Digital Door Lock Systems Market is Projected to Reach USD 37.2 Billion by 2031, Rise in Demand for Enhanced Security Gains Traction: Transparency Market Research

WILMINGTON, DE / ACCESSWIRE / May 24, 2023 / Transparency Market Research Inc. - According to market research by TMR, the global digital door lock systems market was worth US$ 11.0 Bn in 2022 and is estimated to be valued at US$ 37.2 Bn by end of 2031.

Digital lock is a cost-effective alternative to conventional keys and locks. It provides high security and cannot be broken easily. AI-integrated home automation technology has gained immense traction owing to its multi-functionalities. The technology is ideal for household and commercial settings.

Digital locks are available in biometric or combination settings and can also be unlocked using passwords or patterns. Availability of a variety of locks and enhanced consumer experience have opened new growth avenues for the global industry as per the market report.

Digital door lock systems refer to the automation of locking processes. These automation systems create a centralized process where all the devices are connected and operated accordingly. A door-locking system is also included in these systems.

Rise in urbanization has led to an increase in adoption of these systems. From a luxury to a trend, home automation has come a long way. Smart use of automation in security systems and door lock systems magnifies the convenience quotient. This is likely to propel the digital door lock systems industry growth.

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Market Scope:

Report Coverage

Details

Market Revenue

USD 11.0 Bn

Estimated Value

USD 37.2 Bn

Growth Rate - CAGR

14.3%

Forecast Period

2023 - 2031

No. of Pages

150 Pages

Market Segmentation

By Type, By Access Type, By Connecting Technology, By End-use

Regions Covered

North America, Europe, Asia Pacific, Middle East & Africa, Latin America

Key Players

Godrej & Boyce Manufacturing Company Ltd., Honeywell International Inc., Siemens AG, Nestwell Technologies, Assa Abloy Group, Samsung, Panasonic Corporation, Guangdong Be-Tech Security Systems, HavenLock Inc., Xiaomi Corporation

Digital Door Lock Systems Market: Growth Drivers

The tectonic shift in terms of technological developments across the digital door lock systems industry has served as a breeding ground for the development of digital door lock systems technology.

Smart automation in digital door lock systems has gained traction, as the use of technology in security systems and door locks has augmented the digital door lock systems business growth.

Modern technologies have penetrated various sectors. The residential sector is the most prominent one. Rise in influence of technologies such as the Internet of Things (IoT) in a large number of applications at home has increased the demand and popularity of home automation to a considerable extent.

Increase in adoption of these home automation systems is expected to act as a prominent growth driver of the digital door lock systems market. Scheduling the function of door locking is done automatically through the integration of technologies. This minimizes the risk of theft and other security issues to a considerable extent. Thus, this factor bodes well for the growth of the digital door lock systems market.

Digital door lock systems can enable individuals to attend to unauthorized visitors through a video door phone. It is necessary for security purposes and helps guard against virus transmission. These aspects have promoted growth in the digital door lock systems market.

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Key Findings of Digital Door Lock Systems Market Report

The deadbolt type segment is projected to account for large market share, as these systems are becoming popular in commercial and residential sectors. The latest residential and commercial projects are integrated with home-automated systems, as they offer remote access capabilities.

The residential end-use segment is anticipated to witness lucrative growth due to the emergence of residential projects with in-built home automation systems. Furthermore, digital door lock systems can be easily integrated with security cameras, thermostats, and lighting systems. This is anticipated to promote segment growth.

The Wi-Fi connecting technology segment is estimated to mark significant growth in the near future. Wi-Fi is the most convenient to connect automated devices due to its strong connectivity. The Bluetooth connecting technology is also gaining traction due to the ease of access factor.

Digital Door Lock Systems Market: Regional Dynamics

North America is projected to experience exponential growth as a result of technological advancements in the region. Additionally, rise in awareness about security risks is propelling market growth. Europe is also estimated to experience lucrative growth owing to the rise in adoption of home automation systems with integrated door lock systems in the region.

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Digital Door Lock Systems Market: Competitive Analysis

Key players operating in the global market are keen on developing novel digital door lock systems to provide full-proof security to users. Increase in research and development activities and new product launches have generated multiple growth opportunities for the global market.

The digital door lock systems market is expected to expand at a rapid rate and witness robust growth in the near future. Market players are consistently involved in the process of developing affordable and excellent digital door lock system technologies.

Some of the major market participants are:

Siemens AG

Samsung

Havenlock Inc

Nestwell Technologies

Godrej & Boyce Manufacturing Company Ltd.

Digital Door Lock Systems Market: Segmentation

By Type

Deadbolt

Lever Handle

Padlock

Others

By Access Type

Biometric

Smart Card

Electric Strike

Magnetic Strike

Others

By Connecting Technology

Wi-Fi

Bluetooth

ZigBee

Others

By End-use

Residential

Commercial

Government

Others

By Regions

North America

Europe

Asia Pacific

Middle East & Africa

South America

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

Contact:

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SOURCE: Transparency Market Research inc.

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