Global Smart Door Lock Market By Type (Electronic Cipher Locks, Fingerprint Locks, Z-wave Locks, Wi-Fi Locks, and Others), By Application (Pulp & Paper, Pharmaceuticals, Metal Reduction, and Fuel Cell), By Region and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2019–2028
- Published date: Sep 2023
- Report ID: 15253
- Number of Pages: 360
The Global Smart Door Lock Market size is expected to be worth around USD 10.5 Billion by 2032 from USD 2.30 Billion in 2022, growing at a CAGR of 16.80% during the forecast period from 2023 to 2032.
A smart door lock is an electronic and mechanical device that opens with an authorized user. Most smart door locks have Android apps that control the lock remotely from a mobile device, monitor comings and goings, and alert to any activity. A smart door lock is an electromechanical equipment that allows customers to unlock their device remotely and comes with built-in Wi-Fi.
It provided security features and lots of customization. Smart door lock maintains track of access to the system and sends out notifications for the numerous events it monitors. The usage of smart door locks for residential assets worldwide is due to the enhanced improvement of smart home architecture, including voice control and remote access.
Increasing Public Awareness Regarding Technological Advancements to Boost Market Growth
The most important driving factor included in the smart door lock market growth is the worldwide approval of the smart home framework since it provides cutting-edge abilities such as voice control, remote access, and connectivity. It gives users convenience by doing away with the requirement for conventional keys. Increasing investments in several smart cities and industrial projects propel market growth.
The widespread approval of smart home devices has minimized the concerns because customers want data privacy and security. Moreover, the rapid increase of home automation will further fuel the growth rate of the smart door lock market. Rising demand for smart door locks owing to the increasing safety and security concerns propel the market growth. Several features, including Wi-Fi, biometrics, and sensor identification, are the key factors anticipated to drive market growth.
High Cost and Perception of Unreliability
High cost is a main factor hindering the smart door locks market development. Since smart door locks costs are higher than the cost of traditional door locks. Moreover, there are possibilities for cyber hackers to access electronic security systems by jamming their functionality. In Addition, the main concern for individuals is getting locked out of the house because of a power failure.
The risk of hackers similarly restrains the perception of the reliability of smart locks among customers. If smart door locks are not updated regularly, they can become susceptible to hackers. Various smart lock models also work on electricity or battery power so that a power failure could disturb their functioning.
Rising Awareness and Introduction Technologies are the Factors that provide Lucrative Opportunities for the Market
The increasing customer awareness regarding the aids and convenience accessible by smart door locks exhibits significant opportunities for the key market players. The rising permeation of the Internet and the increasing popularity of the (IoT) Internet of Things, coupled with the aids connecting smart locks to the Internet, are the main factors creating lucrative market growth opportunities. Various factors contributed to the growth of advanced market opportunities over recent years.
Increasing Approval of Developing Involving Technologies is an Important Trend in the Market
One significant developing smart door lock market trend includes the rising approval of innovative connecting skills such as Zigbee, Bluetooth, 5G networks, etc. Market players are incorporating this technology to improve smart locks for commercial and residential applications. This technology deals with improved network connectivity and safety features in a smart lock.
Deadbolt Segment to Witness Significant Growth
The global smart door lock market is segmented based on type into the deadbolt, padlocks, lever handles, server locks & latches, and knob locks. The deadbolt segment accounted for the highest market revenue share of 27% in 2022.
Due to the increasing demand for door locks in residential buildings. Factors such as high durability, adequate protection against strong installation costs, and low installation costs contribute to the growth. It offers good security because it is not spring-activated and cannot be ‘jimmied’ open with a knife blade or credit card. This lock has a unique locking device built into the bolt that can be forced back into the door, thus preventing unwanted entry.
The lever handle segment dominated during the historical period and is estimated to hold the second-largest market share. Smart lever handles are often used in suitable environments on interior doors. Innovation processes in the hospitality area to meet tourist security requirements are also estimated to drive the segment’s growth. It provides an easier grip when opening. The padlock segment is anticipated to grow substantially during the forecast period. This lock is usually small, convenient, and cheaper than a door lock.
By Product Analysis
The Biometric Door Locks Segment Dominates the Market Growth of the Smart Door Lock Market
Based on the product, the smart door lock market is divided into biometric door locks, smart card door locks, electric strike door locks, and others. The biometric door locks segment registered the highest market revenue share of 35% in 2022 due to the increasing approval of palm recognition, fingerprint recognition, face recognition, and iris recognition.
The biometric lock has provided security in personal lives and the workplace. It allows unique identification characteristics of individuals to be used to make a positive identification. It also has high levels of security based on fingerprints. Biometric door locks have incredibly great functionality. It can be installed in offices and does not require a mechanical key to unlock the door.
The smart card door locks segment is anticipated to witness the fastest growth rate during the forecast period due to the increasing implementation of Wi-Fi connecting technology. With smart security systems and automation technologies, smart card door locks receive an upgrade that can improve home alarms.
The Wi-Fi Segment Hold the Highest Market Revenue Share During the Forecast Period
Based on technology, the global smart door lock market is divided into Wi-Fi, Bluetooth, ZigBee, and others. The Wi-Fi segment dominated the highest market revenue share in 2022. An ideal complement to a smart home system is a Wi-Fi-based lock with a smart keypad.
