The Smart Door Lock Market was valued at USD 3.1 billion in 2020 and is expected to reach USD 7.98 billion by 2026 at a CAGR of approximately 15.4% during the forecast period (2021 – 2026). The increasing adoption of smart home architecture across the world, which includes features, like remote access, voice control, and face recognition, is further propelling the adoption of smart locks for residential premises. Further, the eliminated need to carry the mechanical keys around has attracted the likes of residential owners.
A smart lock is an electronic locking device that enables users in various industries to remotely access and unlock the lock to enter the premises. It can be accessed by connecting it to smartphones and other smart devices through various communication technologies like Wi-Fi, Bluetooth, Zigbee, or Z-Wave. It allows remote authentication to verified and authorized users. Products such as smart lock that enable advanced security features have become increasingly popular in the past few years, owing to various factors, such as the increasing safety and security concerns across various end-users, like government and educational institutions, residential premises, commercial and corporate buildings, and the increasing adoption of smart home architecture.