Global digital door lock market is expected to foresee significant growth during the forecast period. North America to witness the highest growth
- September 25, 2021
- ELECTRONICS & SEMICONDUCTOR, NEWS
- digital door lock market, digital door lock market news, digital door lock market trend
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Global digital door lock system market is expected to reach the market valuation of USD XX million by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2028) from USD XX million in 2020. A digital door lock system is a locking system that operates digitally and provides a keyless way to enter business premises, homes & schools without the need for a set of keys.
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The digital door lock system market is witnessing an uptick because of the wide adoption of digital door lock systems for enhanced security purposes and the rise in GDP that signifies the increased standard of living. For instance, as per the World Bank, GDP per capita worldwide increased from US$ 10,249 in 2015 to US$11,433 in 2019. Also, in 2021, Luxembourg has the fastest-growing economy with 5.86% and is the top country in GDP per capita (US$125,923) amongst the 10 richest economies. Consequently, consumers in the developed and developing countries where per capita income is witnessing a rise are spending more on smart security solutions. Also, a rise in awareness for enhanced home security solutions coupled with the availability of advanced digital locks is gaining traction among consumers with high per capita incomes.
Furthermore, With the growing penetration of smart home technology and widespread adoption of home automation devices the growth of the digital door lock system market is experiencing a boost as security systems are a crucial component in any modern smart home ecosystem. As a result, a greater number of people are investing in smart security devices including digital door locks systems. For instance, as per a smart home devices survey conducted by a leading firm, nearly 55.56% of the respondents who are already owning smart security devices are planning to buy more in the next 12 months. In addition to this, the growing consumer spending on smart home products & services across the world is also driving market growth.
However, some of the major restraints in the market include the high cost of installation, and issues related to software security associated with the excessive use of digital door lock systems are impeding the growth of this market globally.
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Based on type, the market is divided into biometric lock, keypad lock, keyless remote lock, and RFID card digital lock. The biometric lock segment dominated the digital door lock system market and grabbed XX% market share in 2020 and will witness a considerable CAGR of XX% during the forecast period (2021-2027F) owing to the growing use of various biometric applications including face recognition, fingerprint recognition, etc. and frequent innovative product launches. Also, the advent of technological advancement and the launch of new and innovative products is driving the growth of this segment.
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Based on end-user, the global digital door lock system market is segmented into commercial, industrial, residential, and government. The commercial segment occupied the largest share and is expected to grow at a CAGR of XX% during the forecast period 2021-2027. The segment generated revenue of US$ XX million in 2020 owing to the growing adoption of smart connected devices in operation in commercial smart buildings. For instance, the installed base of connected devices in the smart commercial building was 1.7 billion in 2020 and is expected to reach under 3 billion by 2025. However, the residential segment is also anticipated to grow with a considerable CAGR of XX% during the forecast period.
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Additionally, the report provides detailed report also provides insights of global digital door lock system market according to the regions such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD xx billion in 2020 owing to the remarkable development of smart home technology in terms of adoption, growing innovation as well as rising spending on smart home technology coupled with rising installations of smart devices. Also, according to the survey conducted by the leading consulting and market research firm, nearly 30% of the broadband households in the United States intend to purchase a smart digital lock by the end of 2021. At the same time, Asia-Pacific is also identified as a potential market offering significant growth opportunities for several startups and other major players in the global digital door lock system market.
Honeywell International, Panasonic Corporation, Godrej, Siemens AG, Hitachi Ltd., Kwikset, ASSA ABLOY Group, Allegion PLC, Onity Inc., Samsung SDS are some of the key players operating in the global digital door lock system market. Several M&As along with partnerships have been undertaken by these players to develop a digital door lock system.
Global Digital Door Lock System Market Segmentation
Market Insight, by Type
- Biometrics Lock
- Keypad Lock
- Keyless Remote Lock
- RFID Card Digital Lock
Market Insight, by End-User
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Honeywell International
- Panasonic Corporation
- Siemens AG
- Hitachi Ltd.
- Assa Abloy Group
- Allegion PLC
- Onity Inc.
- Samsung SDS