Wi-Fi can allow unlocking doors using an app and provides features such as automatic locking, remote access, and granting temporary access to others. Due to the developments in Wi-Fi networks, improvements in the remote control abilities of Wi-Fi smart locks ensure higher security.
The Bluetooth segment is anticipated to hold the maximum share due to the rising investment by startups to launch door locks enabled with Bluetooth technology. These locks provide even more security and convenience.
Residential Segment Dominated the Highest Market Revenue Share in the Market
Based on application, the global smart door lock market is classified into residential, hospitality, industrial, critical infrastructure, commercials, governments, and others. The residential segment dominated the highest market revenue share during the forecast period. Market key players are focusing on developing smart locks to cater to the increasing requirements across the residential space.
Furthermore, the rising need for intelligent door locks among smart buildings is anticipated to propel the growth of the government and commercial segments. The rise in affordability of new security solutions such as door, window, and remote door locking and unlocking is estimated to fuel approval even further.
The hospitality segment is projected to hold the major share during the forecast period due to the rapid implementation of smart locks to provide accommodations to customers. New solutions for the hospitality industry are being offered by leading key players. Innovation procedures in the hospitality sector to meet security demand are also estimated to drive segment growth.
Key Market Segments
- Lever Handles
- Server Locks & Latches
- Knob Locks
- Other Types
- Biometric Door Locks
- Smart Card Door Locks
- Electric Strike Door Locks
- Other Products
- Other Technologies
- Critical Infrastructure
- Other Applications
COVID-19 Impact Analysis
The COVID-19 pandemic has impacted the global economy. The widespread situation has obligated enterprises to allow their employees to accept the work-from-home policy. The COVID-19 outbreak obstructs the installation of novel smart door locks during the earliest few quarters.
Drastic changes in the industry, such as economic instability and difficult standards authorizing short-term shutdowns of industrial facilities, created a challenging situation. During the COVID-19 pandemic, mobile phones and smart devices would be used to lock and unlock devices, reducing the demand for physical contact with the hardware.
North America Dominates the Global Smart Door Lock Market During the Forecast Period
North America accounted for a significant smart door lock market revenue share of 45%. Due to the developments in smart door locks technology and extensive rapid enhancement of smartphones in the North American regions. Consumers’ high expenditure power combined with the rising safety concerns, mainly in significant infrastructure and domestic applications, has resulted in a helpful regulatory environment for their approval.
Asia-Pacific holds the second-largest market share due to the increasing number of smart city projects in various countries such as China, India, Japan, and others. Substantial growth could be attributable to a dramatic rise in commercial and residential projects and ongoing programs of smart cities in emerging countries like India.
Key Regions and Countries Covered in this Report:
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
The company deals with electrochemical and mechanical locking solutions, identification technology, entrance automation, and security door solutions. It has raised its R&D activities. It presently focuses on completing numerous strategies such as collaborations, partnerships, agreements, and acquisitions & merges. Advanced technologies would assist key players in developing advanced smart door locks with various features.
Industry players develop essential strategies such as developing novel products and introducing advanced technologies. Some prominent key players in the market include Samsung Electronics Co, Ltd., Honeywell International, Inc., Panasonic Corporation, Godrej Group, Latchable, Inc., Adel Marketing, and other key players.
Market Key Players:
The following are some of the major players in the global smart door lock market industry
- Samsung Electronics Co, Ltd.
- Honeywell International, Inc.
- Panasonic Corporation
- Godrej Group
- Xiaomi Corporation
- Latchable, Inc.
- Adel Marketing
- UniKey Technologies
- ASSA ABLOY AB
- Yale Locks& Hardware
- Other Key Players
- September 2020- Latchable, Inc. launched LatchOS, an operating system for smart locks. The OS provided customizable smart-building solutions in several commercials and residential assets.
- February 2022- AtiQx Holdings B.V. was acquired by Dormakaba, improving its core business and facilities procedures in the Netherlands. AtiQx is one of the prominent providers of electronic access control and labor management in the relevant market.
- November 2021– SALTO announced XS4 Original+, the next generation of the world’s greatest elastic and consistent smart locking solution that structures an attractive design with a smooth level reader in two novel colors.
Report Features Description Market Value (2022) US$ 2.3 Bn Forecast Revenue (2032) US$ 10.5 Bn CAGR (2023-2032) 16.8% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Type- Deadbolt, Padlock, Lever Handles, Server Locks& Latches, Knob Locks, and Others; By Product- Biometric Door Lock, Smart Card Door Locks, Electric Strike Door Locks, and Others; By Technology-Wi-Fi, Bluetooth, Zigbee, and Others; By Application- Residential, Hospitality, Industrial, Critical Infrastructure, Commercials, Government, and Others Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; The Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape Samsung Electronics Co, Ltd., Honeywell International, Inc., Panasonic Corporation, Godrej Group, Xiaomi Corporation, Latchable, Inc., Adel Marketing, UniKey Technologies, and Other Key Players Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)
Frequently Asked Questions (FAQ)How big is the smart lock market?
In 2022, The global smart door lock market was valued at US$ 2.3 billion.What is the smart lock market growth?
In 2022, The global smart door lock market was valued at US$ 2.3 billion. Between 2023 and 2032, this market is estimated to register a CAGR of 16.8%What is expected CAGR for 2023?
Between 2023 and 2032, this market is estimated to register a CAGR of 16.8%.
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