According to Stratistics MRC, the Global Digital Door Lock Systems Market accounted for $2.61 billion in 2019 and is expected to reach $20.19 billion by 2027 growing at a CAGR of 29.1% during the forecast period.
Expansion of the urban population in emerging economies, and the development of the construction sector are the factors driving the market growth. However, the high cost of digital door locks system and the need for regular proper maintenance may hinder the market growth.
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Digital door lock systems provide a low cost, easy to install security solution for buildings that needs an authentic means of access control. It is implemented in the areas where the allocations of keys or cards are not viable due to the number of people entering and exiting the building. Nowadays there are various models of digital lock systems available in the market that can offer a powerful access control solution for everything from heavy-duty appliances like airports to low-security requirements like offices. The digital door lock systems are generally used in commercial buildings like hospitals, school and offices, as they may have many digital locks located all over the building to secure distinct areas in a building.
By type, the biometrics lock segment is anticipated to dominate the highest market of the digital door lock systems and is additionally expected to rise at the highest rate over the forecast period due to the increasing deployment of high-level security solutions. The expansion of the biometrics lock is also due to the wide-scale deployment of fingerprint recognition devices across residential and commercial sectors.
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By geography, North America is expected to have the highest market share during the forecast period. The U.S. and Canada are dominating the North America market due to rising technological enhancements and increasing demand for safety and security in the region. Moreover, the region has a well-established infrastructure, which allows faster implementation of advanced technologies. Additionally, the growing adoption of convenient safety solutions is another major factor driving the growth of the digital door lock systems market in the region.
Some of the key players profiled in the Digital Door Lock Market Systems include Cisco Systems Inc, Godrej & Boyce, Hanman International Pvt Ltd, Hitachi Ltd, Honeywell International Inc, Assa Abloy Group, Nestwell Technologies, Panasonic Corporation, Siemens AG, Wintec Electronic Tech Co. Ltd, The ASSA Abloy Group, United Technologies Corporation, Vivint Inc and Xeeder Technology Ltd Company.
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• Keyless Remote Lock
• Biometrics Lock
• Keypad Lock
End Users Covered
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
– Market share assessments for the regional and country level segments
– Market share analysis of the top industry players
– Strategic recommendations for the new entrants
– Market forecasts for a minimum of 9 years of all the mentioned segments, sub-segments, and the regional markets
– Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
– Strategic recommendations in key business segments based on the market estimations
– Competitive landscaping mapping the key common trends
– Company profiling with detailed strategies, financials, and recent developments
– Supply chain trends mapping the latest technological advancements
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