Digital Door Lock Systems Market - Competitive Landscape & Technological Breakthroughs Analysis in Next Few Years

Over the past few years, the vast growth in the number of large-, small-, and medium-enterprises across the globe, geographical expansion and rapid industrialization of services and operation units of businesses have significantly boosted the global demand for digital door lock systems in the enterprise sector. In addition, with increase in the rates of burglaries, property crime, and home invasions in the past few years, the requirement for improved home security solutions has grown.

Transparency Market Research states that the global digital door lock system market will reach a valuation of US$15,065.0 mn by 2025. In terms of volume, market is contribute approximately 397,477 thousand units by 2025. The market is anticipated to expand at a CAGR of 33.6% during the period from 2017 to 2025.

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Biometric Door Lock Systems to Remain Most Preferred

Two key varieties of digital door lock systems have been analyzed in the report: biometrics and keypad. Of these, the segment of biometrics presently dominates, accounting for a more than 67% of the global digital door lock system market in 2016. The strong growth of the segment of biometric door lock systems is chiefly due to the wide scale deployment of fingerprint recognition devices across commercial and residential sectors. The segment is expected to continue to witness excellent demand across the globe owing to factors such as the easy availability of a vast variety of options, easy deployment, and a high rate of efficiency.

The segment of keypad door lock systems is also anticipated to see promising growth during the forecast period. Growth of this segment will be primarily driven by the growing demand for keypad door lock system from commercial infrastructure such as hotels, restaurants in hospitality industry, and IT offices.

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Developed Economies in North America and Europe to Continue Exhibiting Steady Growth

From a geographical perspective, Europe dominated in 2016, accounting for a significant 35% of the global digital door lock system market. Strong growth exhibited by small and medium/commercial businesses is the key factor to have driven the growth of this market across Europe in the recent past. Additionally, the rising demand for security solutions in the residential segment has also been a key factor to have offered lucrative opportunities for the digital door lock systems market in Europe in the past few years. Over the report’s forecast period, however, the Europe market for digital door lock systems is projected to lose a notable share in the global market, chiefly owing to stagnant growth opportunities across the construction and enterprise sectors.

North America is expected to be a high-growth market for digital door lock systems over the forecast period. The regional market is expected to exhibit a CAGR of close to 34.0% during the forecast period, with factors such as higher affordability of affluent consumers, high internet penetration, rising security concerns, and growing smart living culture among the consumers fueling growth. The North America market for digital door lock systems is also supported by the adequate number of suppliers of latest security products with advanced features and above average costs in the region.

Asia Pacific is anticipated to exhibit strong growth in terms of adoption of digital door lock systems during the forecast period, chiefly owing to the rising demand form the thriving residential sector in the region. With the rapid growth in housing projects, high-end office buildings and hotels, as well as the growing demand for high-security products from national defense, public security, financial and other sectors, digital door locks are expected to witnessing high demand in countries such as India and China.

Some of the leading companies in the global digital door lock systems market are Godrej & Boyce Manufacturing Company Ltd., Honeywell International Inc., Cisco Systems, Inc., Assa Abloy Groupare, Nestwell Technologies, Panasonic Corporation, Samsung Electronics Co Ltd., United Technologies Corporation, Siemens AG, Vivint, Inc., and dorma+kaba Holdings AG.

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