Growing rate of crimes such as burglaries, larceny thefts and motor vehicle thefts among others is creating a sense of security among consumers which is driving them towards advanced security systems such as smart door locks around the world. There is a huge demand for smart door locks among various end-use industries such as government, commercial, industrial and residential. This can be attributed to the rising urbanization, growing number of industries and residential facilities throughout the world. Further, 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 locks in upcoming years.
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 period 2015-2021.
In terms of geographical segmentation, the global smart door lock market is divided into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. Among these regions, Europe held the top rank in the global smart door lock market during 2015 and is anticipated to hold its dominance by expanding at a robust CAGR over the forecast period. Further, rising disposable income and higher purchasing power of people in India and china is estimated to drive the growth of the Asia-Pacific smart door lock market with third largest market share by the end of the forecast period.
The global smart door lock market is further segmented by biometrics into face recognition, palm recognition, iris recognition, voice recognition, fingerprint and signature recognition, out of which, the fingerprint segment is predicted to dominate the overall market by holding more than 60% of the total market share in 2021. This can be attributed to the increasing demand for biometric locks in government, commercial and residential sectors due to its key features such as reduced power requirements, smaller storage space and resistance to background lighting and temperature fluctuations.
The Report titled “Global Smart Door Lock Market Outlook: Industry Demand Analysis & Opportunity Evaluation 2015-2021” also includes some prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
This report also studies existing competitive scenario of some of the key players of the global smart door lock market which includes profiling of Panasonic Inc., August, Yale, Schlage, Samsung, Kwikset, Dessmann, Lockitron and SentriLock.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Global Smart Door Lock Market Outlook 2021”, analyses the overall smart door lock industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global smart door lock market in the near future.