Dublin, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The "Global Smart Door Lock Market: Analysis By Product, By Technology, By Application, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
In 2022, the global smart door lock market was valued at US$2.14 billion. The market is expected to grow to US$5.90 billion in 2028. The smart door lock market is expected to grow at a CAGR of 18.45% over the years 2023-2028.
The global smart door lock market has witnessed a transformative shift in recent years, with the industry becoming increasingly fragmented. However, organized players have been steadily gaining market share due to their extensive product offerings, superior services, and enhanced brand visibility. This trend is expected to continue as consumers increasingly prioritize home security and contactless access control systems, particularly in light of the COVID-19 pandemic.
The pandemic underscored the importance of home security and touchless access solutions, driving up the demand for smart door locks that offer convenience, remote access capabilities, and advanced security features. With more individuals spending extended periods at home, there has been a rapid adoption of touchless smart door lock technologies. Additionally, the shift to remote work and virtual learning prompted many to invest in smart door locks as part of their home automation systems.
Smart door locks, unlike traditional mechanical locks, incorporate wireless connectivity, digital authentication methods (such as passwords, PIN codes, fingerprint recognition, or smartphone apps), and remote management functionalities. This allows users to monitor, control, and grant access to their secured spaces remotely using mobile devices and other connected platforms.
The global smart door lock market has experienced substantial growth, driven by factors like rapid urbanization and increased adoption in residential complexes. The rising concerns about security have further fueled the demand for smart door locks.
Furthermore, sectors such as banks, financial institutions, and corporate buildings prioritize security and access control, making smart door locks a preferred choice for implementing advanced access management solutions. Looking ahead, the global smart door lock market is poised for robust growth, with two significant trends set to drive this surge during the forecasted period from 2023 to 2028.
Firstly, the increasing adoption of cloud computing in the smart door lock industry is reshaping the landscape. Cloud computing enables remote access and control of smart door locks through internet-connected devices like smartphones and tablets. Secondly, the hospitality sector is witnessing a surge in smart door lock adoption, contributing to increased sales within the market.
Market Segmentation Analysis:
The report identifies three segments on the basis of smart door lock products: Fingerprint, Remote, and Electronic Cipher. In 2022, the electronic cipher segment led the market as the lock uses encryption and digital authentication methods to control access to a building or space.
Electronic cipher smart door locks offer enhanced security, convenience, and flexibility compared to traditional locks The fingerprint lock is expected to experience the highest CAGR as this lock can scan and analyze an individual's unique fingerprint patterns. Each person's fingerprint is distinct, making it a reliable method of identification.
On the basis of technology, the report is divided into four segments namely, Bluetooth, Wi-Fi, Z Wave, and Others. In 2022, the Bluetooth segment dominated the market as the technology is relatively cost-effective compared to some other wireless communication protocols, making Bluetooth smart door locks more affordable for a broader range of consumers.
The WiFi-based lock is expected to experience the highest CAGR as Wi-Fi-enabled smart door locks allow users to remotely control and monitor their locks through a smartphone app. This feature resonates well with busy individuals and families, thereby increasing the adoption of smart door locks.
On the basis of application, the global smart door lock market can be divided into four segments namely, residential, commercial, hospitality, and others. In 2022, the residential sector dominated the market as homeowners were looking to integrate various devices and systems for enhanced convenience, security, and energy efficiency.
Smart door locks fit into this trend by providing a secure and convenient way to control access to the home. The smart door lock market in the hospitality sector is expected to grow at the highest CAGR, as hotels, resorts, and vacation rentals are striving to enhance guest experiences and streamline operations, they increasingly adopt smart door locks.
North America dominated the market in 2022. Factors such as rapid urbanization, increasing smart homes, and increasing security concerns led to an upsurge in the demand for smart door locks in the region. The US stands as a pioneer in the development and adoption of smart door lock technology.
With a robust technology infrastructure and a culture of innovation, the US has been at the forefront of introducing cutting-edge security solutions to consumers. The UK has been at the forefront of adopting smart home technologies, including smart door locks. The country has shown a strong inclination towards convenience and remote accessibility, leading to the development of smart door locks that can be controlled and monitored through smartphone applications from anywhere in the world.
The Asia Pacific region has witnessed a remarkable evolution in the smart door locks industry over the past decade. Notably, China, Japan, and India have emerged as key players in shaping the trajectory of the smart door locks market in Asia Pacific.
The huge smartphone consumer base, along with the broad availability of internet in the developing economies of the region, particularly in Japan, India, and China, is primarily driving the adoption of the smart locks.
Market Dynamics
Growth Drivers
- Rapid Urbanization
- Increased Adoption in Residential Complexes
- Rising Popularity of Smart Home
- Increased Security Concerns
- Greater Adoption in Banks, Financial Institutions & Corporate Buildings
Challenges
- Cyber Security and Privacy
- Lack of Awareness
- High Cost Associated
Market Trends
- Integration of Artificial Intelligence and Machine Learning
- Use of Cloud Computing
- Adoption in Hospitality Industry
- High Investment in Internet of Things and 5G
- Implementation of Advanced Technologies
The key players in the global smart door lock market are:
- ASSA ABLOY
- Dormakaba
- Honeywell International Inc.
- Fortune Brands Innovations
- Carrier Global Corporations
- Allegion PLC
- Xiaomi
- Godrej & Boyce Mfg. Co. Ltd.
- Kadaas
- Zigbang Co. Ltd
- Salto Systems
For more information about this report visit https://www.researchandmarkets.com/r/kqf71w
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