Emphasis on Type (Biometric Lock, Keypad Lock, Keyless Remote Lock, RFID Card Digital Lock); End-User (Government, Commercial, Industrial, Residential); Region/Country
Global Digital Door Lock System Market was valued at more than US$ 3 billion in 2020 and is anticipated to reach US$ 18 billion by 2027 displaying an elevated CAGR of 27.9% over the forecast period (2021-2027). Digital Door Locks are smart security solutions for buildings such as schools, hospitals, offices, among others that require reliable means of access control. These are installed at the doors and are keyless locks that are operated via using modern-day technologies. These locks are easy and quick to install as they are completely self-contained.
With rapid technological advancement and the rising in the adoption of smart technology-based devices in our daily lives, there has been a surge in technology spending on smart city initiatives across the globe which in turn is driving the growth of digital door locks systems. For instance, it is anticipated that the technology spending on smart city initiatives worldwide will be doubled between 2018 and 2023, increasing from USD 81 billion in 2018 to USD 189.5 billion in 2023. Moreover, governments in emerging markets are also keen to drive investment in new technologies, leading to aggressive smart city initiatives and integrating ICT with economic planning. Consequently, many key industry players in the market including Godrej, ASSA ABLOY AB, etc. are focusing more on developing connected door lock solutions for various residential, commercial, and government buildings under smart city projects.
The digital door lock system market is growing exponentially on account of growth in the living standards coupled with the rising urban population across the world as the adoption of smart devices and IoT-based solutions are primarily witnessed among urban homes. For instance, according to The World Bank Data, in 2018, nearly 55.27% of the global population was urban and it was increased to 56.15% in 2020. further, it has been anticipated that almost 60% of the world’s population will be living in urban areas. In addition to this, the rise in incidences of burglaries and the need to safeguard their physical places are also driving the market growth globally.
Consumer Spending On Smart Home Products & Services Worldwide, 2015 to 2025 (in billion U.S. dollars)
Honeywell International, Panasonic Corporation, Godrej, Siemens AG, Hitachi Ltd., Kwikset, ASSA ABLOY Group, Allegion PLC, Onity Inc., Samsung SDS are some of the prominent players operating in the digital door lock market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new and innovative products.
Insights Presented in the Report
“Amongst Type, biometric lock segment holds the major share”
Based on type, the market is fragmented into biometric lock, keypad lock, keyless remote lock, and RFID card digital lock. The biometric lock segment generated revenue of USD XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F. The growth of this segment is attributed to the growing adoption of biometric applications such as face recognition, palm recognition, iris recognition, fingerprint recognition, among others. Additionally, the growth is also because of technological advancement and frequent innovative product launches. For example, in 2020, Eufy, a smart home company launched a Smart Lock Touch which is installed on the door of the consumer’s home and provides entry from 4 different methods through a touch keypad, built-in biometric fingerprint scanner, and a traditional key for backup.
“Amongst End-User, commercial segment holds the major share”
Based on end-user, the market is fragmented into government, commercial, industrial, and residential. The commercial segment generated revenue of USD XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F as it allows owners to monitor and control all that happens in their environment which further offers comfort and smart security systems. Also, the proliferation of IoT and rising IoT sensor deployments in the commercial sector is driving the growth of this segment. For instance, the growth potential of IoT sensor deployment for commercial real estate is expected to amount to USD 10,230.2 million by 2025. However, the residential segment is also anticipated to grow with a considerable CAGR of XX% during the forecast period.
“North America represents one of the largest markets of digital door lock system market”
For a better understanding of the market dynamics of the digital door lock system market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, 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 US$ XX million in 2020 owing to technological advancements, an overall increase in consumer awareness, and the growing preference for strong home security culture.
Reasons to buy this report:
Customization Options:
The global digital door lock system market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
1. Market Introduction
2. Research Methodology Or Assumption
3. Industry Performance
4. Executive Summary
5. Market Overview
6. Key Market Indicators
7. Pricing Analysis Of Ev Charging Outlets
8. Market Insights By Deployment Type
9. Market Insights By Charger Type
10. Market Insights By Level Of Charging
11. Market Insights By Mode Of Charging
12. Market Insights, By Country
13. Competitive Scenario
14. Top Company Profiles
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global digital door lock system market were the three major steps undertaken to create and analyze the adoption of digital door lock system in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global digital door lock system market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the digital door lock system through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the digital door lock system market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as type and end-user. Further country-level analyses were conducted to evaluate the overall adoption of digital door lock system across the globe.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the digital door lock system. Further, we conducted factor analysis using dependent and independent variables such as the increasing popularity of advanced security solutions and the growing techno-savvy population. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the digital door lock system sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the digital door lock system market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the digital door lock system market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and end-user of the digital door lock system market.
The main objective of the Digital Door Lock System Market Study
The current & future market trends of digital door lock system were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
Deep dive regional level analysis of the industry
Customers who bought this item also bought
Experiential Retail Market: Current Analysis and Forecast (2024-2032)
Emphasis on Type of Experience (In-Store Technologies (AR, VR, AI), Multi-Sensory Experiences (Scent, Sound, Visual), Pop-Ups & Immersive Installations, Live Events & Demonstrations, and Others); Retail Format (Department Stores, Specialty Stores, Pop-Up Stores, Flagship Stores, and Others); Industry (Apparel and Fashion, Beauty and Personal Care, Consumer Electronics, Luxury Goods, Food and Beverage, Home Decor, and Others); and Region/Country
November 7, 2024
