Smart Door Lock Market Analysis By Industry Size, Share, Revenue Growth, Development And Demand Forecast To 2021

With rising number of crimes around the world, people are adopting security devices such as advanced and keyless smart door locks. These door locks are not just convenient to use but also provide proper updating, video and image capturing, alarm alerts and everything that can be controlled from anywhere in the world via web. These factors are expected to benefit the expansion of the global market for smart door locks with a CAGR of 30.8% during 2015-2021. Further, the rising sense of security, ease of operating and comfort are anticipated to drive the demand for smart door locks around the globe. Additionally, the increasing demand for improved and advanced digital door locks operated by smart electronic gadgets is estimated to boost the growth of the global smart door lock market by reaching noteworthy revenue of USD 4,606.6 Million by the end of 2021, rising its way up from USD 919.90 Million in 2015.

The global smart door lock market is segmented by biometric locks, keypad locks and end-use industry, out of which, the end-user segment is further segmented into government, commercial, industrial, and residential sector. The commercial segment dominated the market during 2015 and is believed to continue its dominance by holding around 34% of the total market share under end-use industry segment in 2021. Further, the residential sector is estimated to hold second highest market share in 2021. With the rising urbanization and growing rate of burglary crime in residential facilities, the market is anticipated to project an increase of 200 BPS over the forecast period.

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Rising Sense of Security among People to Escalate the Demand for Smart Door Locks in Future

The global smart door lock market is thriving on the back of growing preference of consumers towards better security systems combined with technological advancements in smart door locks.

Increasing Crime Rate – Rapid increase in the global crime rate will force the consumers towards adopting better security systems.

Growth in Hospitality Industry – The growth in the hospitality industry and a fierce competition in providing better services is believed to encourage more hotel owners to adopt smart door locks in upcoming years.

Technological advancement – The latest smart door locks are featured with digital technology with easy user interface. It allows the users to operate their smart door locks using their smart phones.

Industry Players are Progressing towards Minimizing the Barriers faced by the Global Smart Door Locks Market

According to Research Nester, there is high cost associated with smart door locks combined with their dependency on internet connectivity. Further, shorter lifespan of the batteries, less adaptability to change from conventional mechanical locks to digital locks, prone to being hacked, high cost for installation in both domestic and commercial buildings are some of the concerning factors behind the growth of the global smart door locks market.

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The report titled “Global Smart Door Lock Market Outlook: Industry Demand Analysis & Opportunity Evaluation 2015-2021” delivers detailed overview of the global smart door lock market in terms of market segmentation by biometrics, keypad locks, end-use industry and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

This report also provides the existing competitive scenario of some of the key players of the global smart door lock market which includes company profiling of Panasonic Inc., August, Yale, Schlage, Samsung, Kwikset, Dessmann, Lockitron and SentriLock.

The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global smart door lock market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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About Research Nester

Research Nester is a one-stop service provider with a client base in more than 120 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.

This release was published on openPR.