Smart Door Locks Market is Projected to Reach $12.5 Bn By 2032

smart door locks market size was valued at $1.8 billion in 2020, and is projected to reach $12.5 billion by 2032

PORTLAND, UNITED STATES, August 10, 2023/EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Smart Door Locks Market," The smart door locks market size was valued at $1.8 billion in 2020, and is estimated to reach $12.5 billion by 2032, growing at a CAGR of 17.6% from 2023 to 2032.

A smart door lock is a smart home device that uses Wi-Fi or Bluetooth connectivity to lock or unlock a door without the need for a traditional key. It can be controlled with a smartphone app, a voice command, or a keypad. It provides keyless entry through a keypad fingerprint or remote fob and it also comes in several different styles.

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quote The global smart door locks market witnessed significant growth over the past decade, owing to a rise in awareness of concern and safety from the end-user such as single-family and multi-family which is expected to boost the growth during the forecast period. In addition, various key players are expanding their business globally, owing to an increased customer base, enhanced effective operations, and developed product portfolios. This is anticipated to fuel the growth of the global smart door locks market. quote

The increase in the use of smartphones across the globe has fueled the adoption of smart door locks. Smart lock mobile applications give real-time notifications. These allow the customer to access their locks through the smartphone app and grant access to anyone if required. Thus, an increase in the trend of using app-based locks across various commercial and residential sectors is expected to drive the smart door locks market growrth. Smart door locks offer a more secure and sustainable method for authentication of the identity of a person, as compared to traditional security solutions such as mechanical locks and passwords. They provide leverage over limitations of traditional methods such as losing or forgetting a key, or breaking a key, as smart door locks rely on security protocols such as those used in online banking. The surge in crime and privacy intrusion rates have increased concerns among people and organizations to secure their assets and personal details. Smart door locks are more secure than traditional keys, as mechanical key locks can be easily broken into by external forces. In addition, to provide standardized security with the use of advanced technology, smart door locks have witnessed increased usage in the market. However, the high-security threats and surge in initial investment costs constrain the growth of the market.

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Rise in adoption of Internet of Things (IoT) and artificial intelligence (AI) in the safety and systems, boosts the growth of the smart door locks market. The surge in concerns over safety and security among the population is expected to increase the demand for smart door locks, and further boost the growth of the smart door locks market. The rise in penetration of the internet, along with an increase in the desire for controlling most amenities, with one click, is projected to promote the sales of smart door locks. In addition, the rise in initiatives undertaken by authorities and the government for promoting the use of smart door locks is anticipated to provide lucrative opportunities for the growth of the smart door locks market. Furthermore, an increase in threats against the safety of individuals and households is further expected to propel the growth of the smart door locks market. The rise in demand for a comfortable and luxury lifestyle globally has increased the demand for smart door lock systems, which boosts the growth of the smart door locks market. However, the lack of availability of internet connectivity and the high capital cost required for smart door locks restrain the growth of the smart door locks market. Furthermore, technological innovation in the smart door locks is expected to provide lucrative opportunities for the growth of the smart doorbell market.

Various manufacturers in the smart door locks market such as Assa Abloy, Spectrum brand holdings Inc., and Vivint smart homes Inc. offer a wide variety of smart door locks for residential as well as non-residential applications. For instance, in January 2023, Schlage, a leading provider of home security and access solutions for over a century, launched the Schlage EncodeTM Smart Wi-Fi Lever at the 2023 NAHB International Builders' Show (IBS). Schlage is expanding the award-winning Schlage Encode family, the latest smart lock is designed to work on standard single bore-hole doors, offering the security and convenience of the smart lock experience to more areas of the home.

Currently, the market is mainly impacted by the worldwide economic downturn, which is a big restraining factor for the entire industrial and construction sectors. The current inflation is a result of the Ukraine-Russia conflict, as well as the quantitative easing that was performed in various countries across the world to tackle the economic downturn during the coronavirus outbreak. Furthermore, raw material and energy costs have become highly volatile, and many nations are experiencing high rates of inflation, such as countries in Europe, Latin America, and North America. However, India and China are performing relatively well.

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Key benefits for stakeholders

The report provides an extensive analysis of the current and emerging smart door locks market trends and dynamics.

An in-depth smart door locks market analysis is conducted by constructing market estimations for the key market segments between 2022 and 2032.

An extensive analysis of the smart door locks market is conducted by following key product positioning and monitoring the top competitors within the market framework.

A comprehensive analysis of all regions is provided to determine the prevailing opportunities.

The smart door locks market forecast analysis from 2023 to 2032 is included in the report.

The key market players within the smart door locks market overview are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the smart door locks industry.

David Correa Allied Analytics LLP + 1 800-792-5285 email us here Visit us on social media: Facebook Twitter LinkedIn