Digital Door Lock System Market: Current Analysis and Forecast (2021-2027)

Digital Door Lock System Market: Current Analysis and Forecast (2021-2027)

  • UnivDatos Market Insight
  • September 2021
  • Retail
  • 178 pages

Report Description

Digital Door Locks are smart security solutions for buildings such as schools, hospitals, offices, among others that require reliable means of access control. These are installed at the doors and are keyless locks that are operated via using modern-day technologies. These locks are easy and quick to install as they are completely self-contained. 

With rapid technological advancement and the rising in the adoption of smart technology-based devices in our daily lives, there has been a surge in technology spending on smart city initiatives across the globe which in turn is driving the growth of digital door locks systems. For instance, it is anticipated that the technology spending on smart city initiatives worldwide will be doubled between 2018 and 2023, increasing from USD 81 billion in 2018 to USD 189.5 billion in 2023. Moreover, governments in emerging markets are also keen to drive investment in new technologies, leading to aggressive smart city initiatives and integrating ICT with economic planning. Consequently, many key industry players in the market including Godrej, ASSA ABLOY AB, etc. are focusing more on developing connected door lock solutions for various residential, commercial, and government buildings under smart city projects.

 The digital door lock system market is growing exponentially on account of growth in the living standards coupled with the rising urban population across the world as the adoption of smart devices and IoT-based solutions are primarily witnessed among urban homes. For instance, according to The World Bank Data, in 2018, nearly 55.27% of the global population was urban and it was increased to 56.15% in 2020. further, it has been anticipated that almost 60% of the world’s population will be living in urban areas. In addition to this, the rise in incidences of burglaries and the need to safeguard their physical places are also driving the market growth globally.  

Based on type, the market is fragmented into biometric lock, keypad lock, keyless remote lock, and RFID card digital lock. The biometric lock segment generated revenue of USD XX million in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027 owing to the growing adoption of biometric applications such as face recognition, palm recognition, iris recognition, fingerprint recognition, and among others. 

Based on the end-user, the market is fragmented into government, commercial, industrial and residential. The commercial segment generated revenue of USD XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F. However, the residential segment is also anticipated to grow with a considerable CAGR of XX% during the forecast period.

For a better understanding of the market adoption of digital door lock systems, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of Asia-Pacific), and Rest of World. North America constitutes a major market for the digital door lock system industry and generated revenue of USD XX million in 2020 owing to the rapid urbanization, and rising income level of middle- and upper-class consumers in the region.

Some of the major players operating in the market include Honeywell International, Panasonic Corporation, Godrej, Siemens AG, Hitachi Ltd., Kwikset, ASSA ABLOY Group, Allegion PLC, Onity Inc., Samsung SDS, etc. Several M&A’s along with partnerships have been undertaken by these players to develop new and advanced digital door lock systems.

This market is expected to witness a boost on account of the increasing demand for enhances smart security solutions among end-users and the increasing adoption of emerging connecting technologies all over the world. In addition to this, key players worldwide are introducing innovative digital door locks to cater to the middle-income group propelling the growth of the digital door lock system market across the globe.

Global Digital Door Lock System Market was valued at more than US$ 3 billion in 2020 and is anticipated to reach US$ 18 billion by 2027 displaying an elevated CAGR of 27.9% over the forecast period (2021-2027). Digital Door Locks are smart security solutions for buildings such as schools, hospitals, offices, among others that require reliable means of access control. These are installed at the doors and are keyless locks that are operated via using modern-day technologies. These locks are easy and quick to install as they are completely self-contained. 

With rapid technological advancement and the rising in the adoption of smart technology-based devices in our daily lives, there has been a surge in technology spending on smart city initiatives across the globe which in turn is driving the growth of digital door locks systems. For instance, it is anticipated that the technology spending on smart city initiatives worldwide will be doubled between 2018 and 2023, increasing from USD 81 billion in 2018 to USD 189.5 billion in 2023. Moreover, governments in emerging markets are also keen to drive investment in new technologies, leading to aggressive smart city initiatives and integrating ICT with economic planning. Consequently, many key industry players in the market including Godrej, ASSA ABLOY AB, etc. are focusing more on developing connected door lock solutions for various residential, commercial, and government buildings under smart city projects. 

The digital door lock system market is growing exponentially on account of growth in the living standards coupled with the rising urban population across the world as the adoption of smart devices and IoT-based solutions are primarily witnessed among urban homes. For instance, according to The World Bank Data, in 2018, nearly 55.27% of the global population was urban and it was increased to 56.15% in 2020. further, it has been anticipated that almost 60% of the world’s population will be living in urban areas. In addition to this, the rise in incidences of burglaries and the need to safeguard their physical places are also driving the market growth globally.  

Honeywell International, Panasonic Corporation, Godrej, Siemens AG, Hitachi Ltd., Kwikset, ASSA ABLOY Group, Allegion PLC, Onity Inc., Samsung SDS are some of the prominent players operating in the digital door lock market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new and innovative products.

