Smart Door Lock Market Overview
Smart door locks are the automatic locks installed on the doors, which can be used through various apps on smartphones. They are generally keyless locks which can be operated by wifi and Bluetooth. Smart locks can provide real time information about the individual's access through doors. They can be also operated by using biometric and electromagnetic sensors. The technological development in door locks helps to limit the particular entries in office or houses.
Market Size and forecast
Global smart door locks market is valued at USD 0.9 Billion in 2017 and is anticipated to reach USD 3.6 Billion by the end of 2027. Moreover, the smart door locks market is expected to flourish at a CAGR of 20% over the forecast period i.e. 2017-2027. Smart door locks are used in both residential and commercial sectors. Increasing urbanized population coupled with high demand for the door locks in various end user industries is expected to fuel the market growth of smart door locks.
The global smart door locks market is segmented into product type, connectivity technology, end users, distribution channel and geography. In terms of regional platform, North America is the largest market for smart door locks..
Asia-Pacific region is expected to be the fastest growing region in global smart door locks smart door locks market owing to rapid urbanization and rising disposable income of consumers in countries such as China and India.
Our-in depth analysis of global smart door locks market which includes the following segments:
Growth Factors and Challenges
The commercial and hotel industry plays a prominent role in the smart doors lock market due to the growing corporate sector .The growth of hospitality industry in developing countries is the key opportunity for global smart doors locks market. The technological developments such as digitalization and rising demand for smart phones are the major reason for the consumers to adopt smart door locks. across the globe.
Various features including wifi, sensors, and biometric identification are the major key factors that are expected to increase the demand for the smart door locks market over the forecast period
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