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The global smart door lock market size was USD 1,172.5 million in 2019 and is projected to reach USD 4,449.2 million by 2027, exhibiting a CAGR of 18.4% during the forecast period.
The growth of the smart locks market is primarily driven by the advancement of core technologies such as the internet of things (IoT), artificial intelligence, cloud-based applications, big data, and others. These advanced technologies would assist key players to develop advanced smart door locks with numerous features.
Additionally, the market is mainly driven by the rising adoption of connecting technologies such as Bluetooth, version 5.2., Wi-Fi 6, Z-wave, and others, in smart locks. Further, rising investment by governments and key players in various smart cities is expected to boost the market growth. For instance, in February 2020, according to the European Investment Bank, the global smart cities investment was around USD 124 billion. The investment is based on around 100 major cities from countries including the U.K., U.S., India, Japan, China, Saudi Arabia, and others.
Rising Investments by Government to Elevate Demand for Smart Door Lock amid COVID-19
The COVID-19 pandemic is impacting the worldwide economy. Currently, the widespread situation has obligated enterprises to allow their employees to adopt the work from home (WFM) policy. Also, the global information technology industry is slowing down and several manufacturing units are shutting down. Considering these initial factors from the first half of the year 2020, a significant decline can be observed in the demand for smart type of door locks.
However, during the pandemic, the government and key players such as Samsung Group, Godrej Group, Yale, and others are concentrating on increasing their investments to restore the growth of the market.
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Increasing Adoption of Emerging Connecting Technologies is a Prominent Trend
One of the key emerging smart door lock market trends includes the increasing adoption of advanced connecting technologies such as 5G network, Bluetooth, Z-wave, Zigbee, and others. Key players are integrating these technologies to develop smart locks for residential and commercial applications. These technologies offer enriched network connectivity and security features in smart locks.
Surging Investment in Various Smart City and Industrials Projects to Accelerate Growth
The market is mainly driven by the rising investment in various smart city and industrials projects. According to Frost & Sullivan, the smart city market is estimated to reach around USD 1.56 trillion by 2025. Major organizations in this market such as ASSA ABLOY AB, August, Google LLC, Godrej Group, and others, are focusing on developing connected door locks solutions for various residential, commercial, and government buildings under smart city projects. Key players are planning to complete business strategies such as acquisition, mergers, and others to expand their product offerings.
Lack of Awareness about Intelligent Door Locks to Impede Adoption
Although smart door locks provide several technological features, the majority of the users have security concerns. Also, the high cost and lack of awareness of intelligent door locks, mainly in countryside areas are expected to hinder the growth of the market. Other factors such as government rules and regulations and lack of technology adoption are expected to hamper the growth of the market.
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Deadbolt Segment to Hold Maximum Market Share Backed by Rising Adoption in Residential Applications
Based on the type, the market is divided into the deadbolt, lever handles, padlock, and others. Among these, the deadbolt segment is expected to cover the largest smart door lock market share. This growth is mainly owing to the rising demand for door locks across residential buildings.
The other segments such as lever handles, padlock, and other (knob door locks) are set to grow with substantial CAGRs during the forecast period, owing to the rising integration of connectivity technologies such as Bluetooth, Zigbee, and others.
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Biometric Door Locks Segment to Cover Largest Share Owing to Rising Adoption of Face, Iris, and Fingerprint Recognition
Based on the product, the market is classified into biometric door locks, smart card door locks, electric strike door locks, and others. The biometric door locks segment is expected to capture the major share in the market. This growth is attributable to the rising adoption of biometric applications such as face recognition, palm recognition, iris recognition, fingerprint recognition, and others. The smart card door locks, electric strike door locks, and other segments are predicted to exhibit a substantial growth rate, owing to the rising implementation of Wi-Fi connecting technology.
