Global Smart Door Locks Market Outlook 2024: Comprehensive Analysis by Products, by Connectivity Technology, by End User, by Distribution channel & by Geography

Market Overview

In the era of digitalization not only the phones and electronic equipments are not getting smarter, but also our homes and offices becoming smart by the introduction of new technology and innovations. One of them is smart door lock mechanism or virtual keys which can be operated through your mobile phones, fingers, eyes and by the key codes set according to one's preference. Smart locks can provide real time information about the individual's access through doors and trespassers. The smart locks can be operated by mobiles through Wi-Fi or Bluetooth and by the installed mechanisms in doors like biometric sensors, keypad locks and electromagnetic sensors. The latest advancement in door locks makes you enable track, observe and restrict particular entries in your office or houses. Introduction of innovative lock systems also driving the growth of Smart Door Locks Market. For instance, ASSA ABLOY, a global leader in door opening solutions has been successfully increased its R&D investment by 200% since 2006, reaching USD 280 million in 2016. ASSA ABLOY also has been ranked on Forbes list of world's 100 most innovative companies in 2016.  Huge R&D investments by big market players are likely to encounter the progress of the market. In turkey, more than 1,700 smart door locks are being installed at Future Park, a new Istanbul development with apartments build on the concept of home automation.

Smart Door Locks Market Segmentation

By Products

• Non Mobile App Based

• Biometric Based Smart Locks
• Face Recognition Door Locks
• Palm Recognition Door Locks
• Iris Recognition Door Locks
• Voice Recognition Door Locks
• Fingerprint Recognition Door Locks
• Signature Recognition Door Locks

• Hybrid/Integrated Locks

• Magnetic Strip Door Locks
• Electric Strike Door Locks

By Connectivity Technology

• Mobile App Based
• Wi-Fi
• Bluetooth

By End Users

• Industrial Sector
• Corporate Sector
• Government Sector
• Residential Sector

By Distribution Channel

• Online Channel Distribution
• Offline Channel Distribution

By Geography

• North America (US, Canada) {Market Share (%), Market Size (USD Billion)}
• Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Billion)}
• Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa) {Market Share (%), Market Size (USD Billion) }
• Latin America (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Billion) }
• Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Billion) }
• Rest of the World{Market Share (%), Market Size (USD Billion) }

Drivers and Challenges to Market Growth

Growing Hospitality Industry in Developing Countries shows the utmost Opportunities in Smart Doors Market

As the commercial and hotel industry plays a key role in the market of the smart doors lock, the increasing numbers of the IT companies and hotels show the potential of this market. Growing Hospitality industry in developing countries shows the utmost opportunities in smart doors market. In 2016, global hotel and real estate transaction accounted for USD 60 billion, owing to highest growth in EMEA region. The growth of digitalization and rising penetration of smart phones are tending the new generations towards the new technologies and smart devices. Which is the one of the major reason attracting the users to adopt smart door locks as smart phones play important role and becomes the virtual key. Additionally, allowing the user to track activity every time door is opening or getting alert in case of theft and tempering of the locks. Advance features of smart door locks expected to drive the growth of global smart door locks market.

Hacking Threats & High Cost of Smart Locks anticipated to inder the Growth

The global smart lock market is highly fragmented among the small and large suppliers. Since the big market players are expanding their business in developing countries, small market players are finding it difficult to compete with them in terms of product features at low prices.  However, these systems are more vulnerable to hacking threats as many of these devices work over internet and contain electric circuitry. Moreover, continuous electric supply needed for the functioning, which can lead to failure of these locks in case of electricity failure. Reliability and high cost of these smart locks anticipated to hinder the growth of global smart door locks market.

Smart Door Locks Market Size and Forecast

Global smart door locks market accounted for USD 0.8 Billion and the market is expected to surpass USD 3.2 Billion by the end of 2024. Further, the market is anticipated to expand at a compound annual growth rate of 19.8% over the forecast period i.e. 2016-2024. 

Geographically, developed regions are showing more attention towards smart door locks market. North America accounted for the largest market for smart door locks. In North America more than 1.5 million homes are using some type of smart door locks. North and South America together are expected to grab more than 50% of global smart door locks market during forecast period. North America is closely followed by the Europe owing to growing hospitality sector and new hotel construction in the region. Asia-Pacific region is expected to be the fastest growing market for smart door locks owing to rapid urbanization and rising personal disposable income population especially in China, India and Indonesia. 

Key Market Players

• ASSA ABLOY
• Samsung
• Panasonic
• Guangdong Be-Tech Security Systems
• DESSMANN
• Lockitron
• Kaadas
• Masterlock
• Zhongshan Yinghua Lock Industry
• August
• Kwikset
• Techlicious
• Godrej
• Adel
• SCHLAGE
• Haven
• YALE

Covered in this Smart Door Locks Market Report

Market Synopsis

Market Segmentation

Global smart door locks market is segmented as follows:

• By Product Type (Market Size, Demand Analysis and Growth Analysis)
• By  End Users Type (Market Size, Demand Analysis and Growth Analysis)

Global Smart Door Locks Market Report covered insights of below mentioned regions:

• North America (U.S., Canada) {Market Size, Growth Analysis}
• Latin America (Argentina, Mexico, Brazil and Rest of Latin America) {Market Size, Growth Analysis}
• Europe (Germany, Italy, Spain, France, The U.K., Netherlands, Sweden, Hungary, Russia, Poland, Rest of Europe) {Market Size, Growth Analysis}
• Asia-Pacific (China, India, Singapore, Japan, Australia, New Zealand, South Korea and Rest of Asia Pacific) {Market Size, Growth Analysis}
• Middle East and North Africa (MENA) {Market Size, Growth Analysis}
• Rest of World  {Market Size, Growth Analysis}

Market Dynamics: Growth Drivers, Restraints and Opportunities

• Risk Factors
• Regional Variations
• Recent Trends and Developments

Key Market Players

• Synopsis
• Business Strategy
• Product Portfolio
• SWOT Analysis

Porter’s Five Force Model

Market Landscape: Competition and Beyond

Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem

Expert Analysis

Concluding Remarks 

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