In 2022, the Market for Digital Door Lock Systems will probably be worth around US$ 9 Bn. Digital door lock system sales are expected to grow steadily at a CAGR of 18% to reach US$ 47 Bn by 2032.
The rise of the smart lock business is being fueled by the development of core technologies including the internet of things, artificial intelligence, cloud-based applications, big data, and others. These innovative technologies will play a crucial role in the creation of new smart door locks with a variety of capabilities. We can witness sophisticated digital locking mechanisms in the digital door lock system as a result of the tremendous growth in door locking systems and the strong demand for wireless communication technologies.
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Key Takeaways:
- The U.S. is likely to account for 21% of the market share on the back of the surging usage of mobile devices to handle regular manual operations.
- Germany is estimated to generate around US$ 3 Bn in 2032 owing to the rising initiatives of the government to develop smart or automated homes in this country.
- North America is expected to top US$ 11 Bn on the back of rising usage of wireless communication technologies in the U.S.
- Europe is set to generate US$ 3 Bn in terms of share backed by the early adoption of novel technology in Germany
- East Asia is anticipated to hold about 27% of the market share, with China leading the growth in the region.
- In terms of product type, the fingerprint recognition digital door lock system segment is expected to dominate by accounting for 18% of share in the forthcoming years.
- Based on end-user, the residential segment is projected to dominate the market in terms of share owing to the trend of allowing one-time key access to workmen.
Competitive Landscape:
The majority of companies discussed in the report have focused on expansion, investment, acquisitions, delivery focus, portfolio expansion, and brand development. The companies are focused on developing robust distribution network to cater to the wide spread customer base due to growing number of digital locks.
Similarly, recent developments by top providers of have been tracked by the team at Fact.MR, which are available in the detailed report.
Key Companies Profiled:
- Godrej & Boyce Manufacturing Company Ltd
- Honeywell International Inc
- Siemens AG
- Nestwell Technologies
- Assa Abloy Group
Growth Drivers:
- Growing inclination towards keyless access for common amenities, such as recreational spaces and restrooms is set to drive the market.
- Rising proliferation of power over Ethernet technology in numerous Western European countries is anticipated to propel the demand for digital door lock systems.
- High demand for wireless home accessories which can be connected through smartphones and monitored from anywhere in the world is expected to fuel the market.
Restraints:
- As digital door lock systems are operated with the internet, hackers may try to get easy access to these devices, limiting sales.
Market Segments Covered:
By Product Type:
- Face Recognition
- Iris Recognition
- Vein and Palm Recognition
- Voice Recognition
- Signature Recognition
- Fingerprint Recognition
- Magnetic Stripe Locks
- Electromagnetic Door Locks
- Electric Strike Locks
- Other
· By End User:
- Government
- Commercial
- Industrial
- Residential
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Key Questions Covered in Digital Door Lock System Market Report
- The report offers insight into the digital door lock system market demand outlook for 2022-2032.
- The market study also highlights projected sales growth for digital door lock system market between 2022 and 2032.
- Digital door lock system market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
- Digital door lock system market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
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