Insights Presented in the Report

“Amongst Type, biometric lock segment holds the major share”

Based on type, the market is fragmented into biometric lock, keypad lock, keyless remote lock, and RFID card digital lock. The biometric lock segment generated revenue of USD XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F. The growth of this segment is attributed to the growing adoption of biometric applications such as face recognition, palm recognition, iris recognition, fingerprint recognition, among others. Additionally, the growth is also because of technological advancement and frequent innovative product launches. For example, in 2020, Eufy, a smart home company launched a Smart Lock Touch which is installed on the door of the consumer’s home and provides entry from 4 different methods through a touch keypad, built-in biometric fingerprint scanner, and a traditional key for backup.

“Amongst End-User, commercial segment holds the major share”

Based on end-user, the market is fragmented into government, commercial, industrial, and residential. The commercial segment generated revenue of USD XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F as it allows owners to monitor and control all that happens in their environment which further offers comfort and smart security systems. Also, the proliferation of IoT and rising IoT sensor deployments in the commercial sector is driving the growth of this segment. For instance, the growth potential of IoT sensor deployment for commercial real estate is expected to amount to USD 10,230.2 million by 2025. However, the residential segment is also anticipated to grow with a considerable CAGR of XX% during the forecast period.

“North America represents one of the largest markets of digital door lock system market” 

For a better understanding of the market dynamics of the digital door lock system market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of US$ XX million in 2020 owing to technological advancements, an overall increase in consumer awareness, and the growing preference for strong home security culture.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional level analysis of the industry

Customization Options:

The global digital door lock system market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

Companies Covered

  • Honeywell International
  • Panasonic Corporation
  • Godrej
  • Siemens AG
  • Hitachi Ltd.
  • Kwikset
  • ASSA ABLOY Group
  • Allegion PLC
  • Onity Inc.,
  • Samsung SDS

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Table of Content?

1 MARKET INTRODUCTION
1.1 Market Definitions
1.2 Objective of the Study
1.3 Limitation
1.4 Stake Holders
1.5 Currency Used in Report
1.6 Scope of the Global Digital Door Lock System Market Study

2 RESEARCH METHODOLOGY OR ASSUMPTION
2.1 Research Methodology for the Global Digital Door Lock System Market
2.1.1Main Objective of the Global Digital Door Lock System Market

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 COVID-19 IMPACT

6 GLOBAL DIGITAL DOOR LOCK SYSTEM MARKET REVENUE

7 MARKET INSIGHTS BY TYPE

7.1 Biometric Lock
7.2 Keypad Lock
7.3 Keyless Remote Lock
7.4 RFID Card Digital Lock

8 MARKET INSIGHTS BY END-USER
8.1 Government
8.2 Commercial
8.3 Industrial
8.4 Residential

9 MARKET INSIGHTS BY REGION 
9.1 NORTH AMERICA DIGITAL DOOR LOCK SYSTEM MARKET 
9.1.1 United States
9.1.2 Canada
9.1.3 Rest of North America
9.2 EUROPE DIGITAL DOOR LOCK SYSTEM MARKET 
9.2.1 Germany
9.2.2 France
9.2.3 United Kingdom
9.2.4 Spain
9.2.5 Italy
9.2.6 Rest of Europe
9.3 ASIA PACIFIC DIGITAL DOOR LOCK SYSTEM MARKET
9.3.1 China
9.3.2 Japan
9.3.3 India
9.3.4 Australia
9.3.6 Rest of Asia Pacific
9.4 REST OF THE WORLD DIGITAL DOOR LOCK SYSTEM MARKET 
10 DIGITAL DOOR LOCK SYSTEM MARKET DYNAMICS
10.1 Market Drivers 
10.2 Market Challenges
10.3 Impact Analysis

11 DIGITAL DOOR LOCK SYSTEM MARKET OPPORTUNITIES

12 DIGITAL DOOR LOCK SYSTEM MARKET TRENDS & INSIGHTS

13 LEGAL & REGULATORY FRAMEWORK

14 DEMAND AND SUPPLY SIDE ANALYSIS

14.1 Demand Side Analysis
14.2 Supply Side Analysis
14.2.1 Top Product Launches
14.2.2 Top Business Partnerships
14.2.3Top Merger & Acquisitions

15 VALUE CHAIN ANALYSIS

16 COMPETITIVE SCENARIO

16.1 Porter’s Five forces analysis
16.1.1 Bargaining power of Supplier
16.1.2 Bargaining power of Buyer
16.1.3 Industry Rivalry
16.1.4 Availability of Substitute
16.1.5 Threat of new Entrants

17 COMPANY PROFILED
17.1 Siemens AG
17.1.1 Key Facts
17.1.2 Business Description
17.1.3Key Product/Services Offerings
17.1.4Growth Strategy
17.1.5SWOT Analysis
17.1.6Key Financials
17.1.6.1 Revenue Split
17.1.6.2 Financial Overview of Siemens AG
17.1.7 Recent Developments
17.1.7.1 Product Launch
17.1.7.2 Partnerships
17.1.7.3 Business Expansion and Investments
17.1.7.4 Merger and Acquisition
17.2 Honeywell International
17.3 Panasonic Corporation
17.4 Godrej
17.5 Hitachi Ltd.
17.6 Kwikset
17.7 Assa Abloy Group
17.8 Allegion PLC
17.9 Onity Inc.
17. 10Samsung SDS

18 DISCLAIMER

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