Smart Door Lock Market Garner Above USD 10.5 Bn | Value Surge at 16.8% CAGR By 2032

New York, April 11, 2023 (GLOBE NEWSWIRE) — The global smart door lock market recorded a valuation of USD 2.3 billion in 2022 and is expected to reach USD 10.5 billion by the end of 2032, expanding at a CAGR of 16.8% over the decade. A smart door lock is an electronic and mechanical device that opens with an authorized user. It provided security features and customization. The use of smart door locks for residential assets worldwide is due to the enhanced improvement of smart home architecture, including voice control and remote access. Most smart door locks have android apps that allow one to control the lock slightly from mobile device, monitoring comings and goings and being aware of any activity.

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Key Takeaway:

• By Type, the deadbolt segment generated a revenue share of 27% in 2022.
• By Product, the biometric door locks segment holds a significant market revenue share from 2023 to 2032.
• By Technology, the Wi-Fi segment held a prominent share of the global smart door lock market in 2022.
• By Application, the residential segment has dominated the market with a revenue share, growing at the highest CAGR from 2023 to 2032.
• In 2022, North America dominated the market with the highest revenue share of 45%.
• Asia-Pacific held a significant revenue share of 22% in 2022.

Smart door locks maintain track access for residential assists worldwide due to the enhanced improvement of smart home architecture, including voice control and remote access. Smart door locks offer various customized entry and exit options through face unlock and fingerprint.

Factors affecting the growth of the Smart Lock Door Market

There are several factors that can affect the growth of the smart lock door market. Some of these factors include:

• Increasing the Demand for Smart Lock Doors: The popularity of smart home services and smartphone penetration propel the market growth. Several advantages include allowing users to grant others access to their locks directly from phones.
• Growing Need for Identification: The growing need for identification and authentication in several premises, such as hotels, banks, and houses, fuels market growth. Moreover, the rapid increase of home automation will further fuel the growth rate.
• Rising Public Awareness: Rising public awareness regarding technological developments and approval of the smart home framework, such as remote access, connectivity, and voice control, is expected to drive market growth.
• Increasing Safety and Security: Increasing requirements for smart door locks are due to the rising safety and security concerns that drive the market growth. The introduction of the smartphone raised the approval of various home automation technologies.

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Top Trends in Global Smart Door Lock Market

Increasing Approval of Developing Involving Technologies is an Important Trend in the Market. 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. One of the significant developing smart door lock market trends includes the rising approval of innovative connecting skills such as Zigbee, Bluetooth, 5G networks, and others

Market Growth

New smart door lock launches aimed at office spaces have high growth potential. The smart door locks contributed towards security and efficacy, saving time and energy. The rise in the prevalence of data security in commercial spaces propels market growth. The rising standard of living in developing economies and the increasing awareness regarding technical developments drive market growth.

Regional Analysis

The smart lock door market was dominated by North America, which acquired the most significant revenue share of 45% during the forecast period, Due to the developments in smart door lock 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.

The Asia-Pacific is expected to grow maximum revenue share during the forecast period due to the increasing number of smart city projects in various countries such as China, India, Japan, and others.

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Scope of the Report

Market Drivers

Rising demand for smart door locks owing to the increasing safety and security concerns propel the market growth. The smart home framework’s worldwide approval is the most important factor propelling the smart door lock market growth. Subsequently, it provides cutting-edge abilities such as voice control, remote access, and connectivity. The widespread approval of smart home devices has minimized the concerns because customers want data privacy and security. It gives users accessibility by achievement with the requirement for conventional keys. Increasing investments in several smart cities and industrial projects propel market growth.

Market Restraints

The risk of hackers similarly restrains the perception of the reliability of smart locks among customers. 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. Various smart locks models also work on electricity or battery power so that a power failure could disturb their functioning. Also, there are opportunities for cyber hackers to access electronic safety systems by jamming their functionality.

Market Opportunities

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. Rising Awareness and Introduction Technologies 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.

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Report Segmentation of the Smart Lock Door Market

Type Insight

The deadbolt segment dominated the smart lock door market, holding the most significant revenue share due to the increasing demand for door locks through residential buildings. Factors such as high durability, adequate protection against strong installation costs, and low installation costs contribute to the growth. This lock has a unique locking device built into the bolt that can be forced back into the door, thus preventing unwanted entry.

Product Insight

The biometric door lock segment dominated the highest market revenue share. The biometric lock has provided security in personal lives and the workplace. It also has high levels of security based on fingerprints. Biometric door locks have incredibly great functionality. It can install in offices and does not require a mechanical key to unlock the door. It also increases the approval of palm, fingerprint, face, and iris recognition.

Technology Insight

The Wi-Fi segment held the largest revenue share in 2022. Wi-Fi can allow unlocking doors using an app and provides features such as automatic locking, remote access, and granting temporary access to others. 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.

Application Insight

The residential segment dominated the highest market revenue share in the market. 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. Market key players are focusing on developing smart locks to cater to increasing residential space requirements. Furthermore, the rising need for intelligent door locks among smart buildings is anticipated to propel the growth of the government and commercial segments.

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Market Segmentation

By Type

• Deadbolt
• Padlock
• Lever Handles
• Server Locks & Latches
• Knob Locks
• Other Types

 By Product

• Biometric Door Locks
• Smart Card Door Locks
• Electric Strike Door Locks
• Other Products

 By Technology

By Application

• Residential
• Hospitality
• Industrial
• Critical Infrastructure
• Commercials
• Government
• Other Applications

By Geography

• North America
• 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

• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Competitive Landscape

The market holds several growth opportunities for smart lock providers owing to building and home security needs. 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. The competitive landscape of the market has also been examined in this report. Some of the major market players include

• 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

Recent Development of the Smart Door Lock Market

• In 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.
• In 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.
• In 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.

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