What are the key factors driving the global Smart Door Lock Market? Fortune Business Insights
6 min read
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Dec 23, 2020 (The Expresswire) —
Rising development of smart home across nations is a key factor anticipated to drive the global Smart Door Lock market, says Fortune Business Insights in a report, titled “Smart Door Lock“Market Size, Share and Global Trend By Applications (Electromechanical Door Locks, Magnetic Stripe Locks, Biometric Access Systems), By End User Types (Residential, Commercial, Industrial, Government) and Geography Forecast till 2026.” As per the National Smart Home Org., in 2018 the global smart home was valued at US$ 40 billion. The global smart home market is likely to expand considerably in the coming years, which in turn will create growth opportunities for the Smart Door Lock market.
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In terms of region, Europe held a considerable share in the global market in 2017. The regional market is further expected to remain dominant through the course of the forecast period. The governments in Europe have implemented technology such as continuum application in digital door locks and Tele-cloud computing. The increasing implementation of this technology is anticipated to encourage the adoption of the Smart Door Lock. The Asia Pacific Smart Door Lock market is expected to progress at the highest CAGR during 2018-2023. Developing nations such as India, China, Japan, and others are investing in certain business events to initiate rapid urbanization and facilitate the adoption of Smart Door Lock.
Top Players List:
- Honeywell
- Panasonic USA
- United Technologies
- Godrej and Boyce Mfg. Co. Ltd.
- Hitachi
- WINTEC ELECTRONIC TECH CO., LIMITED
- Cisco
- Thasmai Automation Pvt. Ltd
Increasing Cases of Theft Encourage Adoption of High-Security Digital Lock
Rising security concerns among people and increasing cases of theft and robbery are a few factors expected to drive the global market during the forecast period. Additionally, technological upgrades in the Smart Door Lock is a major factor likely to fuel the demand in the market. For instance, ASSA ABLOY Inc. introduced Power over Ethernet (PoE) locks system integrated with Electrolynx AI system in 2018. The system is capable of NFC mobile access, real-time door status monitoring, and same real-time communication as traditional access control.
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Digital lock system offers various benefits such as connectivity with phones over WI-FI or Bluetooth and hybrid sensors. Such advantages are expected to contribute towards adoption of high security enabled Smart Door Lock.
On the contrary, lack of awareness about availability of Smart Door Lock is a factor that may restrain the global market to an extent. Moreover, high cost associated with the digital door lock is another factor that might hamper the growth in the market.
Segmentation
1. By Applications
- Electromechanical Door Locks
- Magnetic Stripe Locks
- Biometric Access Systems
2. By End User Types
- Residential
- Commercial
- Industrial
- Government
3. By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East and Africa (South Africa, GCC and Rest of the Middle East and Africa)
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ASSA ABLOY Acquired August Home to Attain a Diverse Product Portfolio
The global Smart Door Lock market is expanding at a promising CAGR. The competition among the market players is increasing owing to prevailing opportunities. Some players are focusing on product innovation to establish a strong brand presence. A few players are also involved in mergers and acquisition, collaboration, partnership, and others.
For instance,ASSA ABLOY Inc. acquired August Home Inc. in 2018. The aim of the acquisition was to integrate Hi-O technology with Smart Door Lock. This in response is likely to fuel the demand in the global market. Some of the key players operating in the global Smart Door Lock market are Harman International Pvt Ltd., Nestwell Technologies, Panasonic Corporation, United Technologies Corporation, Godrej and Boyce Manufacturing Company Ltd., Hitachi Ltd., Wintec Electronic Tech Co. Ltd., Cisco Systems, Inc., Honeywell International Inc., Assa Abloy Group, Xeeder Technology Co. Ltd., and Siemens AG.
Integration of internet of things with the system is a major factor anticipated to fuel the demand in the market during the forecast period 2018-2026. Additionally, the rising adoption of e-financial services is expected to boost the global market.
Key Industry Developments
- September 2015: ASSA ABLOY Inc., introduced Power over Ethernet (PoE) locks system equipped with Electrolynx AI system. This system provides features such as same real-time communication as traditional access control, real-time door status monitoring and multiple credential types and NFC mobile access
On the contrary, the high cost associated with upgraded technology is a factor that may restrain the global Smart Door Lock market.
Key Market Driver Adoption of AI and IoT technology, Power over Ethernet (PoE) technology, and rise in cloud computing services
Key Market Restraint– Huge cost in deploying this solution in entire residential area (Apartment, Buildings, etc.)
As stated in the report, North America held a significant share in the market in 2017. The region is expected to witness impressive growth during the forecast period. Owing to intense research and development taking place in the region for IoT integration in the system is likely to enable the growth in the region. Besides this, Asia Pacific is expected to witness promising growth owing to rising adoption of sedentary lifestyle in nations such as India and China.
For more information in the analysis of this report, visit:https://www.fortunebusinessinsights.com/industry-reports/digital-door-lock-system-market-100215
Major Table of Content for Smart Door Lock Market:
- Introduction
- Executive Summary
- Market Dynamics
- Key Insights
- Global Smart Door Lock Market Analysis, Insights and Forecast, 2026
- North America Smart Door Lock Market Analysis, Insights and Forecast, 2026
- Europe Smart Door Lock Market Analysis, Insights and Forecast, 2026
- Asia Pacific Smart Door Lock Market Analysis, Insights and Forecast, 2026
- Middle East and Africa Smart Door Lock Market Analysis, Insights and Forecast, 2026
- Latin America Smart Door Lock Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
- Conclusion
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
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