Smart Door Lock Market Size, Share, Growth, Trends, Analysis to 2021: Research Nester

Developed countries are more responsive to the smart door lock market. With more than 34% CAGR, Asia-Pacific is expected to show highest growth rate during the forecast period. Further, a huge demand is also expected to arise from North America and European market. At present, there are nearly 1.2 million homes in North America using some form of smart lock and this is only the beginning. Furthermore, it is expected that the smart lock market will grow $3.8 billion worldwide by 2020. North America and South America together are expected to cover 55% of the total smart door lock market share over the forecast period. The Bluetooth-based smart lock segment is expected to be the largest market segment during the forecast period and will account for an impressive market share of more than 60% by the end of 2020.

Growth drivers and challenges

On the back of factors like technological advancements, steep rise in urban population, spiked demand for residential properties, expanded personal disposable income, up-surged crime rate across the globe etc. the global smart door lock market is projected to get a boost in near future. In addition to that, the keyless features of latest smart locks, easy use , complete update, video and image capturing , alarm alerts, and all can be controlled through web from anywhere in the world would bolster the demand for digital locks in next 5-7 years.

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Market segmentation

By Wireless means:-
Locks that are controlled through wireless connectivity are characterized into following categories:-

Bluetooth
RFID (Radio Frequency Identity)

By Biometrics:-

Smart door locks use different biometric identities to operate. The market on one basis of biometrics identities is segmented into:-

Face Recognition
Palm Recognition
Iris Recognition
Voice Recognition
Fingerprint Recognition
Signature Recognition

By Keypad Lock:-

Smart door locks also operate through keypad features and the keypad lock market can be segmented in to following categories:-
Magnetic Strip locks
Electromechanical Locks
Electric strike lock

By End-use Industry:-

Smart door locks are totally successful in providing complete security in different sector and are mainly used for following purposes:-
Government sector
Commercial sector
Industrial sector
Residential

By Geographical Regions:-

North America
Latin America
Western Europe
Eastern Europe
Asia-Pacific
Middle East & Africa (MEA)

For more information visit: http://www.researchnester.com/reports/global-smart-door-lock-market-analysis-opportunity-outlook-2021/132

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