Introduction

Smart Door Lock Statistics: The most recent report of research about the world’s Smart Door Lock market for 2023 gives a complete overview of the industry, including quantitative and qualitative aspects like size, definition and share, estimates, and growth rate. This report will provide readers with an in-depth understanding of the market, which includes drivers, constraints, potential growth, technological advances, and macroeconomic variables that affect the dynamics of the market. The report highlights the impressive expansion that is evident in Smart Door Lock Statistics, including detailed information about the size, participation, and revenue projections up to 2031.

• Smart locks are the latest version of a traditional lock. It is fitted with a range of new technologies including Bluetooth and Wi-Fi which permit users to lock and unlock 33 doors with a single voice command or a touch. The increasing incidence of theft and burglary in urban areas is likely to boost the demand for novel lock solutions for doors, which will drive the market for smart door locks.
• It is expected that the Global Smart Door Lock market is predicted to grow by a substantial amount in the forecast timeframe, between 2023 and 2030. The market in 2022 is expanding at a steady pace as well as with the growing acceptance of strategies by the major players The market is predicted to grow over the forecast period.
• Door locks with smart sensors are readily available and let users open and close the door without keys. Smart door locks offer people a higher level of security than standard alarms and locks.

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• Smart locks are essential technology that can make the door more secure since it offers security as well as convenience.
• Modern technology, such as Machine Learning (ML), Artificial Intelligence (AI), and the Internet of Things (IoT), can make smart doors possible.
• Smart doors permit homeowners to control access to their homes and buildings, while removing the requirement for keys in physical form because they come with sophisticated security options like two-factor authentication, tamper identification, and encryption that’s difficult to hack or break by burglars.
• According to the report by Insight Partners, the Smart Door Lock market size will reach $2,733.05 million by the close of 2023. It will be $6,309.13 million by the year 2028. This is an annual growth rate of 18.2 percent. In contrast, according to the findings of Fortune Business Insights, the worldwide market for smart door locks is expected to reach $2.49 billion in 2023 and $8.21 billion before 2030. This is with an annual growth rate of 18.6 percent.
• Based on Global News Wire’s findings, the total revenue from biometric sensors could reach $1.6 billion by 2023. The various types of sensors employed in smart doors include PIR motion sensors, image sensors, biometrics and cameras, metal detectors, audio modules that can be used with speakers, and the MIC.
• Based on the information provided by Mordor Intelligence, in the United States smart doors will become available to more than 12 million houses by 2023. (Source: technavio.com)
• The Automatic Doors Market is forecast to grow to $7,390.33 million in 2023 and an estimated CAGR of 6.75 percent from 2023 through 2027. Based on Technovio’s research, by 2027, the market for automated doors is expected to grow the highest in the Asian Pacific region by a 29.4 percent market percentage.
• Smart Door Lock Statistics shows an incredibly high rise in demand for Automated Doors in 2023.

Smart Door Lock Market

Due to the COVID-19 virus, The worldwide Smart Door Lock market size is estimated at approximately USD 6736.6 million by 2022 and is projected to grow to 22880 million dollars by 2028. This will be accompanied by an annual growth rate of 22.6 percent in the review time.

In full consideration of the changes to the economy caused due to this health crisis Electronic Cipher Locks representing a percent of the Smart Door Lock global market in 2021, will be projected to be worth USD 1 million in 2028 and grow at a rate of a revised percent CAGR after COVID-19. While the household segment is changed to a Percent CAGR over the forecast period.

• The world’s Smart Door Lock key players include ASSA ABLOY, Allegion, Dormakaba Group, Spectrum Brands, and more. The top four companies in the world hold more than 15 percent.
• Asia Pacific is the biggest market, having more than 70 percent. It is followed by Europe and the Americas both with more than 25.
• In terms of product type, Electronic Cipher Locks is the most popular segment, having around 50. As for the applications, the most popular is Household and is followed by Commercial
• The global market for smart locks was valued at $2,366.51 million in 2020. It is predicted to reach $14,972.3 million by 2030 and grow at a rate of 20.1 percent from 2021 to 2030.

