Digital door locks are designed to provide a low-cost safety solution, which is easy to install for buildings locking and unlocking. 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.
Market Statistics:
The global digital door lock system market is expected to surpass US$ 35,924.4 Mn in terms of value by the end of 2028.
Market Driver
The emergence of managed security solutions at affordable prices is expected to drive growth of the global digital door lock system market during the forecast period
Home security solutions are usually focused on key concerns of consumers such as home intrusions, burglary, and other property security issues. This is done by providing state-of-the-art technology with enhanced equipment and intelligent operations. Technical difficulties such as maintenance, complexities, and glitches that are faced by consumers are handled by managed security service providers. Therefore, these factors are expected to drive growth of the global digital door lock system market during the forecast period.
Market Opportunity
Interoperability of multiple devices can provide major business opportunities in the global digital door lock system market
There is great scope for improvements in terms of compatibility and accessibility between digital door lock technologies with different platforms and interfaces. Interoperability with a high level of convergence would lead to greater market attraction. This would also lead to the growth of enabling technologies and platforms. For instance, smartphones can act as single control mechanisms for multiple devices. They can be applied for security devices as well. Moreover, this would help reduce the investment costs on hardware drastically, thereby expanding the potential customer base.
Global Digital Door Lock System Market: Recent Developments
- 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.
- In November 2019, ASSA ABLOY signed agreement to acquire AM Group, an Australian industrial door manufacturer that specialized in entry automation, in November 2019. The purchase will be a good fit for the company, which specialises in creative entry automation
- In November 2021, Hero Electronix launches new Qubo Smart Door Lock and Smart Cam 360 in India
Market Restraint
High cost of security systems is expected to hinder the global digital door lock system market growth over the forecast period
The digital door lock system is significantly expensive as compared to conventional lock systems. Moreover, the maintenance, repairs, and troubleshooting charges compel them to take assistance from managed service providers, which again becomes a costly affair. On the contrary, managed security options available for consumers come with overhead costs other than rental charges like installation, activation, maintenance, and upgrades. Hence, these factors are expected to hinder the global digital door lock system market growth over the forecast period.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/digital-door-lock-system-market-806
Global Digital Door Lock System Market - Impact of Coronavirus (Covid-19) Pandemic
The Covid-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by government to curb the spread of the infection, companies are looking to function remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Additionally, various companies had shutdowns their manufacturing units which had an adverse impact on digital door lock system market.
Key Takeaways:
- The global digital door lock system market was valued at US$ 3,422.1 Mn in 2020 and is forecast to reach a value of US$ 35,924.4 Mn by 2028 at a CAGR of 34.0% between 2021 and 2028.
- The Biometrics segment was valued US$ 2,389.6 Mn in 2020 and is expected to witness a CAGR of 34.8% over the forecast period
Market Trends
- North America Trends
Increasing number of residential constructions
Developments in the residential sector in North America include new concepts such as integration of home automation and security, intelligent buildings as well as service bundling. Security service companies wider service offerings which is interpreted as a major step to seize back the opportunities lost to home automation services. Demand for digital door lock solutions/smart locks continues to grow in the region with the recovery in residential construction activities, as well as a rise in improvement and renovation activities in the residential infrastructure.
- Europe Trends
Robust growth of small & medium commercial businesses
The Digital Door Lock System market in the European region includes EU7 (UK, Italy, Spain, France, Germany, Belgium, and the Netherlands), CIS countries, and the rest of the European countries. The Europe region is the second-largest Digital Door Lock System market after the North America region. U.K., Germany, France, Italy, and Spain host a large number of small and medium enterprises. The region is already on the path to economic recovery after the Euro crisis in 2012, which had also forced major mid-sized and large enterprises to slash their IT and expansion spending which included workspace and new office location expansions.
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
