"We Envision Growth Strategies Most Suited
to Your Business"

Smart Door Lock Market to Record CAGR of 19.2% Over 2024-2032; Growing Incorporation of Innovative Technologies into Door Locks to Impel Market Progress

June 10, 2024 | Information & Technology

The smart door lock market size was valued at USD 2.48 billion in 2023 and is predicted to reach USD 2.91 billion in 2024. The market is anticipated to touch USD 11.88 billion by 2032, recording a CAGR of 19.2% over 2024-2032.


Fortune Business Insights™ presents this information in its latest report titled Smart Door Lock Market Size, Share & Industry Analysis, By Type (Deadbolt, Lever Handles, Padlock, and Others), By Product (Biometric Door Locks (Face Recognition, Palm Recognition, Iris Recognition, Fingerprint Recognition, and Others), Smart Card Door Locks, Electric Strike Door Locks, Others), By Connecting Technology (Wi-Fi, Bluetooth, ZigBee, and Others), By Application (Residential, Hospitality, Commercials, Government, Retail, and Others), and Regional Forecast, 2024 – 2032”.


A smart door lock is an electronic locking mechanism that is equipped with digital technologies, such as RFID, Bluetooth, and Wi-Fi to improve users’ control over who gains access to their properties. This lock also enhances users’ convenience as it can be controlled via dedicated applications, thereby eliminating the need to be physically present to monitor the entry and exit of individuals. The increasing demand for smart homes technologies among customers will boost the adoption of these door locks.


The COVID-19 pandemic had a positive impact on the smart door lock market growth as there was a significant rise in the remote work culture. This scenario increased customers’ interest in smart automation, which bolstered the sales of these door locks.


Generative AI to Positively Impact Market Due to Growing Use of AI in Door Locking Systems


Generative AI technology is expected to play a vital role in the smart door lock market growth as it can revolutionize the way door locking mechanisms work. More customers are moving away from traditional lock-and-key systems and looking for home security solutions that are convenient to use and offer better security. Many smart door lock manufacturers are incorporating AI into their products to provide customers with robust security and high convenience while monitoring access to their homes.


Schlage Launched New Product to Increase Accessibility of Smart Locks to Standard Single Bore-Hole Doors


Schlage unveiled the Schlage Encode Smart WIFI Lever at the 2023 NAHB International Builders' Show (IBS). The latest addition to the Schlage Encode group is predicted to increase the accessibility of smart locks to standard single bore-hole doors, thereby providing strong security and high convenience to users. The solution is also suitable for residential doors that come with knobs or levers, including side doors, garages, offices, and guest suites.


Growing Incorporation of Innovative Technologies into Door Locks to Impel Market Progress


Emerging technologies, such as biometrics are being integrated into smart door locks to increase the security of residential, commercial, and industrial establishments. Biometrics use various advanced identity authentication methods, such as facial recognition and fingerprint scanning to prevent unauthorized access. Companies manufacturing biometric door locks are using sophisticated algorithms to scan and match a person’s facial features and fingerprint, thereby offering precise and reliable access control. This factor will increase the uptake of these locks.


However, increasing interoperability challenges and data privacy concerns can hinder the market’s growth.


Key Market Players to Engage in Partnerships and Launch New Products to Expand Business Operations


The leading companies operating in this market are increasing their focus on signing partnership and acquisition agreements with other firms to increase their product range and expand their market share. They are also launching novel products in the market to gain a strong competitive edge and increase their customer base.


Notable Industry Development:


December 2023: SALTO Systems announced the launch of the DBolt Touch deadbolt, thereby providing a smart locking solution to upgrade the mechanical deadbolt locks in the multifamily residential market. The newly launched solution offers the desired functionality required by operators, residents, and access managers in multifamily housing by using innovative technologies.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/smart-door-lock-market-100215


List of the Companies Profiled in the Report:



  • Assa Abloy (Sweden)

  • Dormakaba Group (Switzerland)

  • Godrej & Boyce Manufacturing Company Limited (Godrej Group) (India)

  • Xiaomi, Inc. (China)

  • Honeywell International Inc. (U.S.)

  • Legrand (France)

  • Allegion plc (Schlage) (U.S.)

  • SALTO Systems, S.L (Spain)

  • Onity Inc. (U.S.)

  • Shenzhen Kaadas Intelligent Technology Co., Ltd. (China)


Further Report Findings



  • North America is holding a dominant smart door lock market share due to factors, such as the rising adoption of smart home automation technologies and growing concerns regarding physical security.

  • The market in Europe is also displaying steady growth due to the rising use of automation in door locks. Moreover, the number of individuals using smartphones has increased rapidly in recent years, which is also encouraging manufacturers to develop smart door locks that can be operated through dedicated applications.

  • Based on connecting technology, the Bluetooth segment has captured the largest market share as it is highly compatible with a wide range of connected devices. Moreover, Bluetooth-enabled smart door locks consume low energy and can seamless connect with smartphones and other smart gadgets.


Table of Segmentation










































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 19.2% from 2024 to 2032



Unit



Value (USD Billion)



 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


Segmentation



By Type



  • Deadbolt

  • Lever Handles

  • Padlock

  • Others (Knob, etc.)


By Product



  • Biometric Door Locks

    • Face Recognition

    • Palm Recognition

    • Iris Recognition

    • Fingerprint Recognition

    • Others (Voice Recognition, etc.)



  • Smart Card Door Locks

  • Electric Strike Door Locks

  • Others (Keypad Door Lock, etc.)


By Connecting Technology



  • Wi-Fi

  • Bluetooth

  • Zigbee

  • Others (Z wave, etc.)


By Application



  • Residential

  • Hospitality

  • Commercials

  • Government

  • Retail

  • Others (Critical Infrastructure, etc.)


By Region



  • North America (By Type, By Product, By Connecting Technology, By Application, and By Country)

    • U.S.

    • Canada

    • Mexico



  • South America (By Type, By Product, By Connecting Technology, By Application, and By Country)

    • Brazil

    • Argentina

    • Rest of South America



  • Europe (By Type, By Product, By Connecting Technology, By Application, and By Country)

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

    • Benelux

    • Nordics

    • Rest of Europe



  • Middle East & Africa (By Type, By Product, By Connecting Technology, By Application, and By Country)

    • Turkey

    • Israel

    • GCC

    • North Africa

    • South Africa

    • Rest of Middle East & Africa



  •  Asia Pacific (By Type, By Product, By Connecting Technology, By Application, and By Country)

    • China

    • Japan

    • India

    • South Korea

    • ASEAN

    • Oceania

    • Rest of Asia Pacific




Global Smart Door Lock Market
  • PDF
  • 2023
  • 2019-2022
  • 180

    CHOOSE LICENSE TYPE

  • 4850
    5850
    6850

Our Clients

Hitachi
Edenred
Ferrero
Go daddy
Lek
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X