Press release
Digital Door Lock System Market Increased Prevalence Rate at a CAGR of 9.80% Outlook Till 2026
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.
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.
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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.
Demand for Iris Recognition Digital Door Lock Systems to Gain Traction
The report projects that the demand for fingerprint recognition digital door lock systems will lose traction over the forecast period. Malpractices such as the use of thin, pressure-sensitive films to replicate fingerprint impression continue create major concerns for the security measures of fingerprint recognition digital door lock systems. On the other hand, the demand for iris recognition digital door lock systems is expected to incur considerable gains, and register a CAGR of 41.3% in terms of volume over the forecast period. The report also projects that governments and commercial settings will be the largest end-users of digital door lock systems through 2026.
Competition Tracking
The report has profiled leading manufacturers of digital door lock systems, which include Godrej & Boyce Manufacturing Company Ltd., Honeywell International Inc., Cisco Systems Inc., Assa Abloy Group, United Technologies Corporation, Panasonic Corporation, Siemens AG, Vivint Inc., Nestwell Technologies, ABB Ltd., Allegion PLC, Hitachi Ltd., Hanman International Pte Ltd., Dormakaba Holding AG, Xeeder Technology Co. Ltd., Wintec Electronic Tech Co. Ltd., Tyco International Ltd., Stone Lock, and Adel Lock. These companies are likely to instrument the expansion of the global digital door lock systems market through 2026.
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