all report title image

Digital door locks are designed to replace keys to additional automation features such as remote locking and unlocking. Digital door locks provide a low-cost safety solution, which is easy to install for buildings that require a reliable means of access control. There are different types of digital door lock systems including face recognition, voice recognition, iris recognition, fingerprint recognition, signature recognition, and palm recognition. There are also magnetic stripe locks, electromechanical door locks, and electric strike locks.

The global digital door lock system market is estimated to be valued at US$ 4,617.5 million in 2021 and is expected to exhibit a CAGR of 34.0 % over the forecast period (2021-2028).

Recent Developments:

  1. In August 2021 ASSA ABLOY acquired capital door service a leading pedestrian door distributor and service company
  2. In January 2020 Honeywell, collaborated with Etisalat Misr a world's leading telecom groups to install digital solutions in Egypt's new intelligent city. The agreement was signed during the Intersec 2020 Conference in Dubai.
  3. In December 2019, Hangzhou Hikvision Digital Technology launched the DS-KV8X13/DS-KV61X3 series of IP Villa Door Stations, which offer a simpler video intercom solution for homes and small buildings, as well as increased convenience and security at the front door. Both flush and surface mounting options are provided in the DS-KV8X13 series, allowing for a more flexible installation.

Europe (Region) held dominant position in the global digital door lock system market in 2020, accounting for 32.7% share in terms of volume, followed by North America and Asia Pacific respectively.

Figure 1. Global Digital Door Lock System Market Value (US$ Mn), by Region, 2020

Digital Door Lock System  | Coherent Market Insights

Market Dynamics- Drivers

  1. High growth of micro, small, and medium enterprises (MSMEs) is expected to drive growth of the global digital door lock system market during the forecast period

According to Coherent Market Insights’ analysis, there are around 120+ million formal MSMEs operating across the world with 89+ million operating in emerging economies such as India, China, and Southeast Asia countries. Formal MSMEs are more common in high-income economies such as OECD, non-OECD group, and the EU. However, in low and middle-income economies, MSME density is growing at a faster pace, especially in the Middle East, Latin America and the Caribbean, South Asia and East Asia, and Pacific regions. Therefore, these factors are expected to drive growth of the global digital door lock system market during the forecast period.

  1. Rising investments and economic growth in emerging markets is expected to propel the global digital door lock system market growth over the forecast period

Markets such as India, China, and the Southeast Asian countries are expected to emerge as new economic destinations inviting businesses from across the world into different industry verticals. Initiatives from stable governments across these countries ensure smooth economic development that favors a peaceful investing environment. For instance, India, the Central government aims to facilitate investments in technology, resources, and scientific applications; programs such as “Make in India” are being commissioned to achieve this goal. The program will lead to employment generation, as well as the setting up of more small and mid-sized formal enterprises supporting large corporations across different industry verticals, allowing private investments. Therefore, these factors are expected to propel the global digital door lock system market growth over the forecast period.

Market Opportunity

  1. The cost-efficient solution can present lucrative growth opportunities in the global digital door lock system market

Cost-efficient products can present major growth opportunities for key market players. Consumers are seeking products that offer value-for-money and enhanced features. Currently, companies offer products and services that most people cannot afford. Other overhead costs make the situation even worse for large-scale global customer acceptance. On the contrary, customers will be more than happy to use those services that give them better value for their money and greater quality.

  1. Maximizing brand presences can offer major business opportunities in the global digital door lock market

Another opportunity lies with addressing issues that customers generally face, like limited brand awareness and unfamiliarity with the advancements occurring in home security solutions. Increased market presence and customer touch points would overall result in greater brand awareness. In most parts of the world, people are still not very well informed about the availability of low-cost alternative door lock solutions in the market. The opportunity lies with targeting untouched markets and making the most of being the first and the best.

