Smart Door Lock Market is expected to reach US$ 6,309.13 million by 2028

Emergence of Smart Cities Expected to Provide Growth Opportunities for Smart Door Lock Market During 2022-2028

According to the SmartAmerica Challenge, in February 2022, the US government announced that they would invest ~US$ 41 trillion till 2042 to upgrade their infrastructure by harnessing IoT capabilities. Similarly, in February 2023, the Ministry of Housing and Urban Affairs (MoHUA) announced that ~67.22% or 5,246 projects, valued at US$ 12.12 billion (INR 98,796 crore), of the total 7,804 Smart Cities Mission (SCM) projects, valued at ~US$ 22.24 billion (INR 181,322 crore), were complete as of January 2023. The remaining 32.77% or 2,558 projects, valued at US$ 10.12 billion (INR 82,526 crore), are scheduled for completion by June 2023. Such a rise in resource investments by governments of different countries in their respective smart city projects is likely to trigger the demand for smart solutions such as smart door locks in the coming years, fueling the smart door lock market growth.

To Get PDF Sample Copy of Report, Click Here: https://www.theinsightpartners.com/sample/TIPRE00009719/?utm_source=OpenPR&utm_medium=10452

According to our latest market study on "Smart Door Lock Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product, Technology, and End User," the market is expected to grow from US$ 2,733.05 million in 2023 to US$ 6,309.13 million by 2028; it is estimated to grow at a CAGR of 18.2% from 2023 to 2028.

Company Profiled:
Adel Marketing (M) SDN BHD
Allegion plc
Assa Abloy
Guangdong level intelligent lock industrial co ltd
Honeywell International Inc
Spectrum Brands
Locstar Technology Co Ltd
Master Lock Company LLC
Miwa Lock Co, Zigbang

The increased adoption of smart locks, coupled with ongoing investments in smart cities, is pushing the smart door lock market players to provide innovative solutions. For instance, in September 2022, Yale Home unveiled Yale Assure Lock 2, integrated with Bluetooth for at-home control and Wi-Fi to manage the lock remotely. It is also integrated with Z-Wave for Ring Alarm and Samsung SmartThings customers, and a Matter Smart Module, making it the first matter-compatible smart lock. Thus, the growing adoption of IoT-connected devices in smart homes is providing significant growth opportunities for the market.

Impact of COVID-19 Pandemic on the Global Smart Door Lock Market Analysis
The COVID-19 pandemic dramatically impacted the global economy during its peak in 2020, and the crisis hampered business activities in manufacturing industries. Before the COVID-19 pandemic, the smart door lock market was experiencing substantial growth in residential and commercial sectors owing to continuously improving standards of living. Several industries, such as semiconductors & electronics, faced challenges in project development, shipments, manufacturing, and research and development of new products. However, an increase in the demand for contactless products owing to lockdown and social distancing measures benefitted the smart door lock market.

The COVID-19 pandemic adversely affected supply chain operations, capital spending, production, and long-term strategies in different industries. Manufacturers faced difficulties in engaging in business development activities due to quarantine measures enacted by the governments of different countries, which resulted in changes in their routine operations. Moreover, the pandemic forced businesses to restructure their business models, focusing on strategies to achieve economies of scale. These factors hampered the progress of the smart door lock market in 2020.

Interested in purchasing this Report? Click here @ https://www.theinsightpartners.com/buy/TIPRE00009719/?utm_source=OpenPR&utm_medium=10452

The availability of efficient infrastructure in developed countries such as the US and Canada enables manufacturing companies to explore the limits of science, technology, and commerce. The US is characterized by the acceptance of modern technology, a high standard of living, the availability of well-developed infrastructure, and many other aspects of being a developed nation. Technological advancements have led to a highly competitive market across North America. To sustain this competition, key players in the market focus on innovation, new product launches, partnerships, and collaborations. For instance, in March 2023, KoreLock Inc, a US-based company, started offering turnkey smart lock solutions patented for a Wi-Fi- and radio-enabled control over the on and off state of a lock, delivering advanced intelligence and power savings. This power-saving feature is predicted to play an essential role in extending the battery life of locking devices.

Further, Wi-Fi-enabled intelligent door lock systems are gaining popularity in North America due to the well-established internet infrastructure and high internet penetration. As a result, several smart lock manufacturers are launching Wi-Fi-enabled locks to attract new customers. In January 2023, Schlag, one of the prominent providers of home security and access solutions, launched Schlage Encode Smart Wi-Fi Lever. This Wi-Fi-enabled smart lock can seamlessly integrate with other smart home technologies, Google Home, and Amazon Alexa. Developed countries such as US and Canada are the prominent revenue generators as the population is aware of the connected ecosystem and is capable of owning a premium system for security, comfort, and convenience. Thus, the growing adoption of Internet-based security solutions, increasing demand for smart homes, and rising urbanization are a few other significant factors contributing to the smart door lock market growth.

Contact us
Phone: +1-646-491-9876
Email: sales@theinsightpartners.com

About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

This release was published on openPR.