Smart Door Lock Market to Reach USD 8.21 Billion by 2030; Surging Investment in Smart City and Industrials Projects to Accelerate Market Growth

The global smart lock door market size touched USD 2.13 billion in 2022 and is predicted to reach USD 2.49 billion in 2023. The market is anticipated to touch USD 8.21 billion by 2030, recording a CAGR of 18.6% over 2023-2030.

Fortune Business Insights™ displays this information in its latest report titled “Smart Door Lock Market Size, Share & COVID-19 Impact Analysis, By Type (Deadbolt, Lever Handles, Padlock, and Others), By Product (Biometric Door Locks (Face Recognition, Palm Recognition, Iris Recognition, Fingerprint Recognition, Others), Smart Card Door Locks, Electric Strike Door Locks, and Others), By Connecting Technology (Wi-Fi, Bluetooth, ZigBee, and Others), By Application (Residential, Hospitality, Commercials, Government, Retail, Others), and Regional Forecast, 2023-2030”.

Smart door lock systems are being increasingly adopted in many commercial and residential buildings to provide an innovative approach to locking mechanisms and improve user-friendliness. The development of core technologies, such as Artificial Intelligence (AI), Internet of Things (IoT), Big Data, and cloud-based applications, is also expected to drive the smart door lock market growth. These futuristic technologies will help major market players develop innovative smart locks with various features.

Demand for Smart Locks Grew during COVID-19 Pandemic

The COVID-19 outbreak was instrumental in boosting the demand for robust home security systems for individuals or infected people who did not take necessary precautions, such as wearing masks or sanitization, thereby causing further transmission. People across the globe started using smart home devices that need less contact and human intervention, and replaced their conventional security systems to decrease the spread of the virus. These factors boosted the market growth during the COVID-19 pandemic.

Investments in Industrial & Smart City Projects to Bolster Market Progress

Many public and private companies across the world are increasing their investments in a wide range of smart city and industrial projects, which is expected to drive the global smart door lock market share. Key companies, such as Godrej Group, DESSMANN, ASSA ABLOY AB, August Home, and others, are using emerging door lock technologies and solutions in various government, commercial, and residential buildings under smart city plans. This move will further enhance the market growth.

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

Competitive Landscape

Major Market Players to Invest Heavily in Door Locking Technologies to Increase their Market Share

Key companies in the market, such as Honeywell International, Inc., ASSA ABLOY AB, Robert Bosch GmbH, Panasonic Corporation, Godrej Locking Solutions & Systems, and others, are trying to expand their geographical presence by innovating their existing products and solutions. They are also launching new products to attract a large customer base. These strategies are predicted to help them gain a competitive advantage and expand their revenue margins.

Notable Industry Development:

• March 2023: Kaadas Group announced the expansion of its business in North America by introducing an authorized security dealer program. This move will help Kaadas make its full range of traditional electronic locks, Bluetooth, Z-Wave, and Wi-Fi-connected smart lock solutions available to security professionals across the nation.

List of the Companies Profiled in the Report:

• ASSA ABLOY (Sweden)


• Samsung Group (South Korea)


• Panasonic Corporation (Japan)


• Guangdong Be-Tech Security Systems (China)


• Honeywell International, Inc. (U.S.)


• DESSMANN (China)


• The Chamberlain Group, Inc. (LiftMaster, Chamberlain, Merlin and Grifco) (U.S.)


• Kaadas (Australia)


• Masterlock (U.S.)


• August Home (U.S.)


• Kwikset (U.S.)


• Techlicious LLC. (U.S.)


• Godrej Group (India)


• Adel Marketing (M) Sdn. Bhd. (Malaysia)


• SCHLAGE (U.S.)


• HavenLock, Inc. (U.S.)


• YALE (U.S.)


• Xiaomi Corporation (China)


• Latchable, Inc. (U.S.)

Further Report Findings

• The deadbolt segment is expected to hold the largest smart door lock market share. This growth is mainly due to the growing demand for door locks across residential buildings.


• The biometric door locks segment is predicted to hold a large share of the market in the coming years. This growth is credited to the growing adoption of biometric applications such as face, palm, iris, and fingerprint recognition.


• North America is anticipated to account for a major market share in the future. The region's growth is mainly due to the usage of innovative technologies and rapid expansion of smart homes across countries such as the U.S., Canada, and Mexico. The increasing adoption of products, such as smart speakers among consumers, make them a great target audience for any regional e-commerce business.


• Asia Pacific is projected to record the fastest growth rate in the global market due to the growing number of smart city projects in India, Japan, China, South Korea, ASEAN, Oceania, and others. Also, many companies across the region are announcing the launch of advanced smart door locks to gain significant market share. These factors will further help the regional market grow.

Table of Segmentation