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I AgreeAnalysis of Digital Door Lock System market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global digital door lock system market is likely to reach a valuation of around US$ 9 Bn in 2022. The sales of digital door lock system are slated to accelerate at a steady CAGR of 18% to top US$ 47 Bn by 2032.
The advancement of fundamental technologies such as internet of things, artificial intelligence, cloud-based applications, big data, and others is driving the growth of smart lock industry. These cutting-edge technologies will be essential players in development of new smart door locks with a variety of features.
Tremendous growth in door locking system along with the high demand of wireless communication technologies have led to the development of advanced digital locking mechanisms which we can see in the digital door lock system.
Because of broader technology trends which is propelling overall smart home business, industry is at a turning point. Smartphone adoption, on the other hand, is fueling the growth of digital door lock industry. Declining cloud infrastructure and mobile internet rates have made it easier for users to monitor and operate numerous electronic items remotely, and digital door locks systems are no exception.
Fingerprint recognition digital door lock system category dominated global market with a share of 18% during the forecast period. Fingerprint recognition digital door are in high demand due to their superior maneuverability, increased operator comfort, easily accessible, high surveillance and low maintenance requirements.
During the projection period, strict enforcement regulations in various developed and emerging countries would be a crucial element in encouraging their adoption.
Digital Door Lock Market Size Value in 2022 | US$ 9 Bn |
Project Digital Door Lock Market Forecast Value in 2032 | US$ 47 Bn |
Global Digital Door Lock Market Growth Rate (2022-2032) | CAGR 18% |
Market Share of Top 5 Companies | 20%-25% |
Key Companies Profiled |
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Consumers' growing preference for keyless convenience in unlocking doors has fueled adoption of digital door lock systems. Digital door lock systems have a wide range of uses which allows manufacturers to expand their product lines. Consumers are demanding latest and most modern technology be integrated into their digital door lock systems with a focus on better and secure access. A variety of access platforms for digital door lock systems are available, ranging from fingerprints to keypads.
However, fabrication of such complex lock systems requires a significant investment. Furthermore, rise in cybercrime has slowed the adoption of digital door lock systems with wireless networking capabilities. Worldwide market for digital door lock systems is witnessing manufacturers' ongoing battle to create powerful security features and impregnable digital lock mainframes in order to gain trust of consumers.
Since demand of wireless home accessories is rising, smart home creation is becoming talk of town among consumers. Enhanced home application in terms of technology which connect through wireless connection and that can be monitored from anywhere eventually creating demand for smart products, digital door lock system is one of them. This has led digital door lock system market to evolve and expand at a growth rate of 18% over the assessment period.
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U.S. based digital door lock system market has been experiencing a decent growth in market driven by innovations and technology advancement. U.S. region is likely to dominate digital door lock system market in North America region owed due to increase in smart home demand and consumers are making extensive use of their mobile devices in wireless communication technologies to handle their regular manual operation’s which act as supporting pillar for digital door lock system.
This is likely to hold a market share of more than 21% in 2022 in global market and is expected to reach the market value of around US$ 11 Bn by the end of forecast period.
Germany is considered as one of prominent smart home building country in the European region. Smart homes are one of top priority for the government to avoid incident happening in remote homes that’s why they are more focusing on automated or smart homes. Growing proliferation of power over ethernet in several Western European countries has increased the scope for adoption of digital door lock systems and Germany is considers as a hub of novel technologies in the market. In Germany digital door lock system market is expected to hold a valuation of more than US$ 1 Bn in 2022 and to grow at a valuation of more than US$ 3 Bn in 2032 although having percentage decline in market share of around 12%.
Initial cost of fingerprint recognition is the main reason they are a worthwhile investment as compared to iris or palm systems which are hundreds of dollars more expensive than fingerprint locks yet they do same task. Because of additional parts and complex technology that have gone into high security locks which are only used in government sector, they are also significantly more expensive to repair if they break down.
One of the prominent attribute about face recognition digital door lock system is that it can come in hybrid manner by integrating face and iris recognition systems that’s why demand of face recognition digital door lock system is achieving insurmountable heights in terms of revenue generation. The fingerprint and face recognition digital door lock system market is expected to be valued at US$ 14 Bn in 2032.
Smart homeowners in urban parts or developing countries such as India, Indonesia are installing digital door lock systems and practicing a trend of allowing one-time key access to workmen for services such as cleaning or home services. Consumer prefer to invest in novel technologies with the intention of long life span of product which is included in smart home sphere and consider as wheel of fortune.
Application of weather resistant digital door lock systems to protect outdoor spaces has been gaining traction in global market. External locks of European and US government buildings are being actively upgraded to digital door lock systems.
Furthermore, consumers are witnessing a natural inclination towards keyless access for common amenities such as restrooms and recreational spaces. With developing nations focusing more on infrastructure development and smart infrastructure demand of digital door lock system is experiencing rapid growth.
Smart locks has potential for companies to expand through development and commercialization of innovations via institutional, corporate, college and university collaborations.
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The majority of companies discussed in the report have focused on expansion, investment, acquisitions, delivery focus, portfolio expansion, and brand development. The companies are focused on developing robust distribution network to cater to the wide spread customer base due to growing number of digital locks.
Similarly, recent developments by top providers of digital door lock system have been tracked by the team at Fact.MR, which are available in the detailed report.
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The global digital door lock system is likely to be worth of around US$ 9 Bn in 2022.
The digital door lock system is projected to increase at a CAGR of around 18% during 2022 – 2032.
The rising growth of internet of thing is driving the demand for digital door lock system.
Top 5 players of digital door lock system account for around 20% to 25% share in the market.
Top 5 countries driving demand for digital door lock system are the U.S., China, Germany, India and Japan.