Digital Door Lock Systems Market Research Report - Global Forecast to 2030

Digital Door Lock Systems Market Research Report: by Type (Biometrics, Keypad), by End-User (Commercial, Industrial, Residential, Government) – Forecast till 2030

ID: MRFR/SEM/3699-HCR | December 2022 | Region: Global | 100 Pages         

Digital Door Lock Systems Market

Digital Door Lock Systems market will exhibit a CAGR of 17.1% in the forecast period of 2020-2030 and is expected to reach USD 4,15.1 million by 2030

Segmentation

By Type Biometrics Keypad
By end-users Commercial Industrial Residential Government

Key Players

  • ADT Inc.
  • Onity Inc.
  • Honeywell International Inc.
  • Salto Systems S.L.
  • Panasonic Corporation
  • Spectrum Brands Inc.
  • Assa Abloy Group

Drivers

  • Part of the doors are packed with reliable features that ensure sustainability security and convenience on a large scale
  • Digital door locks which provide both convenience and ease of use with the help of phones and other devices
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Digital Door Lock Systems Market Overview


The digital door lock systems market has excellent prospects of growth during the ongoing forecast period of 2020-2030 owing to the rising safety concerns and security issues. Owing to the ability of the market segments to grow and gain excellent revenue, the digital door lock systems market is expected to rise USD 4,15.1 million at a CAGR growth rate of 17.1% during the ongoing period 2030. There are a series of factors like the technology advancements, tech-savvy population, and the wide-scale adoption of the door lock systems providing safety, ease, and convenience that will help the market grow as per the predicted figures during the ongoing forecast period.


Digital door lock systems help in providing home security and safety for the target audience on a large scale. Also, there is a rising trend of this technology since the concept of smartphones has increased, and hence, the market has dependable prospects during the forecast period. Digital door locks are the locks that are installed as a part of the doors and can be operated with the help of the convenience rendered by the applications installed in the smartphone of the user. Also, the digital door lock systems market deals in keyless locks that look forward to their operation on technologies like wifi connectivity and Bluetooth. Hence, they have a major role to play in enhancing the customer’s safety by providing full access to operation to the users who have installed these doors and the application in their homes and other places.


COVID 19 Analysis


Since the first case of the novel coronavirus was reported, the digital door lock systems market, industries, companies, and production units have been careful in operating as per the set norms to meet the demand of the market. However, during these unfortunate times, there are newfound challenges. These impose various other restrictions and disrupt the management and smooth running of the supply chain system. This is hampering the market operations. Also, declining the demand of the target audience in the forecast period and hence, might lead to a differentiation in the predicted values and the actual ones. The lockdown imposition by the government is adding to the challenges for the market on its growth path. Also, the functional restrictions pose issues for the digital door lock systems market during the forecast period.


Hence, to dissolve these issues, the government is focusing on the development of technology. These will help in increasing the demand for digital doors owing to security and safety concerns. The key digital door lock systems market players are also focusing on developing strategies that will enhance the security features and strive for improved global demand during the forecast period.


Digital Door Lock Systems Dynamics


Drivers


The digital door lock systems are gaining a large momentum in the form of smart devices and are emerging as one of the major and evolutionary innovations that have been and are occurring in both the commercial and residential space. The major reason behind this is that these devices that are a part of the doors are packed with reliable features that ensure sustainability, security, and convenience on a large scale. There has been a major and significant growth related to security concerns. These concerns are backed with technological advancements related to wireless communication and hence, these have resulted in the development of digital security systems. One of them is the digital door locks which provide both convenience and ease of use with the help of phones and other devices, and hence, these are gaining momentum and will rise at a good CAGR growth rate by the end of the forecast period.


Restraints


One of the major restraints that the market is facing during the forecast period is the rapid change in technology which might leave behind the idea of door lock systems. Also, hackers are trying to get easy access to hacking into the applications and hamper the growth of the market as per the expectation during the forecast period. Also, the cost of acquiring these lock systems is quite high and does not work well with the income and spending capacity of all individuals. These will hamper the digital door lock systems market share during the forecast period.


