender.
Smart Door lock are able to grant or deny access remotely via a mobile app. Certain smart locks include a built-in Wi-Fi connection that allows for monitoring features such as access notifications or cameras to show the person requesting access. Some smart locks work with a smart doorbell to allow the user to see who and when someone is at a door. Many smart locks now also feature Biometric features, like fingerprint sensors. Biometrics are becoming increasingly popular because they offer more security than passwords alone. This is because they use unique physical characteristics rather than stored information.
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|Market Size In 2021||USD 1.64 Billion|
|Market Size in 2028||USD 4.835 Billion|
|CAGR Growth Rate||16.7%|
|Forecast Period||2022 to 2028|
Key Industry Developments in the Smart Door Lock Market:
In August 2020, ASSA ABLOY acquired Access IS which is a UK-based company and leading manufacturer of advanced lock solutions based on electronic RFID, NFC, and barcode devices.
In September 2020, Latchable Inc launched LatchOS which is an operating system for smart locks. The OS provides customizable smart building solutions in vast residential and commercial applications.
Market Dynamics and Factors:
Rising security concern among the people.
High cost required for installation of a smart lock.
Rising the adoption of IoT-based devices in the security system.
Leading Key Players:
- Master Lock
- Salto Systems
- Cansec Systems
- ASSA ABLOY AB
- Haven Lock
- Spectrum brands
- Yale and other major players.
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Market Segment by Type:
- Lever Handles
Market Segment by Application:
Market Segment by Region:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
- South America (Brazil, Argentina, Rest of SA)
Key Benefits of Global Smart Door Lock Market Research Report:
- Market Segmented by Types, Applications, Regions, and key players
- Potential Market Drivers. restraints, opportunities and challenges in the study
- Recent Key industry news, developments and trends
- Leading Competitive landscape & strategies of industry players
- Research coves market historical, current, and projected market size and share value
- In-depth analysis of market in terms of sales, price, revenue, market share, and growth rate
- Research covers the porter analysis Bargaining Power of Suppliers and consumers, Threats of New Entrants, Substitute Product and Services
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