Wilmington, Delaware, United States, Sept. 01, 2023 (GLOBE NEWSWIRE) -- The global market for digital door lock systems was estimated to have acquired US$ 11 billion in 2022. It is anticipated to advance with a robust 14.3% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 37.2 billion.
Traditional lock and key systems may be replaced with smart locks, which are practical and simple to use. These locks also do away with the need for actual keys, allowing users to open doors with a PIN, password, or fingerprint.
Digital door lock systems are more secure than conventional mechanical locks, which makes them a popular option for owners of residential as well as business properties. This is anticipated to accelerate market growth for digital door lock systems in the near future.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 11.0 Bn | |
| Estimated Value | US$ 37.2 Bn | |
| Growth Rate - CAGR | 14.3% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 150 Pages | |
| Market Segmentation | Type, Access Type, Connecting Technology, End-use | |
| Regions Covered | North America,Europe,Asia Pacific,Middle East & Africa,South America | |
| Companies Covered | 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 | |
Key Findings of the Market Report
- It is predicted that from 2023 to 2031, the deadbolt type sector will have the majority of the shares.
- During the forecast period, the residential end-use sector is expected to dominate the global market.
- From 2023 to 2031, North America is expected to make up a sizeable portion, followed by Europe.
- In the next years, expansion in the construction sector is projected to boost the market for digital door lock systems.
Market Trends for Digital Door Lock Systems
- According to estimates, the deadbolt type sector will have a significant share of the global market between 2023 and 2031. Steel and fiberglass doors work well with deadbolt digital door lock systems.
- These systems are becoming more and more common in residential and business settings since they are simple to connect with smart home automation systems as well as allow for remote access.
- Demand for digital door lock systems has increased in the residential sector.
- Throughout the forecast period, the residential end-use market will dominate the world.
- The increase in smart building projects and the spike in investment in smart homes can be attributed to the segment's growth. Digital door lock systems are simple to combine with smart home appliances like thermostats, lighting controls, and security cameras.
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Digital Door Lock Systems Market Regional Outlook
Various reasons are propelling the growth of the digital door lock systems market in different regions. These are:
- From 2023 to 2031, North America is expected to make up a sizeable portion, followed by Europe. Market dynamics in the area are being driven by an increase in the use of smart home automation products, which incorporate digital door lock systems.
- Market growth in North America are also being driven by a growth in consumer awareness of security hazards, particularly in light of an increase in residential burglaries and break-ins. Enhanced security features offered by digital door lock systems, like remote access control, biometric authentication, and real-time notifications, can aid homeowners in safeguarding their belongings and assets.
- In the near future, a significant rate of market growth in Asia Pacific is anticipated. The need for better security measures across urban areas is increasing due to rapid urbanization, which is boosting market revenue in this region.
Global Digital Door Lock Systems Market: Key Players
Numerous local and international actors contribute to the fragmented nature of the global market. The emergence of local players is likely to increase competition over the next few years. To remain competitive, vendors are implementing a variety of marketing tactics. They are also concentrating on product development to boost the market share of their digital door lock systems.
The following companies are well-known participants in the global digital door lock systems market:
- 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
Developments by the key players in the global market for digital door lock systems are:
- In February 2023, Xiaomi Corporation launched ‘Smart Guardian Can See’ a new smart door lock series equipped with an integrated peephole camera and a display screen
- In August 2021, Galaxy Next Generation, Inc., a provider of interactive learning and other school technology solutions, partnered with HavenLock Inc. to expand its product offerings for school safety and security
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Global 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 Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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