Pune, Nov. 25, 2020 (GLOBE NEWSWIRE) -- 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 by Fortune Business Insights™ in a new study, titled, “Smart Door Lock Market Size, Share & 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.” The study further mentions that the market size was USD 1,172.5 million in 2019 and is projected to reach USD 4,449.2 million by 2027, exhibiting a CAGR of 18.4% during the forecast period.

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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 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:


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Drivers & Restraints-

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.

Segment-

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.



Regional Analysis-

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.

Competitive Landscape-

Key Players Focus on Launching New Products & 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 & 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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