Brief Analysis of Smart Door Lock Market
The smart door lock market is expanding at an unprecedented pace. According to statistics, the market is going to reach $11.23 by 2024. In this article, we will analyze the current smart lock market and its driving factors of the market.
Smart door locks today are used in a variety of areas, from residential houses, office buildings to hospitals. Digital locks has thoroughly transformed the traditional door lock market into a more advanced and high-tech industry. Apart from securing your home, it provides great convenience which is a great feature welcomed by people. The latest smart door lock introduced integrate the latest technology to allows users to manage the lock on smart phone.
Types of Locks Available in the Market
Biometric locks works through different biometric identities. Current biometric systems include fingerprint recognition, iris recognition and voice recognition.
Keypad locks work through a keypad feature. It is unlocked by a combination of numbers.
This kind of lock is controlled via wireless connectivity and is categorized into bluetooth enabled door lock and wifi enabled door lock.
Of all the smart door locks, door locks with biometric system are the dominant ones in the market. Biometric lock accounts for two thirds of the overall market in 2015 and is expected to remain dominant in the few coming years due to its vast development of fingerprint recognition devices.
Driving and Refraining Factors
Growth of micro, small and medium enterprises around the world is considered the key driving factor in the growth or electronic door lock market. Technology development, high industrial activity, surged demand for residential properties and increased personal incomes also contribute to the market growth. In addition, expansion of industries like IT and banking and enhanced security needs in residential sector stimulate the demand of digital door lock.
However, higher costs of smart door locks especially the ones that incorporate advanced technology and less adaptability to switch from tradition door locks to keyless electronic door lock may be two major refraining factors dampening the growth of the market.
Compared to developing countries, developed countries are more prone to embrace the smart door lock trend. Further more, Aisa-Pacific area is anticipated to show a substantial growth a huge demand from Northern America and Europe will arise in the future. Affordable managed security devices and bluetooth enabled door lock will be the largest segment in smart lock industry by the end of 2020.
- Arlene Kerley