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Smart Door Lock Market to Reach USD 4,449.2 Million by 2027; Increasing Adoption of 5G Network & Bluetooth to Spur Growth: Fortune Business Insights™
The global “smart door lock market size” is projected to reach USD 4449.2 Million by 2027, from 1172.5 Million in 2019, at a Compound Annual Growth Rate (CAGR) of 18.4% during the forecast period. The global smart door lock market is expected to gain impetus from the rising adoption of novel connecting technologies, namely, Zigbee, 5G network, Z-wave, and Bluetooth.
This information is published byFortune Business Insights™in a new study, titled, “Smart Door Lock MarketSize, Share and COVID-19 Impact Analysis, By Type (Deadbolt, Lever Handles, Padlock and Others), By Product (Biometric Door Locks, Smart Card Door Locks, Electric Strike Door Locks, Others), By Connecting Technology (Wi-Fi, Bluetooth, Zigbee and Other), By Application (Residential, Hospitality, Commercials, Government and Other) and Regional Forecast, 2020-2027.”
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COVID-19: Investments by Companies to Restore Growth will Impact Market Positively
The COVID-19 pandemic has resulted in the surging investments by reputed smart door lock manufacturers, such as Yale, Yale, and Samsung Group in restoring the Smart Door Lock Market growth back to normal. The Singapore Government Technology Agency (GovTech) declared in June 2020 that it is likely to invest around USD 3.50 billion for the development of numerous monitoring and security tools for smart cities. We are providing elaborate research reports for clients to help them understand the current situation.
This Report Answers the Following Questions:
Increasing Governmental Investment in Smart City Projects to Propel Growth
Governments of various countries are investing hefty amounts of money in the upcoming smart city projects across the globe. Prominent companies, such as Godrej Group, Google LLC, August, and Assa Abloy AB are currently aiming to introduce new connected door locks solutions for government, commercial, and residential applications. These factors are expected to bolster the smart door lock market growth in the near future. However, the lack of awareness about these door locks may hamper their demand.
Deadbolt Segment Held 52.1% Share in 2019 Owing to High Demand from Residential Sector
Based on type, the deadbolt segment earned 52.1% in terms of market share in 2019. It is set to hold the maximum share throughout the forthcoming years because of the high demand for door locks from the residential sector.
Surging Demand for Novel Smart Door Locks to Favor Growth in North America
Geographically, in 2019, North America procured USD 499.4 million in terms of revenue. This growth is attributable to the rising demand for advanced smart door locks across Mexico, Canada, and the U.S. According to a survey conducted by IFSEC Global and Assa Abloy, in North America, approximately, 61% of households have at least one smart home system installed in their residences.
Asia Pacific, on the other hand, is set to grow at the highest pace backed by the increasing number of smart city projects in countries, namely, South Korea, China, and India. Europe is set to exhibit a significant CAGR fueled by the increasing investments by regulatory bodies in developing these door locks for critical infrastructure spaces.
Key Players Focus on Launching New Products and Acquisition Strategy to Intensify Competition
The market for smart door locks is fragmented with the presence of a large number of prominent manufacturers. Some of them are focusing on adopting the strategy of merger and acquisition, while the others are aiming to introduce new features in their existing smart door lock ranges. Below are the latest industry developments:
List Of Key players operating in Smart Door Lock Market:
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4.1 Global Statistics — Key Countries
4.4 Regulatory Scenario — Key Countries
4.5 Recent Industry Developments — Partnerships, Mergers and Acquisitions
5.2. Market Analysis — By Product Type
5.3. Market Analysis — By Distribution Channel
5.4. Market Analysis — By Countries/Sub-regions
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11.4. Comparative Analysis — Major Players
12.6 Regional Market Size and Demand
TOC Continued……………….
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
Fortune Business Insights™ Pvt. Ltd.
Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Smart Door Lock Market Size to Touch USD 4,449.2 Million by 2027; Global Smart Door Lock Market Share 2020 to 2027
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