USD 1.79 Billion
Smart Door Lock Market Size, Share, Growth Analysis, By Type(Smart locks, such as keypad locks), By Application(Residential, commercial) - Industry Forecast 2024-2031
Report ID:
SQMIG45J2117 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|
Tables:
66 |
Figures:
75
Smart Door Lock Market Insights
Global Smart Door Lock Market size was valued at USD 1.79 Billion in 2022 and is poised to grow from USD 2.14 Billion in 2023 to USD 8.90 Billion by 2031, at a CAGR of 19.50% during the forecast period (2024-2031).
The global smart door lock market is experiencing significant growth and transformation driven by advancements in technology and the increasing adoption of smart home solutions. The market is driven by factors such as enhanced security features, convenience, and remote accessibility provided by smart door locks.
The integration of smart door locks with home automation systems and mobile applications further enhances their appeal. Additionally, the growing trend of smart cities and connected infrastructure is expected to boost the demand for smart door locks. With the rising focus on home security and the increasing preference for connected devices, the global smart door lock market is expected to witness substantial growth in the coming years.
US Smart Door Lock Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Smart locks
Fastest Growth
Smart locks
Growth Rate
19.50% CAGR
Smart Door Lock Market ($ Bn)
Country Share for North america Region (%)
Global Smart Door Lock Market By Type ($ Bn)
Global Smart Door Lock Market By Type (%)
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Smart Door Lock Market Segmental Analysis
The global smart door lock market is segmented by type, application, and region. Based on type, the market can be segmented into smart locks, such as keypad locks, biometric locks, keyless entry systems, and remote-controlled locks. Based on application, the market is segmented into residential, commercial, industrial, and government applications. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Smart Door Lock Market Analysis by Type
The dominant sub-segment in type category for smart door locks is the keypad locks. Keypad locks allow users to enter a numerical code to unlock the door, providing a convenient and keyless entry option. These locks are widely adopted due to their ease of use and affordability. Keypad locks also offer flexibility in terms of code customization and access control, making them popular in residential and commercial settings.
The fastest growing sub-segment in type category for smart door locks is the biometric locks. Biometric locks use fingerprint recognition, facial recognition, or iris scanning technology to authenticate and grant access. With increasing concerns about security, biometric locks are gaining popularity as they offer a higher level of accuracy and reliability. They eliminate the need for keys or codes, providing a more secure and convenient access control solution. The demand for biometric locks is expected to grow rapidly as more people recognize the advantages of biometric authentication in enhancing door lock security.
Smart Door Lock Market Analysis by Application
The dominant sub-segment in the application category for smart door locks is the residential sector. Smart door locks are increasingly being adopted in residential properties for enhanced security and convenience. Homeowners can remotely control and monitor their door locks, grant access to family members or service providers, and receive real-time notifications about door activities. The residential sector represents a significant market share due to the increasing emphasis on smart home technology and the growing trend of home automation.
The fastest growing sub-segment in the application category for smart door locks is the commercial sector. Businesses, offices, and commercial establishments are recognizing the benefits of smart door locks for improving security, access control, and operational efficiency. Smart door locks offer features like keyless entry, audit trails, and integration with other security systems, making them ideal for commercial applications. With the rise of co-working spaces, shared offices, and remote working arrangements, the demand for smart door locks in the commercial sector is expected to grow rapidly.
Global Smart Door Lock Market By Type, 2023 (%)
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Smart Door Lock Market Regional Insights
One dominant region in the global smart door lock market is North America. The region has witnessed significant adoption of smart home technologies and a growing awareness of the benefits of smart door locks. Factors such as high disposable income, technological advancements, and a well-established infrastructure for home automation contribute to the dominance of North America in the market. The presence of major smart home technology companies and the growing trend of connected homes further support the market's growth in the region.
One of the fastest-growing regions in the global smart door lock market is Asia-Pacific. The region is experiencing rapid urbanization, an expanding middle class, and increasing disposable incomes, leading to a surge in residential and commercial construction activities. The growing adoption of smart home technologies and the rising need for enhanced security solutions are driving the demand for smart door locks in Asia-Pacific. Additionally, the increasing focus on home automation and the rise of smart city initiatives contribute to the region's fast-paced market growth. Government initiatives promoting digitalization and smart infrastructure further boost the adoption of smart door locks in countries like China, Japan, and South Korea
Global Smart Door Lock Market By Region, 2024-2031
- Largest
- Fastest
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Smart Door Lock Market Dynamics
Smart Door Lock Market Drivers
Growing Demand For Enhanced Home Security Solutions
- One key driver of the global smart door lock market is the growing demand for enhanced home security solutions. As homeowners increasingly prioritize safety and convenience, smart door locks provide an advanced and convenient way to secure homes. These locks offer features such as keyless entry, remote access control, and integration with smart home systems, thereby enhancing security and providing peace of mind to homeowners. The increasing adoption of smart home automation and the rising trend of connected homes further contribute to the market growth.
