Global Smart Door Lock Market: Size and Trends with Impact of COVID-19 and Forecast up to 2028

DELHI, India - Sept. 23, 2023 - PRLog -- A smart door lock is an advanced security device that uses modern technology to provide controlled access to a physical space, typically a building or room. Unlike traditional mechanical locks, smart door locks incorporate features such as wireless connectivity, digital authentication methods (like passwords, PIN codes, fingerprint recognition, or smartphone apps), and remote management capabilities. This allows users to monitor, control, and grant access to the locked space from a distance using mobile devices or other connected platforms. In 2022, the global smart door lock market was valued at US$2.14 billion. The market is expected to grow to US$5.90 billion in 2028.

Three products of smart door locks are included in the report: Fingerprint, Remote, and Electronic Cipher. The Global smart door lock market has experienced significant growth, driven by rapid urbanization and increased adoption in residential complexes. The increased security concerns further spikes the demand for smart door locks. Moreover, banks, financial institutions, and corporate buildings sectors majorly prioritize security and access control, making smart door locks an ideal candidate for the implementation of advanced access management solutions. The global smart door lock market is further anticipated to witness robust growth, with two significant trends leading this surge, during the forecasted period of 2023-2028. Firstly, the growing use of cloud computing in the smart door lock industry is transforming the overall smart door lock industry. Cloud computing enables remote access and control of smart door locks through internet-connected devices such as smartphones and tablets. Secondly, there has been a surge in adoption in the hospitality sector, leading to increased sales of smart door locks. The smart door lock market is expected to grow at a CAGR of 18.45% over the years 2023-2028.

Competitive Landscape:

The global smart door lock market is fragmented. However, the market share of organized players has increased significantly over the last few years and is expected to continue given the wide product offerings, better service, and higher brand visibility. The key players in the global smart door lock market are:

ASSA ABLOY
Dormakaba
Honeywell International Inc.
Fortune Brands Innovations
Carrier Global Corporations
Allegion PLC
Xiaomi
Godrej & Boyce Mfg. Co. Ltd.
Kadaas
Zigbang Co. Ltd
Salto Systems

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