“Smart Door Locks Market Outlook 2024: Global Opportunity And Demand Analysis, Market Forecast, 2018-2024” presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, type of product and deal landscapes.

Top Leading Companies: ASSA ABLOY,Samsung, Panasonic, Guangdong Be-Tech Security Systems, DESSMANN, Lockitron, Kaadas, Masterlock, Zhongshan Yinghua Lock Industry, August, Kwikset, Techlicious, Adel

This report provides a detailed analysis of the Smart Door Locks market with description of market sizing and growth, segmentation of market by products & services and major markets, top market players etc. The report recapitulates the factors that will be responsible for the growth in the market in the forecasted period.

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This independent 240 pages report guarantees you will remain better informed than your competition. With tables and figures examining the Smart Door Locks market, the report gives you a visual, one-stop breakdown of the leading products, submarkets and market leader’s market revenue forecasts as well as analysis to 2024.

Market Overview:

In the era of digitalization not only the phones and electronic equipments are getting smarter, but also our homes and offices becoming smart by the introduction of new technology and innovations. One of them is smart door lock mechanism or virtual keys which can be operated through your mobile phones, fingers, eyes and by the key codes set according to one’s preference. Smart locks can provide real time information about the individual’s access through doors and trespassers. The smart locks can be operated by mobiles through Wi-Fi or Bluetooth and by the installed mechanisms in doors like biometric sensors, keypad locks and electromagnetic sensors. The latest advancement in door locks makes you enable track, observe and restrict particular entries in your office or houses. Introduction of innovative lock systems also driving the growth of smart door locks market. For instance, ASSA ABLOY, a global leader door opening solutions has been successfully increased its R&D investment by 200% since 2006, reaching USD 280 million in 2016. ASSA ABLOY also has been ranked on Forbes list of world’s 100 most innovative companies in 2016. Huge R&D investments by big market players are likely to encounter the progress of the market. In Turkey, more than 1,700 smart door locks are being installed at Future Park, a new Istanbul development with apartments build on the concept of home automation.

Market Size and Forecast:

Global smart door locks market accounted for USD 0.8 billion and the market is expected to surpass USD 3.4 billion by the end of 2024. Further, the market is anticipated to expand at a compound annual growth rate of 19.8% over the forecast period i.e. 2016-2024. 

Geographically, developed regions are showing more attention towards smart door locks market. North America accounted for the largest market for smart door locks. In North America more than 1.5 million homes are using some type of smart door locks. North and South America together are expected to grab more than 50% of global smart door locks market during the forecast period. North America is closely followed by the Europe owing to growing hospitality sector and new hotel construction in the region. Asia-Pacific region is expected to be the fastest growing market for smart door locks owing to rapid urbanization and rising personal disposable income population especially in China, India and Indonesia.  

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Market Drivers and Challenges:

As the commercial industry plays a key role in the market of the smart doors lock, the increasing numbers of the IT companies and hotels show the potential of this market. Growing hospitality industry in developing countries shows the utmost opportunities in smart door locks market. The growth of digitalization and rising penetration of smart phones are tending the new generations towards the new technologies and smart devices, which is the one of the major reason attracting the users to adopt smart door locks as smart phones play important role and becomes the virtual key. Additionally, allowing the user to track activity every time door is opening or getting alert in case of theft and tempering of the locks. Advance features of smart door locks expected to drive the growth of global smart door locks market.
The global smart lock market is highly fragmented among the small and large suppliers. Since the big market players are expanding their business in developing countries, small market players are finding it difficult to compete with them in terms of product features at low prices. However, these systems are more vulnerable to hacking threats as many of these devices work over internet and contain electric circuitry. Moreover, continuous electric supply needed for the functioning, which can lead to failure of these locks in case of electricity failure. Reliability and high cost of these smart locks anticipated to hinder the growth of global smart door locks market.

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Smart Door Locks Market Report Covered Insights Of Below Mentioned Regions:

– North America (U.S., Canada) {Market Size, Growth Analysis and Opportunity Analysis}
-Latin America (Argentina, Mexico, Brazil and Rest of Latin America) {Market Size, Growth Analysis and Opportunity Analysis}
-Europe (Germany, Italy, Spain, France, The U.K., Netherlands, Sweden, Hungary, Russia, Poland, Rest of Europe) {Market Size, Growth Analysis and Opportunity Analysis}
-Asia-Pacific (China, India, Singapore, Japan, Hong-Kong, Australia, New Zealand, South Korea and Rest of Asia Pacific) {Market —Size, Growth Analysis and Opportunity Analysis}
-Middle East and North Africa (MENA) {Market Size, Growth Analysis and Opportunity Analysis}
-Rest of World {Market Size, Growth Analysis and Opportunity Analysis}

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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