“In the post-COVID-19 era, the companies are focused on cutting-edge technology like artificial intelligence (AI) and machine-learning (ML) Internet of things (IoT), and cloud computing across the residential commercial and residential sectors to carry out the operation of contactless. This is likely to increase demand for app-based smart lock systems that are expected to boost the use of smart locks across the world

(Source: mordorintelligence.com)

Smart Lock Market Analysis

It is estimated that the Smart Lock Market size is projected to increase by a staggering 2.43 billion by 2023, to 4.98 billion in 2028. 4.98 billion before 2028 at an annual rate of 15.40 percent over the time frame (2023-2028).

The rising popularity of smart home design worldwide including features like remote access, voice-controlled control as well and seamless connection, is driving the use of smart locks for residential properties. Furthermore, the lack of requirement to carry key locks around in a mechanical way has drawn the attention of homeowners.

• The growing popularity of smart home technology globally and the growing number of businesses offering home automation services are also contributing to the growing demand for locks that are smart. The players in the industry are focused on advancing techniques and market-ready products like remote locking windows and opening them, doors, and.
• In addition, they can pair their products with these devices, as the number of homes with voice assistants is increasing and allows for voice-controlled locks. It is anticipated that customers will increase their use of these advances as they are seeking out advanced and easy lock and unlocking solutions. An increasing number of buildings require identification and certification such as individual residences hotels, restaurants, supermarkets banks, corporate buildings, financial institutions, and commercial buildings.
• The rising use of smartphone users is encouraging the development of connected devices that permit users to remotely control their door locks and open the doors with a variety of mobile applications. According to Oberlo the e-commerce firm it is estimated that there are 3.5 billion people using smartphones in the world and the rate of penetration is around 45.4 percent of the worldwide number which is 7.7 billion. In simple terms, the four-in-a-row of 10 people around the globe are currently using the smartphone.
• In the face of a variety of driving forces that are influencing the development of the smart lock market is likely to be slowed by the current vulnerability to hacking and the increasing threat of cybercrimes. Smart locks in particular are frequently targeted by cybercriminals. In July of this year, according to security researchers from NCC Group, 11 security vulnerabilities afflicted Nuki smart lock systems which included ones that can allow intruders to unlock doors. This kind of incident creates a feeling of fear among people who use the system.
• The COVID-19 pandemic has resulted in the decline of investments in the ICT industry, especially in the Internet of Things, 5G technologies, as well as other new technologies. Companies in the market of smart locks have been forced to reduce their operating expenses. They have seen a decrease in the hiring process and capital budgets, as well. Furthermore, consumer discretionary spending is also decreased the sales of smart locks. The outlook for this market is grim and is likely to see a decline that is expected to last until at least the end of this year.

Biggest Producer Of the Smart Door Lock?

• ASSA ABLOY had a net worth of $27.26 billion.
• Allegion‘s market capitalization was $9.34 billion, with an enterprise value of $10.99 billion.
• Dormakaba Group reported a net sales increase to CHF 1,419.8 million, with an adjusted EBITDA of CHF 184.6 million.
• Spectrum Brands saw revenue of $740.7 million for the quarter ending in September 2023.
• Master Lock‘s annual revenue reached $750 million.
• MIWA Lock reported revenues of $5 million.
• Samsung‘s total revenue was $200.26 billion TTM, with a decrease from the previous year’s $240.71 billion.
• Sargent and Greenleaf generated annual revenue of $32 million.
• Dessmann‘s total revenue for the quarter ending on September 30th, 2023, was Rs. 12,308 crores.

Impact of the COVID-19 Pandemic

(Source: theinsightpartners.com)

Smart locks are an innovative security device that increases access control to physical spaces. It incorporates technology to offer an easy and secure way to enter. It lets users secure and unlock doors remotely with a smartphone, tablet, or any other device connected to it. It offers a variety of options, including fingerprint authentication, keyless entry as well as temporary codes for access which allow users to control access for themselves as well as others. Smart locks can integrate into smart home systems to allow seamless automation. Since it provides a higher degree of security than traditional locks, the market for these locks is growing around the globe.

Digital Door Lock Revenue 2017-2021 vs. Demand Outlook 2022-2032

North America is a prominent market due to the growing demand for digital locks systems in the U.S., which is expected to expand at a rate of 20% and attain a market size of US11 billion dollars in 2032.

Europe is predicted to be home to an estimated market value of US$3 Bn by 2022, due to the rapid adoption of technology.

