Digital Door Lock System Market to Rise at CAGR of 14.3% during Forecast Period 2021-2031, notes TMR Study

·5 min read

WILMINGTON, DE / ACCESSWIRE / August 18, 2022 / Transparency Market Research Inc. - The global digital door lock systems market was valued over US$ 8.6 Bn in 2020. The smart door lock report anticipates the market to progress at a CAGR of 14.3% during the forecast period, from 2021 to 2031. The global smart lock market size is anticipated to cross valuation of US$ 37.2 Bn by 2031. In order to counteract the drawbacks of code-lock door systems, companies in the global digital door lock systems market can raise consumer knowledge about their benefits. These benefits include quick check-in as well as multi-user accessibility.

Transparency Market Research inc., Thursday, August 18, 2022, Press release picture
Transparency Market Research inc., Thursday, August 18, 2022, Press release picture

In residential and hospitality settings, digital door lock systems are becoming more common. Innovative biometric systems that secure the door with just a button push are utilized by suppliers of strong, dependable, and precise IRIS scanners and biometric fingerprint. Market players are expanding the selection of battery-operated touchpads that do away with the requirement of keys. Urban and digitally savvy population has been the target audience for smart locks.

One of the main factors propelling the market for digital door lock systems is the growing significance of IoT in general safety and security applications. In past years, IoT has expanded in many spheres of the global economy.Additionally, IoT transcends economic and technical borders to provide useful and easy services everywhere, anytime.

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Key Findings of Market Report

  • In emerging nations, consumer awareness of and acceptance of digital door lock systems is significantly influenced by the digitization of economies. In the near future, it is projected that a high rate of smartphone adoption in countries like India and China would start increasing usage of biometric locks.

  • As a result of higher living standards as well as changing lifestyles, consumers are ready to pay for services and goods that save them both money and time. Additionally, buyers want streamlined smart home technologies for efficient and practical product functioning. The market for digital door lock systems is expected to expand due to technological improvement, increasing smartphone penetration and better consumer awareness.

  • Manufacturers of digital door lock systems place a lot of emphasis on significant research and development efforts as well as considerable investment in cutting-edge technology. Using cutting-edge computing technologies like cluster computing, grid computing, and cloud computing, businesses seek to create novel products. Market expansion is anticipated to result from the integration of these latest innovations.

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Global Digital Door Lock System Market: Growth Drivers

  • Digital door lock systems could well be tailored to meet the needs of end customers, which is expected to offer considerable growth opportunities for the digital door lock manufacturers & suppliers. For more comfort and management, several companies are creating technological innovations to provide DIY (Do it yourself) home security solutions. Abode, BlueADT, Footpoint, and SimpliSafe are a few popular DIY security systems available on the market.

  • In 2020, a sizable portion of sales came from the Europe, which is likely to account for a considerable Digital door lock system market share during the forecast period. The need for high-end and value-added solutions is driven by set European standards for smart door lock systems. Use of digital door lock systems is expected to rise in Europe due to rising consumer interest in smart home programs and existence of international brands.

Global Digital Door Lock System Market: Key Players

Some of the key market players are

  • Honeywell International, Inc

  • Godrej & Boyce Manufacturing Co. Ltd

  • Salto Systems S.L.

  • Assa Abloy Group

  • Panasonic Corporation

  • Spectrum Brands, Inc.

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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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