Pune, India, June 01, 2022 (GLOBE NEWSWIRE) — According to Fortune Business Insights, the global smart door lock market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 18.4% during the forecast period, to Reach USD 4449.2 Million by 2027, from USD 1172.5 Million in 2019. The global smart door lock market is expected to gain impetus from the rising adoption of novel connecting technologies, namely, Zigbee, 5G network, Z-wave, and Bluetooth. This information is published by Fortune Business Insights™ in a new study, titled, “Smart Door Lock Market Size, Share & COVID-19 Impact Analysis, By Type, By Product, By Connecting Technology, By Application and Regional Forecast, 2020-2027.”

Industry Development:

August 2020: Assa Abloy successfully acquired Access-IS to reinforce its pre-existing product portfolio within extended access technologies. At the same time, it will deliver growth opportunities to the former.
September 2020: Latch announced the launch of LatchOS to allow users to integrate the app with other devices in a building, as well as to manage the doors. These integrations include Leviton & Jaso lights switches, ecobee & Honeywell thermostats, and Sonos speakers.

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Report Scope:

Report Coverage
Details

Forecast Period
2020-2027

Forecast Period 2020 to 2027 CAGR
18.4%

2027 Value Projection
USD 4,449.2 Million

Base Year
2020

Smart Door Lock Market Size in 2020
USD 1,172.5 Million

Historical Data for
2016-2018