In the past, East Asia and Europe contributed significantly to the expansion of the door lock with digital technology and will represent approximately 27 percent and 13% market share by 2022 and thereafter.

The top five providers of digital door locks held between 20 and 25% market share by 2021 because the market is split.

(Source: dorlotec.com)

Demand For Smart Home and Digital Door Lock

The demand for wireless home accessories is growing and smart home technology is a hot topic with customers. The latest home technology makes use of technology that can be connected via wireless connections and can be monitored from any location, ultimately resulting in the demand for smart devices such as the digital door lock system, which is just one. This has caused the digital door lock market to develop and grow at a rate of 18% during the evaluation time.

• The Digital Door Lock market is expected to be valued at USD 6799.8 million by 2022 and reach an adjusted size of 19600.0 million USD by 2028. This is based on an annual growth rate of 19.3 percent during that review.
• The Smart Door Lock market size is estimated to be USD 6736.6 million by 2022. It is projected to reach an adjusted size of 22880 million USD in 2028, with an annual growth rate of 22.6 percent during that review phase.
• The WiFi Smart Lock market was valued at 896 million USD in 2020. It is predicted to be worth USD 4531.7 million by 2027 and grow at a rate of 25.9 percent between 2021 and 2027.
• Smart Electronic Lock market size is estimated to be USD 5708.8 million by 2022. It is expected to reach adjusted to USD 10390 million by 2028, with an annual growth rate of 10.5 percent over that review.
• Globally, the Market for Smart Homes size is predicted to grow to around USD117820 by the year 2027. from USD 72040 in 2020. This is an annual rate of 6.8 percent from 2021 to 2027.
• It is estimated that the global Home Security Products and Solutions market size is expected to grow to approximately USD 92340 billion by 2028. This is from 53800 million USD in 2021. That’s an annual rate of 7.9 percent from 2022 to 2028.
• Globally, the Grocery Lockers market was estimated at USD 121.4 million in the year 2020 and is predicted to grow to USD 157.5 million by 2027’s end and grow at a rate of 4.0 percent between 2021 and 2027.
• IoT integration Automation and centralized control are made possible through the ever-growing incorporation of smart locks into bigger Internet of Things (IoT) ecosystems. This trend allows users to create smart, networked environments for their homes or buildings, with features such as remote monitoring and voice control.
• Mobile phone-friendly Smart locks simplify the lives of users by making them manageable via smartphone applications. They can even allow guests access to their property while receiving immediate notifications. Instead of traditional passwords, keys, and PINs, users can gain access to their homes using biometric information.
• The use of biometric locks is increasing. Smart locks increasingly use biometric technologies, including fingerprint and facial recognition, to enhance security and users’ experiences.

Comparative View

Smart Lock Market

(Source: futuremarketinsights.com)

Mechanical Lock Market

(Source: futuremarketinsights.com)

Smart Home Solutions Market

(Source: futuremarketinsights.com)

• Over four-fifths of millennials are likely to pay an additional 20% of capital for smart apartments.
• Over 50% of the Gen Y population is likely to pay additional capital on buildings with smart door locks and high-end security and automation solutions.
• In 2020, the deadbolt lock segment generated the highest demand, accounting for over 31% of market revenue.
• The demand for Wi-Fi-enabled smart locks is expected to observe the highest growth rate due to increased convenience.
• The Northeast region is likely to grow at the highest CAGR during the forecast period due to the increased population, expanding residential sectors, and growing disposable incomes.
• The increasing application in end-users such as hospitality and healthcare is expected to boost smart locks from the commercial sector.
• The US Western region accounts are likely to observe an incremental growth of over USD 197.43 million during 2020–2026.

The United States is the world’s largest market for smart door locks.

The United States has the largest market for smart locks due to its higher proportion of single-family homes and consumers’ greater desire for home automation and security services. Other regions’ consumers have different preferences. For the majority of consumers in Western Europe, temperature control is more important. Smart locks aren’t often included in smart home solutions.

Smart home solutions for smart homes installed in multi-dwelling homes within South Korea usually have shared entryways that have commercial-grade electronic locks. In the last few years, due to the advancement of technology for smart locks and the rise in awareness of markets, China has become a world leader in the area in the field of digital locks. No matter the form of the product or function, or the quantity of companies and brands, China is already ahead of the majority of countries around the world.

