Digital Door Lock Systems Market Size to Reach USD 4,15.1 Million at a 17.1% CAGR by 2030- Report by Market Research Future (MRFR)
Keyless Digital Locks, the Latest Trend Driving the Digital Door Lock Systems Market
Tokyo, Japan, April 27, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Digital Door Lock Systems Market Research Report: by Type, by End-User – Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 4,15.1 million by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 17.1% during the assessment timeframe.
Digital Door Lock Systems Market Insights
Digital door lock systems are high-tech electronic locks offering advanced locking solutions. These locks have keypads, as well as a biometric secured locking system offering fool-proof safety features. Advanced digital locks come with features such as fingerprint sensing technology, PIN, RFID, OTP, Bluetooth unlocking, and manual key access with a door unlocking speed of merely 0.5 seconds.
The OTP feature allows the administrator to create an OTP using a mobile application to grant access for a short period to unlock the digital lock. Some digital locks also offer a unique feature that allows users to check the past unlocking history through their official mobile app. Digital door lock systems are witnessing a high implementation rate in residential and commercial premises.
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Digital Door Lock Systems Market Key Players
The leading players in the digital door lock systems market are-
- Onity Inc., ADT, Inc.,
- Honeywell International, Inc.,
- Panasonic Corporation,
- Salto Systems S.L.,
- Spectrum Brands, Inc.,
- Vivint, Inc., Assa Abloy Group,
- Allegion PLC.,
- Godrej & Boyce Manufacturing Co. Ltd.,
|Revenue Forecast in 2030||USD 4,15.1 Million|
|Growth Rate||CAGR of 17.1% from 2022 to 2030|
|Key Market Opportunities||The proliferation of smart homes and smart connected devices provides vast impetus to the growth of the digital door lock systems market.|
|Key Market Drivers||There has been a major and significant growth related to security concerns.|
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The market is witnessing substantial R&D investments and technological advances. There are a large number of innovations, enabling the digital door lock systems market to garner significant revenue gains. Features like safety sensors and smartphone integration are already becoming common. The augmenting demand for improved, connected security by end-users substantiates the market size.
The proliferation of smart homes and smart connected devices provides vast impetus to the growth of the digital door lock systems market. Furthermore, advances in digital technologies foster market growth. Despite demonstrating many growth opportunities, the market still confronts various major headwinds, such as the lack of awareness about the product benefits, high development, implementation, maintenance costs, and, most importantly, cybersecurity & power failure concerns.
Also, the high prices and installation costs can affect market profitability. These factors are expected to restrict expansion possibilities for the market during the forecast period. Nevertheless, the rising need for security & safety solutions among patrons, adoption of advanced technologies, and innovations would support the market growth throughout the assessment period.
The digital door lock systems market is segmented into types, end-users, and regions. The type segment is sub-segmented into biometrics and keypads. The end-user segment is further sub-segmented into commercial, industrial, residential, government, and others. By regions, the digital door lock systems market is segmented into the Americas, Europe, Asia-Pacific, and the Rest-of-the-World.
North America dominates the global digital door lock systems market with the largest market share. Technological advancement and increased adoption of smart locking systems are key driving forces for this market growth. Besides, the rising demand and availability of quality digital door lock systems solutions in the region substantiate the market size. The North American digital door lock systems market is poised to continue with its dominance throughout the assessment period.
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The Europe region is another promising market for smart locks witnessing tremendous growth. The increasing adoption of smart locks by small and medium-scale businesses and the increasing number of data centers boost the region’s market shares. Growing demand from the hospitability sector is another key driving force boosting the region’s digital door lock systems market share.
The digital door lock systems market in the APAC region is witnessing a rapid expansion stage. The wide adoption of these devices across the end-user markets is the main driving force behind the market growth. India, China, and Japan are leading markets for smart locks placing the region in the leading position. The APAC digital door lock systems market has been valued hugely in the past and is expected to grow further over previous growth records by the end of the forecasted period.
The digital door lock systems market appears highly competitive and fragmented, with many leading players having international and regional footprints forming a competitive landscape. Manufacturers strive to deliver keyless digital locks that can offer the best level of security. However, making more intelligent devices a reality requires a high level of hardware and software technology innovations and adoption.
Therefore, digital lock manufacturers continuously look for new, 10X security-focused ways to make that happen. MRFR Analysis observes two kinds of new entrants in the market established companies from adjacent industries and technology start-ups. Players incorporate acquisition, partnership, collaboration, expansion, and product & technology launches to gain a competitive advantage and stay at the forefront of market competition.
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For instance, on Oct 25, 2022, Precise Biometrics (Sweden), a leading global provider of identification software and locking solutions, announced that it has integrated its BioMatch algorithm solution with the fingerprint module placed on the lock handle to offer enhanced security and performance with authentication rejection.
BioMatch is developed in partnership with a sensor manufacturer, Betterlife. The BioMatch’s integration into fingerprint sensors will be used for the latest digital door lock model. In addition to fingerprint identification with more fingerprint features, these new locks meet the ultra-low power consumption requirements preferred by the door lock industry. Furthermore, this advanced lock is packed with futuristic functions that are also simple to use.
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