Global Smart Door Lock Market Projected To Reach US$8.5 Billion By 2023

  • Analysis
  • 30-October-2017 announces the release of a comprehensive global report on smart door lock. According to the study, the smart door lock market was valued $1.22 billion in 2016 and is expected to reach $8.5 billion in 2023, supported by a CAGR of 32.1%. The prominent players providing smart door lock across the world are Sentrilock, Haven, Schlage (a brand of allegion group), August, Dssmann, Kwikset, Lockitron, Samsung smart door and homes and Unikey technologies Inc.

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Smart Door Lock can be operated using your smartphone, and can be integrated to a larger smart home system to make life easier. Smart door locks have gained huge popularity as compared to all other different types of smart home products available in the market such as lights, thermostats and cameras. Smart door lock allow users to open & close a door without keys and provide people with a high level of security that is not provided by typical locks and alarms.
The major factors such as technological advancements, steep rise in urban population, spiked demand for residential properties, expanded personal disposable income, up-surged crime rate across the globe are the major factors boosting the market for smart door lock. Added to above,   smart door locks equipped with keyless features, easy use, whole update, image and video capturing, alarm warnings and above all control via internet across the world would uplift the demand for smart door locks over the next six years. The smart door lock business can be developed substantially owing to the new features such as cloud-centered lock administration and home admittance system. Also tablets, smartphones and key fobs are being combined with admittance for different locking purposes which additionally bolster the growth of the market.
Some of the product types of smart door lock are:
Fingerprint Lock:
Biometric entry uses fingerprint identification to open the lock. This feature can be used on your smartphone or laptop. Its working involves- program the fingerprint or of those you want to have access to your home, and hence the system knows this is an acceptable person to unlock for.
Electronic Lock:
Electronic locks can be opened remotely with the help of an app and can combine with home automation system for protection and security and thus they fall in the category of “smart” technology.
Electronic Sensors Lock:
Electronic sensors lock works in case of electric strike or electromagnetic door lock in which a small electromagnetic strike unlocks the door.
Remote Lock:
Door can be locked or unlocked remotely with an internet controlled remote lock. Remote Lock can be best utilized in case of small businesses, office and rental properties.
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Geographically, the report takes stock of the potential of smart door lock market in the regions of Asia-Pacific (Japan, India, China, and Rest of Asia Pacific), South America (Argentina, Brazil, Rest of South America), North America (USA, Canada, Mexico), Europe (Italy, France U.K., Rest of Europe), Middle East & Africa (Qatar, UAE, Saudi Arabia, South Africa), and Rest of Middle East & Africa. Among all of these, Asia-Pacific is anticipated to witness significant growth in fresh commercial in addition to housing substructure schemes through nations like India, China and Korea. North America is likely to emerge as a principal area above the prediction era.
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