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Growth of Smart Door Lock Market Trends, Share, Industry Size, Opportunities and Forecast 2015-2021 – Research Nester
The Global Smart Door Lock Market is anticipated to expand from USD 919.9 Million in 2015 to USD 4,606.6 Million in 2021, exhibiting a compound annual growth rate (CAGR) of 30.80% over the forecast period
By segment, global face recognition door lock segment is projected to expand at a CAGR of 27.75% from 2015 to 2018. After 2018, the market is expected to behold a CAGR of 29.39% and will reach to USD 230.7 Million by 2021. The year on year growth of the market is expected to show a significant increase of 8 percentage points over the forecast period, however the market is believed to experience a decline of 3.64 percentage points over the last year of forecast
Keypad Smart Door Lock segment is forecasted to grow at a CAGR of 28.14% from 2015 to 2021. Keypad door locks have been around for years but they were mostly used in commercial sector. Now these door locks have found their way into residential areas and many people are inclining towards this product due to large number of benefits included in it
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Regionally, with USD 351 Million, Europe held the top rank in the global smart door lock market in 2015, the Europe smart door lock market is anticipated to expand at a compound annual growth rate (CAGR) of 27.30%, however in terms of CAGR Asia-Pacific is anticipated to be the most attractive market owing to the better GDP figures, promising trade balance, flourishing economies and continuous expansion in personal disposable income in Asia-Pacific region especially in India and China
Growth Factors Strengthening the Market Growth:
The growth in the hospitality industry and a fierce competition in providing better services are believed to encourage more hotel owners to adopt the smart door lock technology, which in-turn is likely to propel the smart door lock market across the globe
Global real estate investors remain strongly expansionary in 2016, with more than USD 1 trillion of planned expenditures anticipated to enter global real estate markets which is 7% higher than in 2015
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Most of the emerging nations such as India and China are currently witnessing a robust economic growth with rising personal disposable income particularly in a country such as China. With higher purchasing power, people in these nations are anticipated to spend more on security
Increasing crime rate brought the trend of installing smart door lock solution in residential areas where one can control all activities. Demand is now shifting increasingly towards electro-mechanical technology smart locks
Intelligent door lock systems can also count entries and exits and send an alert when too many people are in the premises
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