The global digital door lock systems market is expected to surpass the value of US$ 37.2 Bn by the end of 2031 and is estimated to expand at a CAGR of 14.3% from 2021 to 2031
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Transparency Market Research delivers key insights into the global digital door lock systems market. In terms of revenue, the global digital door lock systems market is estimated to expand at a CAGR of 14.3% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global digital door lock systems market.
The global market for digital door lock systems is largely affected by numerous factors, including a techno-savvy population and the growing adoption of digital door lock systems for home security and safety. The rising trend of smart home technology is driving the global market for digital door lock systems.
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Digital Door Lock Systems Market: Key Segments
The global market for digital door lock systems has been segmented by type, end-user, and region. In terms of type, the digital door lock systems market has been divided into keypad locks, RFID card digital locks, keyless remote locks, and biometrics locks. The demand for keypad locks and biometric locks is very high, and the trend is anticipated to continue throughout the forecast period, owing to the frequent launch of new products. The biometric segment is further classified into fingerprint recognition, palm recognition, face recognition, voice recognition, iris recognition, and others. The fingerprint recognition segment accounted for a major revenue share in 2020 and is anticipated to expand at a CAGR of 18.4% during the forecast period.
In terms of end-user, the digital door lock systems market has been divided into commercial, residential, government, and industrial. The commercial segment accounted for a significant market share in terms of revenue in 2020. Furthermore, the segment is estimated to record a CAGR of 14.3% during the forecast period.
Digital Door Lock Systems Market: Prominent Regions
The global market for digital door lock systems has been divided into North America (U.S., Canada, and the Rest of North America), Europe (U.K., Germany, France, and the Rest of Europe), Asia Pacific (China, India, Japan, Rest of APAC), Middle East & Africa (GCC, South Africa, and Rest of MEA), and South America (Brazil, Rest of South America). The global digital door lock systems market is dominated by the Asia Pacific, owing to increasing disposable income and the presence of a large consumer base.
Europe is likely to show significant consumer preference for digital door lock systems and willingness to spend on smart home technology. Furthermore, the market in the region is anticipated to register a CAGR of 10.3% during the forecast period. In Asia Pacific, the market for digital door lock systems generated revenue worth US$ 1,864 Mn in 2020. China is the major country contributing to the overall demand for digital door lock systems in the region. In North America, the market for digital door lock systems is anticipated to expand at a CAGR of 15.8% during 2021-2031. A highly advanced smart home market and technology development by key companies such as Apple, Google, and Amazon is anticipated to drive the demand for digital door lock systems in North America.
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Digital Door Lock Systems Market: Key Players
Key players operating in the global digital door lock systems market are ADT, Inc., Onity Inc., Assa Abloy Group, Vivint, Inc., Allegion PLC, Godrej & Boyce Manufacturing Co. Ltd., Panasonic Corporation, Honeywell International, Inc., Spectrum Brands, Inc., Salto Systems S.L., etc.
Global Digital Door Lock Systems Market: Segmentation
Digital Door Lock Systems Market, by Type
- Keypad Lock
- RFID Card Digital Lock
- Keyless Remote Lock
- Biometrics Lock
- Fingerprint Recognition
- Palm Recognition
- Face Recognition
- Voice Recognition
- Iris Recognition
- Others
Digital Door Lock Systems Market, by End-use
- Commercial
- Residential
- Government
- Industrial
About Transparency Market Research
Transparency Market Research, a global market research company registered in 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 analyzed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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