global digital door lock system market is projected to grow at a CAGR of 30% in terms of volume during the period 2017-2026. In terms of value, over US$ 37 Bn worth of digital door lock systems have been sold globally by 2026-end.
[UKPRwire, Wed Sep 11 2019] Digital door locks are locks that are installed on doors of various structures and can be operated with the convenience of applications on the userís smartphone. These keyless locks operate on technologies such as Bluetooth and Wi-Fi.
Penetration of Smartphones & Mobile Broadband to Augment the Market Expansion
Smart devices are considered to be one of the major evolutionary innovations for commercial and residential spaces on the back of their sustainable, secure and convenient features. Significant growth in the security concerns, along with advancement in wireless communication technologies have led to the development of digital security systems such as digital door locks. The industry is at the inflection phase, mainly because of broader technology trends driving the overall smart home industry. However, smartphone penetration is sustaining expansion of the market for digital door locks. Declining prices of cloud infrastructure and mobile broadband have led to growing user convenience in remotely monitoring and controlling various electronic devices, and digital door locks are no exception.
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The global market for digital door locks is characterized by significant opportunities for expansion in cloud-based lock management solutions and home-access solutions, owing to the advent of integrated connectivity. There has been a rise in implementation of sophisticated technologies including Bluetooth, Z-wave/ZigBee, Wi-Fi, and near-field communication (NFC) in access locks, which in turn is providing a boost to advancement of digital door locks. In addition, inclusion of add-on-locks and capacitive touch screens in digital door locks are enhancing the consumer experience and proliferating adoption. However, with growing market perceptions regarding problems associated with battery replacement, dead phones, power usage, and software security are likely to hinder the market growth in the upcoming years. In addition, the market encompasses a huge cost of sustainable technology, thereby posing a challenge for penetration into emerging economies to a certain extent.
According to Fact.MR study, the global digital door lock system market is projected to grow at a CAGR of 30% in terms of volume during the period 2017-2026. In terms of value, over US$ 37 Bn worth of digital door lock systems have been sold globally by 2026-end.
|Region||Product Type||End User|
|North America||Face Recognition||Government|
|Latin America||Iris Recognition||Commercial|
|Europe||Vein and Palm Recognition||Industrial|
|Magnetic Stripe Locks|
|Electromagnetic Door Locks|
|Electric Strike Locks|