Digital door locks are locks that are installed on doors of various structures and can be operated with the convenience of applications on the user’s smartphone. These keyless locks operate on technologies such as Bluetooth and Wi-Fi.
Penetration of Smartphones & Mobile Broadband to Augment the Market Expansion
Smart devices are considered to be one of the major evolutionary innovations for commercial and residential spaces on the back of their sustainable, secure and convenient features.
Significant growth in the security concerns, along with advancement in wireless communication technologies have led to the development of digital security systems such as digital door locks.
The industry is at the inflection phase, mainly because of broader technology trends driving the overall smart home industry. However, smartphone penetration is sustaining expansion of the market for digital door locks. Declining prices of cloud infrastructure and mobile broadband have led to growing user convenience in remotely monitoring and controlling various electronic devices, and digital door locks are no exception.
The global market for digital door locks is characterized by significant opportunities for expansion in cloud-based lock management solutions and home-access solutions, owing to the advent of integrated connectivity.
There has been a rise in implementation of sophisticated technologies including Bluetooth, Z-wave/ZigBee, Wi-Fi, and near-field communication (NFC) in access locks, which in turn is providing a boost to advancement of digital door locks. In addition, inclusion of add-on-locks and capacitive touch screens in digital door locks are enhancing the consumer experience and proliferating adoption.
However, with growing market perceptions regarding problems associated with battery replacement, dead phones, power usage, and software security are likely to hinder the market growth in the upcoming years.
In addition, the market encompasses a huge cost of sustainable technology, thereby posing a challenge for penetration into emerging economies to a certain extent.
According to Fact.MR study, the global digital door lock system market is projected to grow at a CAGR of 30% in terms of volume during the period 2017-2026. In terms of value, over US$ 37 Bn worth of digital door lock systems have been sold globally by 2026-end.
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Demand for Iris Recognition Digital Door Lock Systems to Gain Traction
The report projects that the demand for fingerprint recognition digital door lock systems will lose traction over the forecast period. Malpractices such as the use of thin, pressure-sensitive films to replicate fingerprint impression continue create major concerns for the security measures of fingerprint recognition digital door lock systems.
On the other hand, the demand for iris recognition digital door lock systems is expected to incur considerable gains, and register a CAGR of 41.3% in terms of volume over the forecast period.
The report also projects that governments and commercial settings will be the largest end-users of digital door lock systems through 2026.
The report has profiled leading manufacturers of digital door lock systems, which include
- Godrej & Boyce Manufacturing Company Ltd.
- Honeywell International Inc.
- Cisco Systems Inc.
- Assa Abloy Group
- United Technologies Corporation
- Panasonic Corporation
- Siemens AG
- Vivint Inc.
- Nestwell Technologies
- ABB Ltd.
- Allegion PLC
- Hitachi Ltd.
- Hanman International Pte Ltd.
- Dormakaba Holding AG
- Xeeder Technology Co. Ltd
- Wintec Electronic Tech Co. Ltd.
- Tyco International Ltd.
- Stone Lock
- Adel Lock.
These companies are likely to instrument the expansion of the global digital door lock systems market through 2026.
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Digital Door Lock System Market Scope Of The Report
The global digital door lock systems market will continue to be driven by growing number of security breaches and thefts to physical assets and real estate properties.
The adoption of digital door lock systems will witness an upsurge due to the increasing preference of consumers in using advance technologies for safeguarding their physical spaces.
Demand for digital door lock systems in residential and commercial sectors will witness considerable uptick, with manufacturers remaining focusing adding new features to make the security functions of their products more robust.
This report, compiled by Fact.MR, provides in-depth analysis of the global digital door lock system market for the forecast period 2017-2026, offering key insights on the growth prospects of the market.
The scope of the Fact.MR’s report is to analyze the global digital door lock systems market for the forecast period 2017-2026 and offer accurate and unbiased insights to the readers.
Digital door lock systems suppliers, stakeholders and manufacturers in the global information and communication technology industry can benefit from the analysis offered in this report.
Comprehensive analysis regarding the impact of technological advancements such as cloud computing, Internet of Things (IoT), big data and artificial intelligence is detailed in this report.
The comprehensive study throws light on various trends, dynamics and restrains shaping future of the market, which can serve as a platform of further study, interest and understanding for the leading industries, journals and trade magazines pertaining to global digital door lock systems market.
The report commences with introducing the current market scenario for digital door lock systems. The executive summary section of the report offers insights to users regarding the future scope of the global digital door lock systems market.
Brief information on the crucial aspects, statistics and facts on the global digital door lock systems keyword market is highlighted in this section.
The next section offers an overview of the global digital door lock systems market. This section includes definition of the product – digital door lock systems, along with insights on dynamics contributing towards growth of the market.
The overview also throws light on Year-on-Year growth and market value defining the future progress and decline of the global digital door lock systems.
Statistics on the Year-on-Year growth provides readers with a broader view on expected progress patterns reshaping growth over the forecast period.
In the succeeding section, the report offers insights on major trends, retrains and drivers from demand, supply and macro-economic perspectives.
The report also focuses on impact analysis of key drivers and restraints that offers better decision-making insights to clients.
The report further provides the readers with information on the leading technology and advancements traced in the global digital door lock systems market.
Up-to-date information and latest advancements regarding growth opportunities can benefit the leading manufacturers of digital door lock systems.
With continuous evolution and advancements in technology, tracking the latest trends and developments is fundamental for digital door lock systems manufacturers to formulate key business strategies.
Detailed insights regarding the supply chain, list of distributors, raw material sourcing, cost structure, and pricing analysis are provided in this section.
Considering the global digital door lock systems market’s wide scope, Fact.MR’s report provides in-depth insights & forecast based on segment-wise analysis.
The digital door lock systems market has been categorized on the basis of product type, end-user, and region. This sections delivers a comprehensive segmentation analysis, along with a detailed country-wise forecast offered on all parameters.
In the last section, the report provides information regarding the competitive landscape, along with a dashboard view of the market players and company analysis.
This competitive intelligence is based on the providers’ categories across the value chain, and their presence in the global digital door lock systems market.
Fact.MR is committed to offer unbiased and independent market research solutions to its clients. Each market report of Fact.MR is compiled after months of exhaustive research.
We bank on a mix of tried-and-tested and innovative research methodologies to offer the most comprehensive and accurate information. Our main sources of research include,
- Primary research
- Secondary research
- Trade research
- Focused interviews
- Social media analysis
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