Technology Analysis


The advent of broad and reliable technology trends is driving major growth aspects for the overall smart home competitors and industry. The smartphone penetration trends are likely to sustain the expansion of the digital door lock systems market during the forecast period, especially for the digital door locks. There is a huge decline in the prices for cloud infrastructure and mobile broadband which is leading to a major expansion of these services amongst the target audience and various industry vertices. This is pushing for a larger convenience for the users by assisting them in the remote monitoring and have proper control over the electronic devices. This stands true for the application of digital door locks, as well.


Digital Door Lock Systems Market Segment Overview


The digital door lock systems market size is subject to expansion because of the wide demand from the target audience that is spread in various mushrooming locations across the globe. Also, the segment performance helps in reflecting the revenue potential during the period that is based on the resources of funds and availability. Also, analyzing the performance carried out by these segments further helps in making the investors making better and profitable investment decisions. The digital door lock systems digital door lock systems market segments are as follows:


Based on the Product Type


Based on the product variation and vibrant demand of the customers spread across various global regions, the digital door lock systems market helps in providing security services through keypad locks, keyless remote locks, biometric locks, alongside others like the RFID card digital locks. Keypad locks and biometrics are expected to enjoy the highest demand and growth during the ongoing forecast period.


Based on the End-Use


The digital door lock systems market growth is dependent on the equilibrium of demand and supply maintained by the market end-users belonging to the government and public sector, commercial agents, residential users, and also the industrial and corporate sector functional across the globe.


Based on the Geographical Regions


Based on the division of target audience, resources, and opportunities, the digital door lock systems market is currently functional in regions like North America, Europe, the APAC region, alongside the Middle East and Africa, and South America.


Digital Door Lock Systems Market Regional Analysis


Based on the trends and key strategies for growth undertaken by the market players during the global regions, the European digital door lock systems market is likely to enjoy the fastest growth during the forecast period followed by the North American market consisting of the US and Canadian region and the APAC region. The main reason for the European market to grow and enjoy domination during the forecast period is that the customers are largely increasing their preference and also, have a specific part of their income which is being advanced towards acquiring smart home technology, services, and solutions. China is one of the major growth contributors to the global growth of the APAC region during the forecast period.


Digital Door Lock Systems Market Competitive Landscape


To draw a competitive graph amongst the domestic and international market, it is necessary to have an idea about the functional unite and key market players. The digital door lock systems market players are as follows:



  • ADT, Inc.

  • Onity Inc.

  • Honeywell International, Inc.

  • Salto Systems S.L.

  • Panasonic Corporation

  • Spectrum Brands, Inc.

  • Assa Abloy Group

  • Godrej & Boyce Manufacturing Co. Ltd.

  • Vivint, Inc.

  • Allegion PLC


Recent Developments



  • The biometric market segment includes bifurcation like palm recognition, face and voice recognition, and fingerprint recognition amongst others like iris recognition. The fingerprint segment is enjoying a major momentum and its demand is rising amongst the companies of the APAC region. The segment is likely to grow at an 18.4% CAGR during the period and hence, help the market become the third-largest region to grow in competition.

  • The commercial use of doorlock safety systems is on the rise in the US and Canadian markets and is likely to grow at a 14.4% CAGR for the ongoing forecast period.

  • The North American market is anticipating an excellent growth of companies like Amazon, Apple, and Google and the key technological advancements undertaken by these players will help the market undergo excellent growth. The lock system market will grow at a 15.8% CAGR rate during the domestic American market.


Report Overview


The digital door lock systems market report discusses the efforts of the key market players like mergers and acquisitions that will impact the market growth during the period. The report helps in discussing the market insights and also analyzes the trends on which the key market players have predicted the CAGR rate of the market and also the final digital door lock systems market valuation.



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Frequently Asked Questions (FAQ) :

North America region is grossing in the market with the help of rising technological enhancements as well as swelling demand for safety and security. They have made the region to grasp more shares than the other regions, globally.

The market is going to record a 33% growth percentage in its growth phase in the coming years.

The top vital players noticeable in making massive investments for the market are Hanman International Pte Ltd. (Singapore), Nestwell Technologies (India), and Godrej & Boyce Manufacturing Company Ltd. (India).

The swelling popularity of advanced security solutions, including face recognition and fingerprint recognition, is being highly responsible for motivating growth aspects of the global digital door lock systems market.