Global Smart Door Lock Market Analysis & Opportunity Outlook 2021”
The global smart door locks market is segmented into biometrics such as face recognition, palm recognition keypad, iris recognition, voice recognition finger print door recognition and signature recognition. Among these segments, finger print lock market is envisioned to grab the leading position in the market. The demand of finger print lock door market is increasing on account of its higher degree of the security due to complexity and ingenuity.
The global smart door lock market is expected to register a CAGR of around 34% over the forecast period. Moreover, the market of smart door locks is projected to expand at noteworthy revenue over the forecast period i.e. 2015-2021. The market is expected to expand on the back of the rising adoption of smart door locks in the residential sector.
The bluetooth segment by wireless means is estimated to register a significant CAGR during the forecast period. Moreover, with 60% share, the bluetooth segment is expected to account for the largest share of revenue in the global smart door locks market. Moreover, growing inclination of the consumers from mechanical doors to the digital locks and increasing demand on the back of the development of smart home are some of the major factors fostering the growth of smart door locks market.
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Rapid Growth in real estate sector
The real estate growth is primarily driven by the growth in the hospitality industry and the intense competition in order to provide better services to the customer which would encourage the hotel room owners to adapt and to install smart door locks. Moreover, the rising investment in the infrastructural facilities to increase the safety of the residential premises would increase the demand for the smart door locks market.
Technological Innovation in Smart Door Locks
The technological innovation is leading to the increased adoption of the smart door locks across the globe. Moreover, the smart door locks can be operated via the digital technology with easy user interface. Moreover, the availability of the technologically advanced smart door locks is further propelling the demand for the growth of the market. Likely, the introduction of the hybrid smart door locks with multiple unlock mechanism is further driving the growth of the market. On the contrary, poor quality of the smart door locks, rising hacking incidents and less trust on application based smart locks market population are some of the factors that are likely to inhibit the growth of the Smart Door Locks Market in the near future.
The report titled “Global Smart Door Lock Market Analysis & Opportunity Outlook 2021” delivers detailed overview of the global smart door locks market in terms of market segmentation by wireless means, by biometric, by unlock mechanism and end user. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global smart door locks market which includes company profiling of Schlage (a brand of allegion group), August, Yale(ASSA ABLOY Group), Sentrilock, Dssmann, Kwikset, Lockitron, Samsung smart door and homes, Haven and Unikey technologies Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global smart door locks Market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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