It is expected to show a growing trend in 2023, particularly within Japan, South Korea, and European and American markets. Generally speaking, the household usage rate of smart locks in South Korea is more than 50% and around 10% to 5 percent in China the region country where intelligent locks are still in their early stages. Smart locks are likely to be available through door lock makers, builders as well as door manufacturers.

Doors With Facial Recognition Lock

(Source: acumenresearchandconsulting.com)

• The global market for door locks with facial recognition revenues is expected to be $3314.9 million in 3,314.9 million by the year 2030, with an annual growth rate of 16.6 percent from 2022 to 2030.
• According to a study, the 2016 average across the 74 countries was 783 crimes per 100,000 inhabitants.
• North America’s facial recognition door lock market share will increase to over USD 322.4 million by 2021.
• Asia-Pacific door locks with facial recognition market growth will be an increase of over 18% from 2022 until 2030.
• In the report, it is reported that the residential segment had a 37% share in 2021.
• Within application types, the commercial segment was worth the largest share of 195.1 million of revenue by 2021.
• The growing integration of AI and big data as well as IoT for facial recognition has become a favored market trend that drives market demand.

(Source: acumenresearchandconsulting.com)

Face Recognition Lock Market Dynamics

Market Drivers

• The number of thefts is increasing.
• Security and safety concerns are growing in the minds of people
• The use of more applications that are both for the government and commercial sector.

Market Restraints

• Privacy concerns related to this technology
• Complexity and rules for regulation

Opportunity Markets

• The increasing importance of AI and IoT in security and safety solutions
• Rapid technological advances in the field of facial recognition

The survey revealed that consumers rank thermostats, light doors, thermostats, smart TVs, and video cameras among the top five gadgets they’d most want to control using a voice assistant. While some people express concerns regarding using voice assistants to give access to their homes, however, the majority of integrations do not permit voice-controlled unlocking. Instead, the voice assistants’ capabilities are limited to limiting entry, closing doors, and arming systems.

It’s now standard for businesses to connect the devices they sell with Amazon Alexa or Google Assistant. While the integrations to Apple HomeKit lag behind the other two major voice assistants, the majority of the major players have already integrated Siri voice-based assistance to door locks. To stay competitive, device makers must include voice control.

Be it established players or startup products dominate the market, smart access control and system makers are constantly pressured to stay ahead of the curve. Not only have previously innovative features become commonplace, however, but in some areas of access control, the prices are dropping. The median selling price for the smart door lock within the U.S. was $101 in the fourth quarter of 2021, a decrease from $133 a year before. Smart thermostats, video doorbells, and other smart home devices have seen similar price trends.

(Source: restechtoday.com)

Large Market Participants Have Adopted Recent Strategies

• ASSA ABLOY and JOTEC Services and Vertriebsges.mbh, a leading industrial door manufacturer and service supplier in Germany have agreed definitively to sell the former. The acquisition of JOTEC will help them achieve their goal of enhancing their current entry automated offerings.JOTEC has a substantial customer base, an impressive department for service, as well as an extensive range of products.
• A leading private investment company Ardian has purchased GANTNER Electronic Austria Holding GmbH(often called “GANTNER”). SALTO Systems (“SALTO”), a top supplier of electronic locks and Access Control solutions has acquired an organization that specializes in ticketing, electronic access, and billing systems that are less secure than smart locker locks.
• Sentril Lock, LLC has collaborated with Omni MLS, a multi-listing service for the first ever in Mexico. It will ensure that realtors can access the most up-to-date technological advancement, and Omni will be able to support 230,000 potential customers in Mexico. The ability to manage time Management and a seamless process to show properties are just two advantages of the partnership it has with Central Lock.

Conclusion

The need for better management of security has impacted both developing and developed economies, requiring them to guard against unknown threats like cyber-attacks or rivalries as well as other dangerous actions. The need to use smart locks which is a more modern security platform, is predicted to enhance the security of homes or commercial premises. The majority of consumers in the world have embraced smart lock technology to safeguard themselves against theft, which is anticipated to boost the market to grow.

Additionally, the increasing use of mobile applications that are cloud-based increases the market’s growth across the globe. Additionally, the rapid change in business models and expansion of companies create opportunities for the rapid expansion of the market for smart locks. However, the initial price and the fear of privacy invasion could impede the development of the market.