CMI table icon

Digital Door Lock System Market Report Coverage

Report Coverage Details
Base Year: 2020 Market Size in 2021: US$ 4,617.5 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2021 to 2028
Forecast Period 2021 to 2028 CAGR: 34.0% 2028 Value Projection: US$ 35,924.4 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia & New Zealand , South Korea, and Rest of Asia Pacific
  • Middle East and Africa: GCC Countries, South Africa, and Rest of Middle East and Africa
Segments covered:
  • By Product: Biometrics (Face Recognition, Iris Recognition, Palm Recognition, Voice Recognition, Signature Recognition, Fingerprint Recognition), Keypad Locks(Magnetic Stripe Locks, Electromechanical Door Locks, Electric Strike Locks)
  • By End-use: Government, Commercial, Industrial, Residential
Companies covered:

Honeywell International Inc., Dorma+Kaba Holdings AG, Godrej & Boyce Manufacturing Company Ltd., Samsung Electronics Co Ltd, Assa Abloy Group, Vivint, Inc., Cisco Systems, Inc., Nestwell Technologies, United Technologies Corporation, Panasonic Corporation, and Siemens AG., Hangzhou Hikvision Digital Technology, Hero Electronix

Growth Drivers:
  • High growth of micro, small, and medium enterprises (MSMEs)
Restraints & Challenges:
  • Decreasing ownership-to-renting ratio worldwide

Market Trends

  1. Rapid growth of smart homes and applications is a key trend

Smart home applications are in demand and are supported by the increased usage of smartphones and tablets in the market. Residential security has become a major part of various smart home applications that people are adopting these days. Security has become the main feature of smart applications used for homes. People are opting for the latest technologies and solutions available in the market for a high level of security and automation in their home premises.

  1. Emergence of luxury lifestyle

Luxury housing construction projects are using the home security solution feature as one of the major unique selling points for attracting affluent customer segments. Smart security and automation have become an important decision making factor for purchasing any house or property. The changing consumer’s way of looking towards luxury has given more stress on safety and security apart from comfort and antique designs for enhancing their quality of living.

Figure 2. Global Digital Door Lock System Market Share, By End use, 2020

Digital Door Lock System  | Coherent Market Insights

Key Takeaways of the Graph:

  • The Commercial held dominant position in the market and accounted for 4% share in the global digital door lock system market in 2020. The segment is expected to reach US$ 11,600.9 million in 2028.owing to growing smart cities and industrial projects

Market Dynamics- Restraints

  1. Decreasing ownership-to-renting ration worldwide is expected to restrain growth of the global digital door lock system market during the forecast period

Digital door locks are typically is used in residential spaces where a number of people renting homes. Homeownership has been in decline in the recent past due to a steep rise in property prices across the world. Furthermore, those working in the private sector are more prone to changing locations with frequency, especially if they have migrated away from their home towns. People who are renting usually do not want to invest big in their temporary rental properties, which ultimately do not belong to them. On the contrary, landlords show the least interest in digital door lock technologies due to existing renting price structures, which could lead to extra investment. Therefore, these factors are expected to restrain growth of the global digital door lock system market during the forecast period.

  1. Low IT literacy among consumers is expected to hamper the global digital door lock system market growth over the forecast period

Although consumers are aware of the need for installing hi-tech digital door lock systems, they have little to no knowledge about the latest equipment or reliable companies that offer satisfactory services at a reasonable cost. IT literacy plays a major role in making the right decisions in choosing the best deal according to the need and available options. Low penetration of high-speed Internet and limited IT interaction globally have resulted in limited awareness about home-security-related options available around the globe. According to the World Bank, in 2014, around 45% of the global population had used the Internet. That figure is rising at an average rate of 2% as compared to 2013. Therefore, these factors are expected to hamper the global digital door lock system market growth over the forecast period.

Competitive Section

Key companies operating in the global digital door lock system market are Honeywell International Inc., Dorma+Kaba Holdings AG, Godrej & Boyce Manufacturing Company Ltd., Samsung Electronics Co Ltd, Assa Abloy Group, Vivint, Inc., Cisco Systems, Inc., Nestwell Technologies, United Technologies Corporation, Panasonic Corporation, and Siemens AG., Hangzhou Hikvision Digital Technology, Hero Electronix

Key Developments

  1. Key market players are focused on partnerships, in order to expand the product portfolio. For instance, In August 2020, Assa Abloy acquired 93% share of Swiss company and Agta record a leading manufacturers of automatic door systems the acquisition strengthen the position of Assa Abloy in digital door lock market
  2. Key companies are involved in product launches, in order to enhance the market presence. For instance, In October 2021, Godrej launched Locks Advantis 5259 ABS Plastic Digital Door Lock

A digital door lock system comprises various components like an auto-recognition keypad, proximity sensor, digital keypad, voice command module, and photoelectric beam. The auto-recognition keypad authenticates the access code provided by the user and performs the necessary operations in seconds. Upon activation of the voice command module, the user may either open or close the door of the house. The proximity sensor detects movement in front and behind the door and activates the digital keypad if any such movement is detected. The digital door lock system comes with automatic and manual adjustment features that enable the users to fine-tune the level of protection available against unwanted access by others.

