According to Goldstein Research, “Rising urbanization and growing trend of smart technologies is increasing the consumer’s interest towards smart door locks.” Smart door lock is a best substitute which provides more security features than conventional door locks with real time monitoring. Smart door locks are widely used in hotels and smart homes. In past few years, hospitality sector has witnessed huge growth and hotel industry has been spent millions of dollars in upgrading the properties to cater the safety need of international customers.
The smart door locks market segmentation has been carried out on the basis of products, connectivity technology, distribution channel and end users. End user is further bifurcated into commercial sector and residential sector. Commercial sector accounted for the major share in global smart door locks market. Growing usage of smart door locks in large enterprises for the security and restricted entries are the major factors driving the growth of this segment.
Goldstein's market research analyst predicts the global smart lock market to grow profoundly at a CAGR of more than 19% by 2024. Smart door lock market is in nascent stage but the global smart door locks market is expected to grow significantly owing to its various security and convenience benefits.
North America is the largest region for smart door locks market in 2015 and is expected to dominate the market during the forecast period of 2016-2024. North America smart door locks market accounted for more than 30% share in global smart door locks market which is further expected to expand at a CAGR of 27% over the forecast period. Unite States is expected to dominate the smart door locks market followed by Canada as the North America is the world's most advanced smart home market with more than 21.8 million smart homes installed at the end of year 2016.
IoT and Connected Technologies: Major Impel
Advanced IoT devices are equipped with sensors such as Near Field Communication (NFC), ZigBee or lower power Bluetooth that allow the smart door locks to communicate with homeowner's Smartphone or smart wearable. Advanced smart doors can also get unlocked whenever the authorized user is nearby, that allows the user to lock or unlock the doors remotely. For instance, Yale Lock's integration with Samsung SmartThings enables door control with help of Amazon Echo speaker. In Italy, Home at Hotel holiday rental apartments in Milan and Rome are equipped with an ENTR smart door locks. That allows the guest to enjoy the stay without key hassles.
“Global Smart Door locks Market Outlook 2024” contains detailed overview of the global smart door locks market in terms of market segmentation by product type, connectivity technology, distribution channel and end users.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Smart Door Locks Market Report also includes provides competitive outlook of some of the major players which includes profiling of companies such as Samsung, Panasonic, Guangdong Be-Tech Security Systems, DESSMANN, Lockitron, Kaadas, Masterlock, ASSA ABLOY, Godrej etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global smart doors market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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