Digital Door Lock System Digital Door Lock System Market

Digital Door Lock System Market

Digital Door Lock System Market By Product Type (Face Recognition Digital Door Lock System, Iris Recognition Digital Door Lock System, Vein and Palm Recognition Digital Door Lock System, Voice Recognition Digital Door Lock System, Signature Recognition Digital Door Lock System, Fingerprint Recognition Digital Door Lock System, Magnetic Stripe Locks Digital Door Lock System, Electromagnetic Door Locks Digital Door Lock System, Electric Strike Locks Digital Door Lock System, and Other Digital Door Lock System), By End-User (Government, Commercial, Industrial, and Residential). and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 - 2028

Published Date: 27-Apr-2022 Category: Technology & Media Report Format : PDF Pages: 150 Report Code: ZMR-1883 Status : Published

The global Digital Door Lock System Market was worth around USD 8815.1 million in 2021 and is estimated to grow to about USD 23198.20826 million by 2028, with a (CAGR) of approximately 17.5 percent over the forecast period. Report Provides Size, Shares, Opportunities, and Economy Analysis.

Digital Door Lock System Market

Global Digital Door Lock System Market Industry Prospective:

The global Digital Door Lock System Market was worth around USD 8815.1 million in 2021 and is estimated to grow to about USD 23198.20826 million by 2028, with a compound annual growth rate (CAGR) of approximately 17.5 percent over the forecast period. The report analyzes the digital remittance market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.

Digital Door Lock System Market: Overview

Digital door locks are the locks that are installed as a part of the doors and can be functioned with the help of the convenience rendered by the applications installed on the smartphone of the user. New digital door lock systems are being leveraged with alerts systems to offer extra security, subjected to risks of housebreaking damage, and fire. A variety of access platforms for digital door lock systems are available, ranging from fingerprints to keypads. Digital door lock systems are gaining importance in residential as well as hotel settings. Customers are demanding state-of-the-art and most modern technologies to be integrated into their digital door lock systems with an emphasis on better and more secure access.

Residential & non-residential construction industries represent budding growth opportunities for the manufacturers of wireless door locks. Because of wider technology trends that are propelling the overall smart home business, the digital door lock industry is at a turning point. Increased use of smartphones, on the other hand, is fueling the growth of the industry. These systems are however costly in terms of installation and have huge maintenance costs, therefore it is less adopted in developing and underdeveloped nations.

Global Digital Door Lock System Market

COVID-19 Impact:

The COVID-19 pandemic has affected positively as well as negatively on the industry. It has brought companies in the digital door lock systems market under great pressure. The demand for hands-free and facial recognition systems has surged to prevent the spread of the novel coronavirus. Though facial recognition tech is gaining slow traction in corporate companies and other commercial spaces, schools are considering an initial investment in digital door lock systems. However, lockdown imposition by the government added 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. To resolve these issues, the government is focusing on the development of technology. This will help in increasing the overall demand for digital door lock systems owing to security and safety concerns.

Digital Door Lock System Market: Growth Drivers

Rising investments and economic growth in developing markets are expected to drive the global digital door lock system market growth over the forecast period

Markets such as India, China, and the Southeast Asian countries are projected to emerge as new economic hubs inviting businesses from across the world into different industry verticals. Initiatives from governments across these countries ensure smooth economic development that favors a peaceful investing environment. Therefore, these factors are expected to boost the global digital door lock system market growth over the forecast period.

Digital Door Lock System Market: Restraints

Low IT knowledge among consumers is expected to hinder the global digital door lock system market growth over the forecast period

Although consumers are aware of the need for installing hi-tech digital door lock systems, they have little to no information about the latest equipment or reliable companies that offer reasonable services at a rational cost. Literacy in IT plays an important role in the demand for the digital door lock system. It plays a major role in making the right decisions in choosing the best deal according to the requirement and available options.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Digital Door Lock System Market: Segmentation

Digital Door Lock System Market is segregated based on product type and end-user.

By product type, the market is segmented into Face Recognition Digital Door Lock System, Iris Recognition Digital Door Lock System, Vein and Palm Recognition Digital Door Lock System, Voice Recognition Digital Door Lock System, Signature Recognition Digital Door Lock System, Fingerprint Recognition Digital Door Lock System, Magnetic Stripe Locks Digital Door Lock System, Electromagnetic Door Locks Digital Door Lock System, Electric Strike Locks Digital Door Lock System, and Other Digital Door Lock System. Keypad locks and biometrics are expected to enjoy the highest demand and growth during the ongoing forecast period.

By end-user, the market is distinguished into Government, Commercial, Industrial, and Residential. The 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.

Recent Developments

  • In January 2020, August Home, Inc., the U.S.-based developer of secure and smart front door solutions, launched a new product “August Wi-Fi Smart Lock.” The smart lock features a compact design and a built-in Wi-Fi connection.
  • In March 2019, Vivint Smart Home Company launched Vivint Car Guard which is a new smart security solution integrated into the Vivint Smart Home app. The solution enables homeowners to manage the safety of both their car and home with a single app. In addition, it allows GPS tracking of the car’s location and travel direction.

Digital Door Lock System Market Regional Landscape

The North America digital door lock systems market is likely to enjoy the fastest growth during the forecast period based on the trends and strategies adopted by key market players in global regions. U.S region in North America dominates the market because of the increasing demand for safety and security in the region and its early adaptability of technology. It is followed by the European region and the APAC region. The reason for the European market to grow during the forecast period is that the customers are largely increasing their preference and have a specific part of their income which is being advanced towards acquiring smart home technology, services, and solutions. Among APAC region, China is one of the major growth contributors to the global growth during the forecast period.

Digital Door Lock System Market Competitive Landscape

Some of the main competitors dominating the Digital Door Lock System Market include - 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., and Allegion PLC.

Global Digital Door Lock System Market is segmented as follows:

By Product Type

  • Face Recognition Digital Door Lock System
  • Iris Recognition Digital Door Lock System
  • Vein and Palm Recognition Digital Door Lock System
  • Voice Recognition Digital Door Lock System
  • Signature Recognition Digital Door Lock System
  • Fingerprint Recognition Digital Door Lock System
  • Magnetic Stripe Locks Digital Door Lock System
  • Electromagnetic Door Locks Digital Door Lock System
  • Electric Strike Locks Digital Door Lock System
  • Other Digital Door Lock

By End-User

  • Government
  • Commercial
  • Industrial
  • Residential

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

Free Analysis

FrequentlyAsked Questions

Rising investments and economic growth in developing markets are expected to drive the global digital door lock system market growth over the forecast period. Initiatives from governments across these countries ensure smooth economic development that favors a peaceful investing environment. Therefore, these factors are expected to boost the global digital door lock system market growth over the forecast period.

 

According to the Market Research report, The Global Digital Door Lock System Market was worth around USD 8815.1 million in 2021 and is estimated to grow to about USD 23198.20826 million by 2028, with a compound annual growth rate (CAGR) of approximately 17.5 percent over the forecast period.

The North America digital door lock systems market is likely to enjoy the fastest growth during the forecast period based on the trends and strategies adopted by key market players in global regions. It is followed by the European region and the APAC region.

 

Some of the main competitors dominating the global Digital Door Lock System include - 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., and Allegion PLC.

 

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