Digital Door Lock Systems Market Size was valued at USD 0.15 Billion in 2022. The Digital Door Lock Systems market industry is projected to grow from USD 0.17 Billion in 2023 to USD 0.62 Billion by 2032, exhibiting a compound yearly growth rate (CAGR) of 17.10% during the forecast period (2023 - 2032). Increased demand for sustainable security and convenience and increasing adoption of smart connecting technologies are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Market CAGR for digital door lock systems is being driven by the rising demand for enhanced security. Concerns regarding security and safety have increased, thus fueling the demand for digital door lock systems that provide modern security features like biometric identification, surveillance, and access control. The electronic door lock is a locking device that functions with the assistance of an electric current. It assures strong access control that ensures the protection of assets against burglary. The Key market players are investing largely in developing advanced systems.
A easy-to-use and convenient alternative to traditional lock and key systems is provided by smart locks. These locks do not have the need for physical keys and provide the users to unlock the doors using a password, PIN, or fingerprint. Digital door lock systems provide improved security when compared to traditional mechanical locks, which makes them a preferred option among residential and commercial property owners. Advanced security solutions like digital door lock systems are increasingly being opted for by property owners. An important role is being played by technology in the mechanism for the digital door lock systems. Thus, the IoT, AI, Cloud, and big data are the technological advancements that are driving the digital door lock systems market. The development of modern digital locking mechanisms with improved security features is facilitated by wireless communication technologies.
Deadbolt digital door lock systems are gaining popularity because of the latest market trend for digital door lock systems, as they are accurate for doors that are composed of fiberglass and steel. The system is more famous in residential and commercial settings because it can be integrated with ease along with smart home automation systems and provide remote access capabilities. The residential end-use segment is expected to outshine the global landscape during the forecast years. Digital door lock systems can be included with ease, along with smart devices like security cameras, thermostats, and lighting systems. Thus, driving the Digital Door Lock Systems market revenue.
The Digital Door Lock Systems Market segmentation, based on product, includes Biometrics, Smart cards, Electric Strikes, and Others. The biometric segment dominates the market, accounting for the largest market revenue owing to the growing adoption of biometric applications like face recognition, iris recognition, palm recognition, fingerprint recognition, and others. Electric strike door locks, smart card door locks, and other segments are expected to experience a considerable rate of growth due to the increasing implementation of Wi-Fi connection technology.
Figure 1: The Digital Door Lock Systems Market, by Product, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Digital Door Lock Systems Market segmentation, based on application, includes Residential, Hospitality, Commercials, Government, and Others. The residential segment of applications dominates the market of digital door lock systems market due to the increasing demand for intelligent door locks across smart building projects. The major market participants are emphasizing on developing smart locks to provide to the increasing demand throughout the residential spaces.
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Digital Door Lock Systems market is expected to outshine the market throughout the forecast period. The region has an increasing demand for technologically advanced smart door locks throughout the countries of the North American region. The largest contributor to the digital door lock system in this region is the US and followed by Canada and Mexico.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Digital Door Lock Systems Market SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Digital Door Lock Systems market accounts for the second-largest market share because of the increase in the acquiring of smart home automation systems and the rise in awareness about security risks. Further, the German Digital Door Lock Systems market had the highest market share, and the UK Digital Door Lock Systems market was the fastest-growing market in the European region.
The Asia-Pacific Digital Door Lock Systems Market is expected to grow at the rapid CAGR from 2023 to 2032. This is owing to the rising smart city projects in developing countries, and market players are introducing advanced smart door locks. Moreover, China’s Digital Door Lock Systems market held the largest market share, and the Indian Digital Door Lock Systems market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to spread their product lines, which will help the Digital Door Lock Systems market grow even more. Market participants are also undertaking a various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Digital Door Lock Systems industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Digital Door Lock Systems industry to benefit clients and increase the market sector. In recent years, the Digital Door Lock Systems industry has offered some of the most significant advantages to smart buildings. Major players in the Digital Door Lock Systems market, including Xiaomi Corporation, Godrej Group, Bluetooth SIG Inc., Latchable Inc., ASSA ABLOY AB, Panasonic Corporation, Samsung Corporation, Kaadas, HavenLock, Inc., DESSMANN, YALE, Masterlock, August Home, Techlicious LLC, and others, are attempting to increase market demand by investing in research and development operations.
