Digital Door Lock Systems Market: Comparison By Regions, Types, Trends And Applications 2020-2030

 Digital Door Lock Systems Market: Introduction

Transparency Market Research delivers key insights into the global digital door lock systems market. In terms of revenue, the global digital door lock systems market is estimated to expand at a CAGR of ~14% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global digital door lock systems market.

The global market for digital door lock systems is largely affected by numerous factors, including a techno-savvy population and growing adoption of digital door lock systems for home security and safety. The rising trend of smart home technology is driving the global market for digital door lock systems.

Digital Door Lock Systems Market: Key Segments

The global market for digital door lock systems has been segmented by type, end use, and region. Based on type, the digital door lock systems market has been divided into keypad lock, RFID card digital lock, keyless remote lock, and biometrics lock. The demand for keypad locks and biometric locks is very high, and the trend is anticipated to continue during the forecast period, owing to the frequent launch of new products. The biometrics lock segment is further classified into fingerprint recognition, palm recognition, face recognition, voice recognition, iris recognition, and others. Fingerprint recognition segment accounted for a major revenue share in 2019 and is anticipated to expand at a CAGR of 18.4% during the forecast period.

Rising Adoption of IoT in Door Safety and Security Solutions: A Key Driver of Digital Door Lock Systems Market

• Increasing importance of IoT in overall security and safety applications is identified as a key driver of the digital door lock systems market. IoT has expanded in every sector of the global economy in recent years. Moreover, IoT delivers effective and convenient services at any time, in any place, beyond economic and technical boundaries.
• The modern economy, along with rapid industrialization is driving the demand for convenient and technically advanced door safety solutions in not only the commercial sector, but also in residential and industrial sectors
• Digitization of economies plays a key role in consumer awareness and adoption of digital door lock systems across developing countries. High rate of smartphone penetration in countries such as China and India is anticipated to drive the demand for biometric locks in the near future.
• Corporate offices and government buildings are also adopting IoT enabled door locks for improved safety and security of their premises

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Based on end use, the digital door lock systems market has been classified into commercial, residential, government, and industrial. The commercial segment accounted for a significant market share, in terms of revenue in 2019. Furthermore, the segment is estimated to record a CAGR of 14.4% during the forecast period.

Digital Door Lock Systems Market: Prominent Regions

The global market for digital door lock systems has been divided into North America (U.S., Canada, and Rest of North America), Europe (Germany, U.K., France, and Rest of Europe), Asia Pacific (China, Japan, India, and Rest of Asia Pacific), Middle East & Africa (GCC Countries, South Africa, and Rest of Middle East & Africa), and South America (Brazil and Rest of South America). The digital door lock systems market in Europe exhibits significant demand followed by North America and Asia Pacific.

The market growth in Europe can be attributed to significant consumer preference for digital door lock systems and willingness to spend on smart home technology. Furthermore, the market in the region is anticipated to register a CAGR of 10.3% during the forecast period. In Asia Pacific, the market for digital door lock systems generated revenue worth US$ 1.9 Bn in 2019. China is a major country contributing to the overall demand for digital door lock systems in the region. In North America, the market for digital door lock systems is projected to expand at a CAGR of 15.8% during the forecast period. A highly advanced smart home market and technology development by key companies such as Apple, Google, and Amazon is anticipated to drive the demand for digital door lock systems in North America.

Digital Door Lock Systems Market: Key Players

Key players operating in the global digital door lock systems market are ADT, Inc., Onity Inc., Assa Abloy Group, Vivint, Inc., Allegion PLC, Godrej & Boyce Manufacturing Co. Ltd., Panasonic Corporation, Honeywell International, Inc., Spectrum Brands, Inc., and Salto Systems S.L.

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