Digital Door Lock Systems Market : Technological Advancements, Evolving Industry Trends and Insights

The global digital door lock system market features the dominance of few large companies, with the top five vendors collectively accounting for a nearly 45% of the overall market in 2016, observed Transparency Market Research in a recent report. In the same year, the market had the leading ten companies collectively accounting for a massive 66% of the global market, with domestic, regional, and small-scale vendors holding the rest of the market.

Some of the most popular growth strategies adopted by leading players, including ASSA ABLOY, Onity, Inc., Honeywell International, Inc., and Panasonic Corporation, are strategic acquisitions, introduction of technologically advanced products, diverting investment towards the pursuit of technological excellence and optimized manufacturing capabilities.

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In terms of type, the segment of biometric door lock systems dominated, accounting for a massive 67% in the global market in 2016. The segment is expected to account for nearly 73% of the global market by the end of the forecast period. The strong growth of the segment is expected to be driven on the back of the vast demand for systems such as fingerprint recognition across the residential as well as enterprise sectors.

In terms of geography, the market is expected to witness promising growth opportunities across developed economies in regions such as Europe and North America throughout the forecast period. Strong adoption of digital door lock system across the end-use industries including residential, industrial, government, and commercial sectors in these regions will be the key driving force. The Asia Pacific market, however, is expected to lead in terms of growth rate over the forecast period. The thriving enterprise and residential construction sectors in the Asia Pacific region will drive demand.

Transparency Market Research estimates that the global digital door lock system market had a valuation of US$1,161.7 mn in 2016. The market is anticipated to exhibit an exponential CAGR of 33.6% from 2017 to 2025, reaching US$15,065.0 mn by the end of forecast period.

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Over the past few years, factors such as the geographical expansion, rapid industrialization of services and operations units, and the vast rise in number of large enterprises-, small-, medium-sized enterprises across the globe have fuelled the global demand for digital door lock systems.

However, low IT literacy hampering large-scale acceptance across certain regional markets is a key concern restraining the market. Similarly, high costs of security solutions, restricting the potential customer-base, is also limiting the growth of the digital door lock system market.

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