The global digital door lock systems market growth is expanding at a CAGR of 14% during the forecast period 2021 to 2030 and is expected to reach US$ 32.5 billion by 2030.
The global market for digital door lock systems is largely affected by numerous factors, including a techno-savvy population and growing adoption of digital door lock systems for home security and safety. The rising trend of smart home technology is driving the global market for digital door lock systems.
Digital door locks are advanced access control systems used in residential and business premises. Mechanical and electrical are the two basic types of digital door lock systems. Electrical digital locks are further classified as keypad locks, biometric locks, keyless remote locks, and RFID card digital locks. Recent advancements include wireless smart locks. Most digital door lock systems come in a combination of electronic and physical locking control. Bluetooth, Z-Wave, and Wi-Fi are the most common communication technologies used in wireless digital door lock systems.
Digital door lock systems can be customized as per requirements of end users. Many brands are developing new technologies to offer DIY (Do it yourself) home security systems for better convenience and control. Some trending DIY systems available in the market include SimpliSafe, Footpoint, BlueADT, and Abode.
Irreproducibility of Fingerprints in Smart Devices Earning Trust of Customers
The digital door lock systems market is projected to advance at a striking CAGR of 14% during the assessment period. However, manufacturers need to address social acceptance issues of individuals, pertaining to risks of fingerprints being slewed away and power outage issues. In order to overcome these hurdles, manufacturers are developing living fingerprint recognition modules to avoid issues of fingerprints being slewed away. For instance, Newgy Lock Ltd.— a manufacturer of RFID (Radio-Frequency Identification) hotel lock systems is increasing R&D in living fingerprint recognition module to earn the trust of customers toward digital door lock systems.
Companies in the digital door lock systems market are increasing their production capabilities in devices that work on lithium batteries in case of power outage issues.
A Key Driver of Digital Door Lock Systems Market
Increasing importance of IoT in overall security and safety applications is identified as a key driver of the digital door lock systems market. IoT has expanded in every sector of the global economy in recent years. Moreover, IoT delivers effective and convenient services at any time, in any place, beyond economic and technical boundaries.
The modern economy, along with rapid industrialization is driving the demand for convenient and technically advanced door safety solutions in not only the commercial sector, but also in residential and industrial sectors
Digitization of economies plays a key role in consumer awareness and adoption of digital door lock systems across developing countries. High rate of smartphone penetration in countries such as China and India is anticipated to drive the demand for biometric locks in the near future.
Corporate offices and government buildings are also adopting IoT enabled door locks for improved safety and security of their premises
Key Market Trends
Extensive R&D activities coupled with strong investment in latest technology are key focus areas of digital door lock system manufacturers. Companies aim to design innovative products with advanced computing concepts such as grid computing, cluster computing, and cloud computing. Key cloud computing models include Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (Iaas). There are numerous opportunities for digital door lock system manufacturers and distributors in developing countries to cater to untapped markets.
Consumers are willing to pay for convenient and time saving services and products due to improved living standards and changing lifestyles. Furthermore, consumers increasingly prefer simplified smart home technology for convenient and effective product operation. Rising consumer awareness, increasing penetration of smartphones, and technological advancements are anticipated to drive the digital door lock systems market during the forecast period.
High Cost of Technological Development and Risk of Cyber Attacks
Technology plays a key role in the mechanism of digital door lock systems. As technology changes continuously, companies have to maintain the speed of product innovation and development according to end user needs and industry competition. It involves the integration of new technologies with the existing one or introduction of completely new ideas, recruitment of new and expert talents, and investment in R&D projects.
Although digital door lock systems offer convenient door safety; there is also a risk related to data security. Potential attackers can target cloud servers to obtain access to key information stored on data servers. If smart lock systems support web access, hackers can attack the web portal through cross-site scripting, code injection, etc. This, in turn, requires a comprehensive monitoring of hardware and software of digital door lock systems to ensure its integrity and reliability.
Based on type, the digital door lock systems market has been divided into keypad lock, RFID card digital lock, keyless remote lock, and biometrics lock. The demand for keypad locks and biometric locks is very high, and the trend is anticipated to continue during the forecast period, owing to the frequent launch of new products. The biometrics lock segment is further classified into fingerprint recognition, palm recognition, face recognition, voice recognition, iris recognition, and others. Fingerprint recognition segment accounted for a major revenue share in 2020 and is anticipated to expand at a CAGR of 18.4% during the forecast period.
Based on end use, the digital door lock systems market has been classified into commercial, residential, government, and industrial. The commercial segment accounted for a significant market share, in terms of revenue in 2020. Furthermore, the segment is estimated to record a CAGR of 14.5% during the forecast period.
The digital door lock systems market in Europe exhibits significant demand followed by North America and Asia Pacific.
The market growth in Europe can be attributed to significant consumer preference for digital door lock systems and willingness to spend on smart home technology. Furthermore, the market in the region is anticipated to register a CAGR of 10.3% during the forecast period.
In Asia Pacific, the market for digital door lock systems generated revenue worth US$ 2 Bn in 2020. China is a major country contributing to the overall demand for digital door lock systems in the region.
In North America, the market for digital door lock systems is projected to expand at a CAGR of 15.8% during the forecast period. A highly advanced smart home market and technology development by key companies such as Apple, Google, and Amazon is anticipated to drive the demand for digital door lock systems in North America.
Key players operating in the global digital door lock systems market are ADT, Inc., Onity Inc., Assa Abloy Group, Vivint, Inc., Allegion PLC, Godrej & Boyce Manufacturing Co. Ltd., Panasonic Corporation, Honeywell International, Inc., Spectrum Brands, Inc., and Salto Systems S.L.
Report Scope of the Digital Door Lock Systems Market
|US$ 32.5 Billion by 2030|
|ADT, Inc., Onity Inc., Assa Abloy Group, Vivint, Inc., Allegion PLC, Godrej & Boyce Manufacturing Co. Ltd., Panasonic Corporation, Honeywell International, Inc., Spectrum Brands, Inc., and Salto Systems S.L.|
This report focuses on digital door lock systems market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall digital door lock systems market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global digital door lock systems market.
The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.
In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).
The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the digital door lock systems market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the digital door lock systems market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Digital door lock systems market.
Market Segments: This part of the report discusses about product, application and other segments of the digital door lock systems market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.
The report provides in-depth segment analysis of the global digital door lock systems market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the digital door lock systems market.
The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.
This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.
The analysts have provided a comprehensive analysis of the competitive landscape of the global digital door lock systems market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users) and other segments.
The research methodology adopted by analysts for compiling the global digital door lock systems market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global digital door lock systems market.
The study objectives of this report are: