Digital Door Lock System Market to Expand at CAGR of 14.3% During Forecast Period, Observes TMR Study

• When faced with the threat of burglary, housebreaking, or fire, new digital door lock systems equipped with alert systems are being publicized for added security. Such innovations are likely to boost the market.
• In order to improve control and convenience, several firms are creating new techniques to offer DIY (Do It Yourself) home security systems, which is fueling market growth

ALBANY, N.Y., April 6, 2022 /PRNewswire/ -- The value of global digital door lock systems market stood over US$ 8.6 Bn in 2020. The market is likely to rise at a CAGR of 14.3% during the forecast period, from 2021 to 2031. The global digital door lock systems market is anticipated to cross the valuation of US$ 37.2 Bn by 2031. Z-Wave, Bluetooth, Wi-Fi, and cloud-based systems are being used to link digital door locks in residential as well as hotel facilities. However, advantages and disadvantages of technologies such as splash-proof touchpads and threat of unknown individuals entering the property with code-lock door systems have heightened market competitiveness. In order to counterbalance the shortcomings of code-lock door systems, players in the global digital door lock systems market can raise knowledge about their benefits, such as multi-user accessibility and quick check-in.

In both residential as well as hotel setups, digital door lock systems are becoming more popular. Technological breakthroughs in biometric systems that lock the door at the push of a button are being used by manufacturers of accurate, strong, and trustworthy biometric fingerprint and IRIS scanners. Battery-operated touchpads, which remove the need for keys, are becoming more widely available from companies in the digital door lock systems market.

Innovative digital door lock systems with alarms are being developed to provide added protection when faced with the threat of fire, vandalism, and housebreaking. Residential door lock systems that are future-proof are in great demand. This is clear given that the market for residential applications is expected to expand at an accelerated pace.

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Key Findings of Market Report

• Digital smart door lock systems with RFID cards and touchpads are boosting the safety of private residences. In hotels, digital door lock systems, sometimes known as electronic door locks, are becoming increasingly common. Electronic door locks with customized functions are chosen for automatically configuring the lock and unlock timings. In the global digital door lock systems market, remotely unlocking digital door locks using Bluetooth and Wi-Fi has received a lot of attention. The digital door lock systems market, which is expected to develop at a healthy pace, is being bolstered by innovative solutions.
  
  
  
• A significant driver of the global digital door lock systems market is the growing use of the Internet of Things (IoT) in overall safety and security applications. In the recent years, the IoT has spread into every aspect of the global economy. In addition, it also provides efficient and easy services anytime, and in any location.
  
  
  
• Several reasons, including technologically savvy populace and rising popularity of digital door lock systems for home care and protection, have a significant impact on the global digital door lock systems market. The global market is being driven by the increasing demand of smart home technologies.

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Global Digital Door Lock System Market: Growth Drivers

• In developing countries, customer awareness and acceptance of digital door lock systems are aided by economic digitization. In the foreseeable future, a high percentage of smartphone adoption in countries such as India and China is expected to fuel the demand for biometric locks. For increased security and protection, government building and corporate offices are also implementing IoT-enabled door locks.
  
  
  
• Consumers in Europe are expected to exhibit a strong inclination toward digital door locks and readiness to invest in smart home technologies. Additionally, the regional market is expected to grow at a CAGR of 10.3% during the forecast timeline. Digital door lock systems registered sales worth US$ 1,864 Mn in Asia Pacific in 2020. China is the leading contributor toward the region's total demand for digital door lock systems.

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Global Digital Door Lock System Market: Key Competitors

• Spectrum Brands, Inc.
• Godrej & Boyce Manufacturing Co. Ltd.
• Assa Abloy Group
• Honeywell International, Inc.
• Salto Systems S.L.
• Allegion PLC

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Global Digital Door Lock System Market: Segmentation

Type

• Keypad Lock
• RFID Card Digital Lock
• Keyless Remote Lock
• Biometrics Lock

End Use

• Commercial
• Residential
• Government
• Industrial

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