Market Dynamics:

Rapidly growing micro, small, and medium enterprises (MSMEs) and increasing investments and economic growth in emerging markets is driving growth of the digital door lock system market. As per the MSME Ministry data, as of May 16, 2021, Registered micro-enterprises stood at ~ 28 lakh (93%), followed by small enterprises at 1.78 lakh (6%) and midsized enterprises at 24,657 (1%) in India. The Indian MSMEs sector contributes about 29% towards the GDP through its national and international trade. Moreover, growing smart homes around the globe is again propelling growth of the market. 

Low IT literacy among consumers and decreasing ownership-to-renting ratio worldwide are factors expected to restrict growth of the market.

Key features of the study:

  • This report provides in-depth analysis of the digital door lock system market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2021–2028), considering 2020 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global digital door lock system market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include Honeywell International Inc., Dorma+Kaba Holdings AG, Godrej & Boyce Manufacturing Company Ltd., Samsung Electronics Co Ltd, Assa Abloy Group, Vivint, Inc., Cisco Systems, Inc., Nestwell Technologies, United Technologies Corporation, Panasonic Corporation, and Siemens AG.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global digital door lock system market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global digital door lock system market

Detailed Segmentation:

  • Global Digital Door Lock System Market, By Product:
    • Biometrics
      • Face Recognition
      • Iris Recognition
      • Palm Recognition
      • Voice Recognition
      • Signature Recognition
      • Fingerprint Recognition
    • Keypad Locks
      • Magnetic Stripe Locks
      • Electromechanical Door Locks
      • Electric Strike Locks
  • Global Digital Door Lock System Market, By End-use:
    • Government
    • Commercial
    • Industrial
    • Residential
  • Global Digital Door Lock System Market, By Region:
    • North America
      • By Country
        • U.S.
        • Canada
    • Asia Pacific
      • By Country
        • China
        • India
        • Japan
        • Australia & New Zealand
        • South Korea
        • Rest of Asia Pacific
    • Europe
      • By Country
        • Germany
        • Italy
        • U.K.
        • France
        • Spain
        • Russia
        • Rest of Europe
    • Latin America
      • By Country
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Middle East & Africa
      • By Country
        • GCC Countries
        • South Africa
        • Rest of Middle East and Africa
  • Company Profiles
    • Honeywell International Inc. *
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Dorma+Kaba Holdings AG
    • Godrej & Boyce Manufacturing Company Ltd.,
    • Samsung Electronics Co Ltd
    • Assa Abloy Group
    • Vivint, Inc
    • Cisco Systems, Inc.
    • Nestwell Technologies,
    • United Technologies Corporation
    • Panasonic Corporation,
    • Siemens AG.

Frequently Asked Questions

The global digital door lock system market size is estimated to be valued at US$ 4,617.5 Million in 2021 and is expected to exhibit a CAGR of 34.0% between 2021 and 2028.
High growth of micro, small, and medium enterprises (MSMEs) is fueling growth of market.
The Europe segment is the leading component segment in the market.
Decreasing ownership-to-renting ratio worldwide is expected to hinder growth of the market.
Major players operating in the market include, Honeywell International Inc., Dorma+Kaba Holdings AG, Godrej & Boyce Manufacturing Company Ltd., Samsung Electronics Co Ltd, Assa Abloy Group, Vivint, Inc., Cisco Systems, Inc., Nestwell Technologies, United Technologies Corporation, Panasonic Corporation, and Siemens AG., Hangzhou Hikvision Digital Technology, Hero Electronix

Related Reports

EXISTING CLIENTELE

Joining thousands of companies around the world committed to making the Excellent Business Solutions.

View All Our Clients
trusted clients logo