Smart Door Locks Market Overview:
The Global Smart Door Locks Market was well worth USD 0.8 billion in 2016 and expected to grow at a CAGR of 19.8 % to attain USD 3.4 Billion by the end of 2024.
In the period of digitalization, not only the phones and electronic equipment are getting smarter, but also our homes and offices due to the new technologies and innovations. Smart door lock mechanism or virtual keys is one of them by which it can be operated through your fingers, eyes, mobile phones, and by the key codes set according to one’s preference. Smart locks can provide a real time information about the individual’s access through doors and trespassers. The smart locks market can be operated by mobiles through Bluetooth or Wi-Fi and by the installed mechanisms in doors like keypad locks, electromagnetic sensors, and biometric sensors. The modern advancement in door locks makes you observe, enable track, and restrict specific entries in your office or houses.
Drivers and Restraints:
The market of smart door locks plays a main role in the the commercial and hotel industry, and the growing numbers of the IT companies and hotels show the potential of this market. Rising Hospitality industry in emerging countries shows the utmost opportunities in smart doors market. In the year 2016, global hotel and real estate transaction estimated for USD 60 billion, owing to highest growth in EMEA region. The growing digitalization and increasing penetration of smart phones are paving the way for new generation of technologies and smart devices. Moreover, smart locks provide timely alerts to the consumer in case of thefts and tempering of the locks. The global smart lock market is highly divided amongst the small and large suppliers. Meanwhile the big market players are growing their business in developing countries, small market players are finding it difficult to compete with them in terms of product features at low prices. Conversely, these systems are more at risk to hacking threats as several of these devices work over internet and contain electric circuitry. Furthermore, constant electric is supply needed for the functioning as it can lead to failure of these locks in case of electricity failure. Reliability and high cost of these smart locks are expected to hinder the development of global smart door locks market.
On the basis of Geography, Global Smart Door Locks Market has been segmented into several areas like Europe, North America, Latin America, Asia pacific, Middle East & Africa, and Rest of the world. Global Smart Door Locks Market has been mainly conquered by North America, followed by Europe.
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Some of the major companies dominating the market by their products and services include Samsung, Panasonic, Lockitron, Honeywell International Inc., Schlage, Apigy Inc., Assa Abloy Group, Vivint Inc., Havenlock Inc., Home Inc., and kwitset.
Scope of the report:
The report offers a comprehensive analysis of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in effecting the market dynamics and trends are discussed in detail at the product level. Further, the performance of the market at the regional and country-level is assessed and the prospects with high growth potential are identified and debated.
The key players in the industry are profiled providing insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategical activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry are provided. The report also offers a broad outlook of the market along with recommendations from industry experts on the opportunities for investment activity.
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