ASSA ABLOY AB, a Swedish conglomerate, is a global leader in access solutions. It provides products and services that are related to locks, gates, doors, and entrance automation. Controlling access and confirming identities are included in related products and services with keys, mobile, tags, cards, and biometric identity verification systems. In August 2020, 93% share of the Swiss company Agta Record was acquired by ASSA ABLOY AB. The completion of the acquisition strengthened the position of ASSA ABLOY AB in the door lock solutions market. The company also completed the acquisition of Access-IS. A UK-based company that assisted the ASSA group in producing technologically advanced lock solutions based on electric RFID, NFC, and bar-code device. As per the ASSA ABLOY and IFSEC Global, in North America, about 63% of households have at least one smart home system in their homes.
Latchable Inc. is the global leader in smart access systems designed that will work on every door. It is a computer hardware company based in Washington, Washington DC, US. The company designs and develops robust, secure, and technologically advanced products, including at Apple. The company emphasizes offering a more seamless living experience for apartment dwellers with the utilization of keyless entry access. In September 2020, LatchOS was launched by Lactchable, Inc., which is an operating system for smart locks. This OS offers customizable smart-building solutions in different commercials and residential applications.
Xiaomi Corporation
Bluetooth SIG Inc.
Latchable Inc.
ASSA ABLOY AB
Panasonic Corporation
Samsung Corporation
Kaadas
HavenLock, Inc.
DESSMANN
YALE
Masterlock
August Home
Techlicious LLC
February 2023: A 'Smart Guardian Can See,' a smart door lock series, was launched by Xiaomi Corporation. This device is equipped with an integrated peephole camera and a display screen.
May 2020: Spacetek was launched by the Godrej Group, which is a smart lock integrated with advanced Bluetooth technology. The device is also provided with a 360-degree fingerprint scanner depending on cloud-based mobile applications, power bank charging, a low battery indicator, spy code, privacy mode, and more are some of the features of this device.
January 2021: Bluetooth version 5.2 was launched by the Bluetooth SIG Inc., which can be integrated in different smart lock door solutions.
Biometric
Smart Card
Electric Strike
Others
Residential
Hospitality
Commercials
Government
Others
North America
Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 0.15 Billion |
| Market Size 2023 | USD 0.17 Billion |
| Market Size 2032 | USD 0.62 Billion |
| Compound Annual Growth Rate (CAGR) | 17.10% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Xiaomi Corporation, Godrej Group, Bluetooth SIG Inc., Latchable Inc., ASSA ABLOY AB, Panasonic Corporation, Samsung Corporation, Kaadas, HavenLock, Inc., DESSMANN, YALE, Masterlock, August Home, Techlicious LLC |
| Key Market Opportunities | Cost-efficient solutions and maximizing brand presence can offer various business opportunities. |
| Key Market Dynamics | Increase in the emergence of luxury lifestyle and the increasing rise of smartphones and their applications. |
Digital Door Lock Systems Market Highlights:
Frequently Asked Questions (FAQ) :
The Digital Door Lock Systems Market size valued at USD 0.15 Billion in 2022.
The global market is foreseen to grow at a CAGR of 17.10% during the forecast period, 2023-2032.
North America had largest share of the global market
The key players in the market are Xiaomi Corporation, Godrej Group, Bluetooth SIG Inc., Latchable Inc., ASSA ABLOY AB, Panasonic Corporation, Samsung Corporation, Kaadas, HavenLock, Inc., DESSMANN, YALE, Masterlock, August Home, Techlicious LLC.
The biometric category dominated the market in 2022.
The residential application had the largest share of the global market.
Senior Research Analyst Ankit gupta is an analyst in market research industry in ict and semi industry. with post-graduation in "telecom and marketing management" and graduation in "electronics and telecommunication" vertical he is well versed with recent development in ict industry as a whole. having worked on more than 150+ reports including consultation for fortune 500 companies such as microsoft and rio tinto in identifying solutions with respect to business problems his opinions are inclined towards mixture of technical and managerial aspects.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
