A smart door locks are an advanced lock system that provides secure and convenient accesses to a building or room without needing a physical key. Smart door locks use electronic authentication methods such as biometric recognition, numerical codes, or wireless signals to unlock the doors. Smart door locks are applied in residential homes, commercial buildings, the hospitality industry, education facilities, healthcare facilities, and others. The increasing trend and implementation of the Internet of Things (IoT), and growing concern related to security and privacy are boosting the adoption of smart home security devices worldwide. The escalating consumer awareness regarding the advantages of advanced security solutions is anticipated to positively influence product sales worldwide.
ASSA ABLOY, Allegion plc, MIWA Lock Co, Spectrum Brands, Inc., Zigbang– Prominent Market Participants in Smart Door Lock Market.
Moreover, an upsurge in the number of smartphone users worldwide is further boosting the deployment of smart door locks in the last few years owing to enhanced benefits such as easy user interface and convenience to the users. The ever increasing awareness related to secure home solutions, the constant development of smart devices such as smartphones, rising disposable income of consumers, and booming internet services are some of the foremost factors driving the growth of the smart locks door market. The smart door locks offer comfort in their usage and integrate communication technology such as Bluetooth, Wi-Fi, Z Wave, RFID, and NFC. The usage of smartphones has become an integral part of today’s routines across emerging economies, as large number of users are acquiring these smart devices to ease their daily routines, this factor is further contributing to the growth of the smart locks market at a significant pace. A steady growth in the adoption of portable security devices, a rise in security threats, and the development of smart cities are some of the other factors driving the smart locks market.
The need for smart door lock is increased due to security concern. For instance, according to US news there were 620,000 burglaries in the United State the $737 billion in stolen property, with about $39 billion just in household goods. Thus, installation of smart door locks is essential here. As the smart door lock programmed to allow certain people accesses. Thus, along with the home security system the smart door lock system market is also growing in the America. As the smart door locks offers greater convenience than traditional locks.
The top five companies in the market ASSA ABLOY, Allegion plc, MIWA Lock Co, Spectrum Brands, Inc., Zigbang. The above listing of key players is derived by considering multiple factors such as overall revenue, current well completion equipment and services portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. A few of the important market initiatives and product developments from the industry are mentioned below:
| Year | News | Region |
| 2022 | The new ABLOY Keyless Access Controller enables mobile access for a wide variety of security products. The Bluetooth -connected controller allows organizations to make electric locks or other electronic door locking devices operable with a mobile app. | Europe |
| 2021 | Allegion, a globally renowned provider of security products and solutions, has announced the launch of the LCN 6400 COMPACT series low-energy automatic operator for touchless access and accessible operation on interior doors. | Europe |
