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:
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
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Market Dynamics- Drivers
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.
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
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.
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.
Digital Door Lock System Market Report Coverage
Report Coverage | Details | ||
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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: |
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Segments covered: |
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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 |
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Growth Drivers: |
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Restraints & Challenges: |
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Market Trends
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.
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
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Key Takeaways of the Graph:
Market Dynamics- Restraints
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.
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
Frequently Asked Questions
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