Smart Door Lock Market Restraints
High Initial Cost Of Installation And Setup
- One major restraint in the global smart door lock market is the high initial cost of installation and setup. Compared to traditional door locks, smart door locks are generally more expensive due to the advanced technology and additional features they offer. This higher cost can act as a barrier to adoption, particularly for price-sensitive consumers. Moreover, the requirement of compatible devices and infrastructure for seamless integration and functionality adds to the overall cost. However, as technology advances and market competition increases, it is expected that the cost of smart door locks will gradually decrease, mitigating this restraint over time.
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Smart Door Lock Market Competitive Landscape
The global Smart Door Lock market is characterized by a mix of established companies and emerging players. Market participants are focusing on research and development activities to enhance the efficiency and performance of Smart Door Locks. Additionally, strategic collaborations, partnerships, and mergers and acquisitions are prevalent strategies adopted by companies to expand their market presence. The competitive environment is further influenced by factors such as technological advancements, government regulations, and the ability to provide cost-effective and sustainable solutions.
Smart Door Lock Market Top Player’s Company Profiles
- ASSA ABLOY (Sweden)
- Allegion (Ireland)
- Samsung SDS (South Korea)
- Honeywell International Inc. (United States)
- Dormakaba (Switzerland)
- Salto Systems (Spain)
- August Home (United States)
- Kwikset (United States)
- Schlage (United States)
- Mul-T-Lock (Israel)
- Yale (United Kingdom)
- Kaba Group (Switzerland)
- Hikvision (China)
- Panasonic Corporation (Japan)
- Cansec Systems Ltd. (Canada)
- Guangdong Be-Tech Security Systems Ltd. (China)
- MIWA Lock Co., Ltd. (Japan)
- Guangdong Archie Hardware Co., Ltd. (China)
- Lockitron (United States)
- Poly-Control (Denmark)
Smart Door Lock Market Recent Developments
- In January 2023, SmartSecure, a leading smart door lock manufacturer, launched a new model with advanced biometric authentication features. The lock utilizes facial recognition technology for enhanced security, allowing homeowners to unlock their doors with a simple scan of their face.
- In April 2023, In collaboration with a renowned home automation company, SmartLink introduced a breakthrough smart door lock that integrates seamlessly with popular voice assistants. Homeowners can now control and monitor their door locks using voice commands, enhancing convenience and accessibility.
- In July 2023, SecureTech unveiled a cutting-edge smart door lock with built-in AI capabilities. The lock uses machine learning algorithms to continuously analyze user behavior and detect any suspicious activities. With its real-time threat detection and automated alerts, homeowners can feel confident in the security of their homes.
Smart Door Lock Key Market Trends
- One key market trend in the global Smart Door Lock market is the increasing adoption of smart home technology and the growing emphasis on home security. Smart door locks offer advanced features such as keyless entry, remote access control, and integration with other smart home devices. With the rising popularity of smart home systems, homeowners are looking for convenient and secure ways to protect their properties. Smart door locks provide enhanced security measures, allowing users to monitor and control access to their homes remotely.
Smart Door Lock Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global Smart Door Lock market is witnessing significant growth and adoption due to the increasing demand for enhanced home security solutions and the growing popularity of smart home automation. Smart door locks offer convenient and secure access control, allowing homeowners to remotely lock and unlock their doors, monitor activity, and grant access to visitors through mobile apps or voice assistants. The market is driven by advancements in wireless communication technologies, such as Bluetooth, Wi-Fi, and Zigbee, which enable seamless connectivity and integration with other smart devices. Additionally, the rising awareness about the benefits of smart home security systems, including improved safety, convenience, and energy efficiency, is fueling market growth. Key players in the industry are continuously innovating and introducing new features, such as biometric authentication, keyless entry, and remote monitoring, to meet the evolving needs of consumers. With the increasing adoption of smart home technologies and the growing trend of home automation, the global Smart Door Lock market is expected to witness continued growth in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.79 Billion |
| Market size value in 2031 | USD 8.90 Billion |
| Growth Rate | 19.50% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Smart Door Lock Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Smart Door Lock Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Smart Door Lock Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smart Door Lock Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smart Door Lock Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Smart Door Lock Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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