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Smart Door Locks Market to Expand at a CAGR of 19.8% over the Forecast Period 2018 to 2024

Smart Door Locks Market

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.

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These are Manufacturers For Smart Door Locks Market:  ASSA ABLOY, Samsung, Panasonic, Guangdong Be-Tech Security Systems, DESSMANN, Lockitron, Kaadas, Masterlock, Zhongshan Yinghua Lock Industry, August, Kwikset, Techlicious, Adel.

Geographically, this report is segmented into several key Regions, with Sales, Sales, revenue, Market Share (%) and Growth Rate (%) of product in these regions, from 2012 to 2025 (forecast), covering United States, North America (Canada and Mexico), Latin America (Argentina, Mexico, Brazil and Rest of Latin America), Europe (Germany, Italy, Spain, France, The U.K., Netherlands, Sweden, Hungary, Russia, Poland, Rest of Europe), Asia-Pacific (China, India, Singapore, Japan, Hong-Kong, Australia, New Zealand, South Korea and Rest of Asia Pacific), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa), RoW (Rest of World).

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.

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