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The global smart door lock market size was valued at USD 2.13 billion in 2022 and is projected to grow from USD 2.49 billion in 2023 to USD 8.21 billion by 2030, exhibiting a CAGR of 18.6% during the forecast period.
A smart lock is an advanced version of a traditional lock. This lock is a Bluetooth or Wi-Fi-enabled smart home device that enables users to lock and unlock doors with a finger or through a simple voice command. The smart door lock is operated wirelessly by a cryptographic key on authentication, providing access only to authorized personnel.
The smart lock system is being adopted in various homes and commercial buildings to offer an innovative approach to locking mechanisms and enhance user-friendliness. Additionally, the development of core technologies, such as Artificial Intelligence (AI), Internet of Things (IoT), Big Data, and cloud-based applications will drive the smart door lock market growth. These advanced technologies will assist key players in developing innovative smart locks with various features.
Additionally, rising use of futuristic technologies by key players in various smart cities is expected to boost the market growth. For instance,
The report covers various smart door lock offered by market players such as ASSA ABLOY, Samsung Group, Panasonic Corporation, Guangdong Be-Tech Security Systems, Honeywell International, Inc., DESSMANN, The Chamberlain Group, Inc., Kaadas, Masterlock and others.
Rising Demand for Smart Door Locks during COVID-19 Fueled Market Growth
The COVID-19 pandemic played a key role in increasing the demand for advanced home security systems for infected people or individuals not taking necessary precautions, such as wearing masks or sanitization, causing further transmission. People across the world started installing smart home devices that require less human intervention and contact, and replaced traditional security systems to decrease the spread of the virus. For instance,
Thus, the demand for smart security systems that provide autonomous and contactless features will propel the market growth.
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Increasing Adoption of Emerging Connecting Technologies Is a Prominent Trend
One of the key emerging trends in the market is the increasing implementation of progressive connecting technologies such as Bluetooth, Z-wave, 5G networks, Zigbee, and others. Key players are adopting these technologies to bring advancements in intelligent lock security systems for commercial and residential use. For instance,
Surging Investment in Smart City and Industrial Projects to Accelerate Market Growth
The rising investment in various smart city and industrial projects is expected to drive the market share. Major industry players, such as August Home, DESSMANN, ASSA ABLOY AB, Godrej Group, and others, are focusing on emerging door lock technologies and solutions for various government, commercial, and residential buildings under smart city plans. These companies plan to implement business strategies, such as acquisitions, mergers, and partnerships, to expand their product offerings. For instance,
Lack of Awareness about Intelligent Door Locks May Impede Product Adoption
Although smart door locks offer several technological features, most users have security concerns. Also, the lack of awareness and high cost of intelligent door locks, mainly in rural areas, are likely to hinder the market's growth. Other factors, such as government rules & regulations and lack of implementation of advanced technologies are projected to hamper the market growth.
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Deadbolt Segment to Hold Maximum Market Share Backed by Rising Adoption in Residential Applications
Based on type, the market is divided into deadbolt, lever handles, padlock, and others. Among these, the deadbolt segment is expected to hold the largest share of the market. This growth is mainly due to the rising demand for door locks across residential buildings.
Lever handles, padlocks, and others (knob door locks) segments are set to record substantial CAGR during the forecast period, owing to the rising integration of connectivity technologies, such as Bluetooth, ZigBee, and others.
Biometric Door Locks to Hold Largest Market Share Owing to Rising Preference for Face, Iris, and Fingerprint Recognition
Based on product, the market is classified into biometric door locks, smart card door locks, electric strike door locks, and others. The biometric door lock segment is expected to capture a major share of the market. This growth is attributed to the rising adoption of biometric applications, such as face recognition, palm, iris, and fingerprint recognition. 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 Segment Growth
Based on connecting technology, the market is classified into Wi-Fi, Bluetooth, ZigBee, and others. The Bluetooth segment is expected to hold the maximum market share due to its hands-free technology features that detect an unlocking credential such as smartphone, a key fob, or other smart device nearby and increasing investment by startups to launch door locks equipped with Bluetooth technology. For instance,
Additionally, the Wi-Fi and ZigBee segments are projected to grow considerably during the forecast period owing to the rising adoption of cloud-based home automation applications across residential buildings.
Residential Segment to Hold Largest Market Share Due to Increasing Demand for Smart Locks
Based on application, the market is divided into residential, hospitality, commercial, government, retail, and others. The residential segment is expected to hold the largest market share during the analysis period. Key market players are focusing on developing smart locks to cater to the rising demand for these products and increase accessibility features to dominate modern home security across residential spaces.
Furthermore, the increasing demand for intelligent door locks across smart building projects is expected to drive the growth of the commercial and government segments. For instance,
North America Smart Door Lock Market Size, 2022 (USD Billion)
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Based on region, the market has been divided among five prominent regions, North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
North America is expected to hold a major smart door lock market share. The region's growth is mainly due to the adoption of comprehensive technologies and rapid expansion of smart homes across countries, such as the U.S., Canada, and Mexico. Consumers’ increasing usage of products, such as smart speakers make them a target audience for any regional e-commerce business. For instance,
Asia Pacific is predicted to be the fastest 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 significant market share. For instance,
Europe is expected to register a substantial CAGR during the forecast period. This growth is credited to the rising investment in developing security door locks for government and critical infrastructure spaces in countries, such as the U.K., France, Benelux, Nordics, and Germany.
The Middle East & Africa and South America regions are predicted to grow significantly. The investments by key players and local governments in the Middle East & Africa region are rising at a notable rate. The acquisition will help create opportunities for major market players to set up manufacturing facilities and increase the workforce in countries such as South Africa, Turkey, Israel and North Africa.
Key Companies to Focus on Investments to Increase their Market Share
Key players in the global market, such as ASSA ABLOY AB, Honeywell International, Inc., Panasonic Corporation, Robert Bosch GmbH, Godrej Locking Solutions & Systems, and others, are focused on expanding their geographic presence by modifying their existing products and solutions, and launching new products to attract a large customer base. These strategies will help them gain a competitive edge and improve their revenue margins.
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The research report provides a detailed analysis of the market and focuses on key aspects, such as leading companies, product & services types, and top applications of the product. Furthermore, the report provides insights into the product offerings, trends, and technologies that are being deployed at a rapid pace at a global level. It further provides insights into the market’s drivers & restraints, helping the reader gain in-depth knowledge about the industry.
ATTRIBUTE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 18.6% from 2023 to 2030 |
Unit | Value (USD billion) |
Segmentation | By Type, Product, Connecting Technology, Application, and Region |
By Type |
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By Product |
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By Connecting Technology |
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By Application |
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By Region |
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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.