Industry Outlook

Safety of physical possession is a big and continuously growing concern across the globe. Various security measure including digital door lock systems is incorporated on a considerable scale in order to curb activities such as illegal interference or unauthorized trespassing. This allowed digital door locks systems market to reach a market of US$ 4.19 Bn in 2020. Perpetual growth in crime associated with break-in expected to encourage the growth of digital door market system with a CAGR of 27.2% throughout the forecast period from 2021 to 2029. The market is projected to reach a mark of US$ 18.62 Bn in 2029 owing to the growing faith of several end-user in the system compared to conventional mechanical lock.

"Biometrics Door Locks to Safeguard its Market Dominance in Coming Years"

In 2020, biometrics door lock remains dominant over keypad locks in terms of market value. The system successfully installed the faith in consumers’ mind about the safety and security it provides. The systems are extensively used for several end-user such as government & corporate offices and in residential properties to some extent. Biometrics door lock systems use different body parts for authorization such as face recognition, iris recognition, palm recognition, voice recognition, signature recognition, and fingerprint recognition. Authentication via physical attributes ensures complete security as every individual has a unique feature which is almost impossible to imitate. Keypad lock system includes magnetic strip, electromagnetic door lock, and electric strike lock. Thes lock is losing its market share to biometrics systems owing to their vulnerability of hacking passwords and misusing of keycards responsible for authentication. Consequently, keypad door lock systems projected to witness a sluggish growth in coming years.

"Commercial End-user Stood Supreme Over Other End-user Segment in Terms of Market Value"

Commercial end-user including corporate offices, hotels, universities, dormitories, banking, and financial institutes rely extensively on digital door locks for authorized access. The number of aforementioned end-user are witnessing a consistent rise across the globe. This, in turn, encouraged the demand for digital door lock systems. Besides commercial end-user, government is the second biggest advisory of digital lock systems and consequently, ranked second in terms of market value. Government infrastructure needs multiple level security and digital door lock systems provides the optimum authorization solution to highly classified and confidential data. In addition, other government infrastructures such as museums, art galleries, and public libraries are trusted with such digital door lock system for security. Governments, especially in developing nations across the globe are rapidly incorporating such technology. Therefore the segment projected to progress considerably in coming years.

"Europe Region Reciprocated to the Growing Potential of Digital Door Locks Systems"

Countries in Europe are one of the earliest to incorporate digital door lock systems and at present crowned as leading region in terms of market value. Blooming hospitality industry in several European countries stimulated the growth of digital door lock systems in the region. North America trailed Europe in terms of market value. Government and commercial end-user played a vital role in boosting the need for the lock systems. However, growing industries and presence of number of small and medium scale companies incorporating door lock systems have put Asia Pacific on the fast lane of progress. Consequently, the region projected to grow with to maximum growth throughout the forecast period 2021 to 2029.

"New Entrants Needs to Take Each Step Prudently Before Stepping into the Market"

The market is characterized by some of the ace security service and consumer electronics manufacturers. Presence of such players has made the market highly competitive and extremely difficult for new entrants. New entrants and small local companies have to earn the trust of their consumers in order to cement their market share. However, continuous improvement in biometrics technology and security technology is one of the prime focus areas of these companies. Expanding geographic presence is another prominent strategy adopted by these companies to maintain their market position. The research study include business strategies and recent development of few of the most prominent players in digital door lock systems market includes Cisco Systems, Inc., Godrej & Boyce Manufacturing Company Ltd., Onity Inc., ADT Inc., Assa Abloy Group, Siemens AG, United Technologies Corporation, Vivint, Inc., Tyco International Ltd., Allegion PLC, Wintec Electronic Tech Co. Ltd. Honeywell International Inc., Panasonic Corporation, Johnson Controls, and August Home among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Digital Door Lock Systems market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Digital Door Lock Systems market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Digital Door Lock Systems market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Digital Door Lock Systems market?
• Which is the largest regional market for Digital Door Lock Systems market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Digital Door Lock Systems market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Digital Door Lock Systems market worldwide?