Digital Door Lock System Market to Top US$ 47 Bn as Government Focuses on Ramping up the Security

NEW YORK, Jan. 4, 2022 /PRNewswire/ -- The global digital door lock system market size is projected to reach US$ 47 Bn, exhibiting growth at 18% CAGR between 2022 and 2032, predicts Fact.MR. Emergence of novel technologies, such as big data and artificial intelligence in the smart lock industry is anticipated to drive the market in the upcoming years.

Integration of innovative technologies with digital door lock systems is likely to accelerate the demand for smart homes. Germany, for instance, is considered to be one of the most prominent smart home building countries in Europe. Sales of digital door lock systems in Germany are anticipated to reach US$ 1 Bn in 2022.

Further, rising adoption of smartphones is set to propel the digital door lock system market across the globe. Increasing usage of the mobile internet and development of the cloud infrastructure are also expected to make it possible for people to operate and monitor these door lock systems from any part of the globe.

As per the Electronic Frontiers Australia (EFA), around 88% of the population owns a smartphone in Australia. Hence, the country is considered to be one of the earliest adopters of such technology.

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"Increasing usage of weather resistant digital door lock systems for protecting outdoor spaces is anticipated to fuel the growth. In addition, constant enhancement of external door locks of the government buildings for security purposes is expected to drive the demand," says a Fact.MR analyst.

Key Takeaways:

• The U.S. is likely to account for 21% of the market share on the back of the surging usage of mobile devices to handle regular manual operations.
• Germany is estimated to generate around US$ 3 Bn in 2032 owing to the rising initiatives of the government to develop smart or automated homes in this country.
• North America is expected to top US$ 11 Bn on the back of rising usage of wireless communication technologies in the U.S.
• Europe is set to generate US$ 3 Bn in terms of share backed by the early adoption of novel technology in Germany
• East Asia is anticipated to hold about 27% of the market share, with China leading the growth in the region.
• In terms of product type, the fingerprint recognition digital door lock system segment is expected to dominate by accounting for 18% of share in the forthcoming years.
• Based on end-user, the residential segment is projected to dominate the market in terms of share owing to the trend of allowing one-time key access to workmen.

Growth Drivers:

• Growing inclination towards keyless access for common amenities, such as recreational spaces and restrooms is set to drive the market.
• Rising proliferation of power over Ethernet technology in numerous Western European countries is anticipated to propel the demand for digital door lock systems.
• High demand for wireless home accessories which can be connected through smartphones and monitored from anywhere in the world is expected to fuel the market.

Restraints:

• As digital door lock systems are operated with the internet, hackers may try to get easy access to these devices, limiting sales.

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Competitive Landscape

Key players operating in the digital door lock system market are focusing on introducing unique products to broaden their portfolios and strengthen their positions. Meanwhile, some of the other players are aiming to expand their distribution networks and provide additional features to customers for gaining a competitive edge in the market.

For instance,

• December 2021: Apple, a multinational technology company based in the U.S., announced that Apple Watch and iPhone owners would be able to store digital hotel keys on their devices. The company started this service with Hyatt Hotels and users can use the Apple Wallet app to gain entry to their locked hotel rooms. This facility is available in six Hyatt hotels in the U.S.
• November 2021: Godrej & Boyce, a flagship company of the Godrej Group, joined hands with Liberty General Insurance Ltd. to provide burglary insurance of up to Rs 1,280 crore to its customers. It would be applicable for customers using the company's Pentabolt, Advantis, Altrix & Astro, Pentabolt EXS+, and the newly launched Spacetek Pro.
• April 2020: Godrej Locks, a manufacturer of advanced mechanical locks headquartered in India, launched its new age 100% 'Made in India' digital lock called Spacetek. It is equipped with state-of-the-art features, such as volume control, 360-degree fingerprint recognition, break-in alarm, spy code, external power bank charging, and low battery indicator.

Key Players in the Digital Door Lock System Market Include:

• Godrej & Boyce Manufacturing Company Ltd
• Honeywell International Inc.
• Siemens AG
• Nestwell Technologies
• Assa Abloy Group

More Valuable Insights on Digital Door Lock System Market

Fact.MR provides an unbiased analysis of the digital door lock system market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global digital door lock system market with a detailed segmentation on the basis of:

Product Type

• Face Recognition Digital Door Lock System
• Iris Recognition Digital Door Lock System
• Vein and Palm Recognition Digital Door Lock System
• Voice Recognition Digital Door Lock System
• Signature Recognition Digital Door Lock System
• Fingerprint Recognition Digital Door Lock System
• Magnetic Stripe Locks Digital Door Lock System
• Electromagnetic Door Locks Digital Door Lock System
• Electric Strike Locks Digital Door Lock System
• Other Digital Door Lock System

End-user

• Government
• Commercial
• Industrial
• Residential

Region

• North America
• Europe
• East Asia
• MEA
• Latin America
• South Asia & Oceania

Key Questions Covered in Digital Door Lock System Market Report

• The report offers insight into the digital door lock system market demand outlook for 2022-2032.
• The market study also highlights projected sales growth for digital door lock system market between 2022 and 2032.
• Digital door lock system market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
• Digital door lock system market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.

Explore Fact.MR's Coverage on the Technology Domain –

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Wireless Security System Market Scope - In the future years, the wireless security system market is likely to be driven by the increased adoption of wireless security systems for residential security. Because they enable home automation and stay operational even when the lights go out, wireless security systems are gradually replacing various traditional kinds.

Biometric Authentication Solution Market Analysis - Biometric authentication solutions are being more widely used as the demand for improved security and identification systems grow. The growing reliance on digital technologies and automation is likely to fuel the expansion.

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SOURCE Fact.MR