Increasing Investment by Startups to Launch Bluetooth-enabled Locks will Drive the Segment
Based on the connecting technology, the market is classified as Wi-Fi, Bluetooth, Zigbee, and others. The Bluetooth segment is expected to hold the maximum share, owing to the increasing investment by startups to launch door locks enabled with Bluetooth technology. For instance, in January 2020, Bluetooth SIG Inc. launched Bluetooth version 5.2. This latest technology can be deployed in various smart lock door solutions. The Wi-Fi and Zigbee segments are projected to progress with a considerable growth rate during the forecast period, owing to the rising adoption of cloud-based home automation applications across residential buildings.
Residential Segment to Hold Largest Share Stoked by Increasing Demand for Smart Locks
Based on the application, the market is divided into residential, hospitality, commercials, government, and others. The residential segment is expected to hold the largest share during the projected period. Key market players are focusing on developing smart locks to cater to the rising demand across residential spaces. Further, the increasing demand for intelligent door locks across smart building projects is expected to drive the growth of the commercials and government segments.
North America Smart Door Lock Market Size, 2019 (USD million)
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Based on the region, the market has been divided among five prominent regions, namely, North America, Europe, Asia Pacific, the Middle East and Africa, and South America. According to our study, North America is expected to hold a major share in the market. The growth in the region is mainly owing to the rising demand for advanced smart door locks across countries such as the United States, Canada, and Mexico.
Asia Pacific is predicted to be the highest growing region, owing to the rising number of smart city projects in countries such as India, Japan, China, South Korea, ASEAN, Oceania, and others. Also, companies are launching advanced smart door locks to gain market share. For instance, in September 2020, Xiaomi Corporation launched “Automatic Smart Door Lock” in China. The lock is based on fingerprint technology, that assists users to open and lock the door in less than 0.8 seconds. Europe is expected to grow with a substantial CAGR during the estimated period. The growth is attributable to the rising investment in the development of security door locks in government and critical infrastructure spaces in countries such as the U.K., France, Benelux, Nordics, and Germany.
The Middle East and Africa and Latin America are predicted to grow at a significant rate. The investments by key players and local governments across the Middle East and Africa are rising considerably. For instance, according to the 6th Annual Arab Future Cities Summit report, the investment for MEA smart cities stood at around USD 1.8 billion in 2018. The investment would assist to create various opportunities for key players in the market to establish manufacturing units in countries such as South Africa, Turkey, Israel, and North Africa.
Market Players to Focus on Investments to Increase Their Shares
Companies such as ASSA ABLOY AB, Honeywell International, Inc., Panasonic Corporation, Robert Bosch GmbH, and Godrej Locking Solutions & Systems are the top players. ASSA ABLOY AB designs and manufactures door lock opening solutions. The company also offers electromechanical and mechanical locking solutions, entrance automation, identification technology, access control systems, and security door solutions. It has increased its R&D investment by 200% since 2006, reaching around USD 280 million in 2016. It is currently focusing on completing various mergers and acquisitions. For instance,
An Infographic Representation of Smart Door Lock Market
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The smart door lock market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product and services types, and leading applications of the product. Besides this, it offers insights into the market trends and highlights key global industry developments. In addition to the aforementioned factors, it encompasses several factors that have contributed to the growth of the advanced market over recent years.
2016 – 2027
2020 – 2027
2016 – 2018
Value (USD million)
By Connecting Technology
Fortune Business Insights says that the global market size was USD 1,172.5 million in 2019 and is projected to reach USD 4,449.2 million by 2027.
In 2019, the North America market value stood at USD 499.4 million.
Registering a CAGR of 18.4%, the market will exhibit significant growth in the forecast period (2020-2027).
The deadbolt segment is expected to be the leading segment in this market during the forecast period.
The rising investment by governments and key players in various smart cities and building projects are expected to boost the growth of the market.
ASSA ABLOY AB, Honeywell International, Inc., Panasonic Corporation, Robert Bosch GmbH, and Godrej Locking Solutions & Systems are some of the major players in the global market.
North America dominated the market in terms of share in 2019.
Asia Pacific is expected to exhibit the highest growth rate during the forecast period.
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