Global demand for digital lock market was valued at approximately USD 1,380 million in 2018 and is expected to generate revenue of around USD 8,776.5 million by end of 2025, growing at a CAGR of around 30% between 2019 and 2025.
The report covers forecast and analysis for the digital lock market on a global and regional level. The study provides historic data from 2015 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Million). The study includes drivers and restraints for the digital lock market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the digital lock market on a global level.
As per the report, the global demand for digital lock market was valued at approximately USD 1,380 million in 2018 and is expected to generate revenue of around USD 8,776.5 million by end of 2025, growing at a CAGR of around 30% between 2019 and 2025.
The market for digital lock is anticipated to grow significantly over the coming years owing to the requirement for enhanced security systems. The escalation in the number of crimes involving burglaries and home invasion has projected the demand for digital lock across the globe. Moreover, the growing demand for cost-efficient security systems in the commercial sector is expected to grow the digital lock market in the forecast time period.
The growing popularity of digital locks such as fingerprint recognition sensor and face recognition sensors are anticipated to play an important role in the growth of the target market. However, the lack of technological knowledge in the people can hinder the growth of digital lock market in the coming years. The rapid adoption of industrialization and urbanization can provide vast opportunities for the growth of digital lock market across the globe.
The digital lock market is segmented on the basis of types, end-users, and region. Based on type, the digital lock market is sub-segmented into biometrics, and keypad locks. The biometrics sub-segment is anticipated to grow substantially over the forecast time span owing to the rapid adoption of advanced security solutions. Additionally, the elevated deployment of fingerprint recognition devices across various sectors is further expected to grow the target market.
Government, industrial users, commercial users, and residential formulate the end-users segment of digital lock market. The growth of enterprises across the world has given rise to growth in installation of digital lock for advanced security. The need for digital lock due to the growth of the commercial sector is projected to grow the target market significantly. Moreover, the facilities of easy entry and exit are further proposed to propel the growth of digital lock market in the forecast time span.
Geographically, the digital lock market is analyzed on the basis of five regions, namely- North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. The digital lock market is proposed to grow impressively in Europe owing to the elevating security concerns in the region. Moreover, the escalating demand for security in the region is estimated to propel the growth of the target market. Additionally, the well-established technological infrastructure in the region is proposed to grow the digital lock market significantly over the coming years.
The key players in the digital lock market are Nestwell Technologies, Cisco Systems, Inc., Hanman International Pte Ltd., Onity Inc., Hitachi Ltd., Assa Abloy Group, ADT Inc., Vivint, Inc., Godrej & Boyce Manufacturing Co. Ltd., Allegion PLC, Honeywell International Inc., Panasonic Corporation, Wintec Electronic Tech Co. Ltd., Johnson Controls, August Home, and Godrej & Boyce Manufacturing Company Ltd., among others.
Global Digital Lock Market: By Type Segment Analysis
Global Digital Lock Market: By End-User Segment Analysis
Global Digital Lock Market: Regional Segment Analysis