With 18.4% CAGR, Global Smart Door Lock Market Size

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With 18.4% CAGR, Global Smart Door Lock Market Size



According to Fortune Business Insights, the global smart door lock market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 18.4% during the forecast period, to Reach USD 4449.2 Million by 2027, from USD 1172.5 Million in 2019. The global smart door lock market is expected to gain impetus from the rising adoption of novel connecting technologies, namely, Zigbee, 5G network, Z-wave, and Bluetooth. This information is published by Fortune Business Insights™ in a new study, titled, “Smart Door Lock Market Size, Share & COVID-19 Impact Analysis, By Type, By Product, By Connecting Technology, By Application and Regional Forecast, 2020-2027.”To get more news about finger vein door lock, you can visit securamsys.com official website.
August 2020: Assa Abloy successfully acquired Access-IS to reinforce its pre-existing product portfolio within extended access technologies. At the same time, it will deliver growth opportunities to the former.
September 2020: Latch announced the launch of LatchOS to allow users to integrate the app with other devices in a building, as well as to manage the doors. These integrations include Leviton & Jaso lights switches, ecobee & Honeywell thermostats, and Sonos speakers.
Governments of various countries are investing hefty amounts of money in the upcoming smart city projects across the globe. Prominent companies, such as Godrej Group, Google LLC, August, and Assa Abloy AB are currently aiming to introduce new connected door locks solutions for government, commercial, and residential applications. These factors are expected to bolster the Smart door lock market growth in the near future. However, the lack of awareness about these door locks may hamper their demand.
Geographically, in 2019, North America procured USD 499.4 million in terms of revenue. This growth is attributable to the rising demand for advanced smart door locks across Mexico, Canada, and the U.S. According to a survey conducted by IFSEC Global and Assa Abloy, in North America, approximately, 61% of households have at least one smart home system installed in their residences.

Asia Pacific, on the other hand, is set to grow at the highest pace backed by the increasing number of smart city projects in countries, namely, South Korea, China, and India. Europe is set to exhibit a significant CAGR fueled by the increasing investments by regulatory bodies in developing these door locks for critical infrastructure spaces.
Based on type, the deadbolt segment earned 52.1% in terms of market share in 2019. It is set to hold the maximum share throughout the forthcoming years because of the high demand for door locks from the residential sector.

By product, the market is Divided into smart card door locks, biometric door locks, electric strike door locks, and others. Based on technology, the Intelligent Door Lock Market is Divided into as Bluetooth, Wi-Fi, Zigbee, and others.

Based on the application, the Smart Door Lock Market is divided into hospitality, residential, commercials, government, and othersThe market for smart door locks is fragmented with the presence of a large number of prominent manufacturers. Some of them are focusing on adopting the strategy of merger & acquisition, while the others are aiming to introduce new features in their existing smart door lock ranges. Below are the latest industry developments: