Expansion in the Hotel Industry to Fuel the Market Growth of Global Smart Door Locks Market Over the next Few years as per the Study conducted by Research Nester
The global smart door lock market is anticipated to expand from USD 919.9 Million in 2015 to USD 4,606.6 Million in 2021, exhibiting a compound annual growth rate (CAGR) of 30.80% over the forecast period 2015-2021.
On the basis of application, the market is segmented into government, commercial, industrial, and residential sector. Among these, commercial sector is anticipated to project highest market share of 34.92% in 2021 followed by 28.69% market share by residential sector owing to the increase use of keypad locks in residential sector
By biometric data input, fingerprint lock market segment is expected to maintain it’s on the top position over the forecast period, however the share of the product in the global market is expected to decrease by 9.71 percentage points. The segment is expected to be in high demand over the forecast period because of the fact that biometric door locks provide a much higher degree of security through complexity and ingenuity
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Key Market Dynamics:
This growth in the hospitality industry and a fierce competition in providing better services are believed to encourage more hotel owners to adopt the smart door lock technology, which in-turn is likely to propel the smart door lock market across the globe
Global real estate investors remain strongly expansionary in 2016, with more than US$1 trillion of planned expenditures anticipated to enter global real estate markets which is 7% higher than in 2015
The revenue generated by the global hotel industry was valued at USD 395 Billion in 2009 and is estimated to reach USD 550 Billion in 2016, expanding at a CAGR of 4.8% over the same period. This will intensify the growth of global smart door locks market globally
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Transformation towards globally connected world will increase the demand for security products especially among population moving towards urban areas from rural areas
Geographic Overview:
Europe smart door lock market is anticipated to decline by 5.7 percentage points owing to the negative impact of Greek recession on European economy. Germany Dominates the Europe smart door lock market exhibiting a continuous average share of 22% over the forecast period
North-America smart door lock market is expected to show a promising growth over the forecast period owing to the developed infrastructure and rising awareness among the consumers towards the advanced lock technology
North America smart door lock market size is projected to brandish an average of USD 3,286.73 Million from the period of 2015-2021. Overall market is forecasted to witness a CAGR of 31.62% during the same period
Canada is anticipated to be the largest market in terms of revenue share by 2021 owing to the increasing construction activities that will further boost the demand of smart door locks in commercial as well as residential sector
Latin America smart door lock market is expected to show a extravagant expansion in the forecast period witnessing an average growth of USD 1,087.30 Million and an overall growth rate of 31.11%
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