Digital door lock market outlook

The global digital door lock system market is likely to reach a valuation of around US$ 9 Bn in 2022. The sales of digital door lock system are slated to accelerate at a steady CAGR of 18% to top US$ 47 Bn by 2032. 

The advancement of fundamental technologies such as internet of things, artificial intelligence, cloud-based applications, big data, and others is driving the growth of smart lock industry. These cutting-edge technologies will be essential players in development of new smart door locks with a variety of features. 

Tremendous growth in door locking system along with the high demand of wireless communication technologies have led to the development of advanced digital locking mechanisms which we can see in the digital door lock system. 

Because of broader technology trends which is propelling overall smart home business, industry is at a turning point. Smartphone adoption, on the other hand, is fueling the growth of digital door lock industry. Declining cloud infrastructure and mobile internet rates have made it easier for users to monitor and operate numerous electronic items remotely, and digital door locks systems are no exception. 

Fingerprint recognition digital door lock system category dominated global market with a share of 18% during the forecast period. Fingerprint recognition digital door are in high demand due to their superior maneuverability, increased operator comfort, easily accessible, high surveillance and low maintenance requirements. 

During the projection period, strict enforcement regulations in various developed and emerging countries would be a crucial element in encouraging their adoption.

Revenue of Digital door lock system from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032

North America is a prominent region in market due to the rising demand for digital door lock system in U.S., which is anticipated to grow at a CAGR of 20% and reach a market value of US$ 11 Bn by 2032.

The Europe is expected to hold a market value of around US$ 3 Bn in 2022 owing to high rate of technology adoption.

The East Asia and Europe contributed significantly to the growth of the digital door lock system, and is expected to account for around 27% and 13% market share in 2022 respectively.

The top 5 providers of digital door lock system held about 20% to 25% of the market share in 2021 as the market is fragmented.

What is the Global Scenario of Digital Door Lock System Market?

Consumers' growing preference for keyless convenience in unlocking doors has fueled adoption of digital door lock systems. Digital door lock systems have a wide range of uses which allows manufacturers to expand their product lines. Consumers are demanding latest and most modern technology be integrated into their digital door lock systems with a focus on better and secure access. A variety of access platforms for digital door lock systems are available, ranging from fingerprints to keypads. 

However, fabrication of such complex lock systems requires a significant investment. Furthermore, rise in cybercrime has slowed the adoption of digital door lock systems with wireless networking capabilities.  Worldwide market for digital door lock systems is witnessing manufacturers' ongoing battle to create powerful security features and impregnable digital lock mainframes in order to gain trust of consumers. 

Digital door lock systems market forecast by Fact.MR

How Rising Demand for Smart Home Leading Digital Door Lock System Market to Grow?

Since demand of wireless home accessories is rising, smart home creation is becoming talk of town among consumers. Enhanced home application in terms of technology which connect through wireless connection and that can be monitored from anywhere eventually creating demand for smart products, digital door lock system is one of them. This has led digital door lock system market to evolve and expand at a growth rate of 18% over the assessment period. 

How the Growing adoption of Fingerprint Digital Door Lock System To Add A Value in Digital Door Lock System Market?

Initial cost of fingerprint recognition is the main reason they are a worthwhile investment as compared to iris or palm systems which are hundreds of dollars more expensive than fingerprint locks yet they do same task. Because of additional parts and complex technology that have gone into high security locks which are only used in government sector, they are also significantly more expensive to repair if they break down. 

One of the prominent attribute about face recognition digital door lock system is that it can come in hybrid manner by integrating face and iris recognition systems that’s why demand of face recognition digital door lock system is achieving insurmountable heights in terms of revenue generation. The fingerprint and face recognition digital door lock system market is expected to be valued at US$ 14 Bn in 2032. 

How Smart Home or Infrastructure is Creating Lucrative Opportunities for Digital Door Lock System Market?

Smart homeowners in urban parts or developing countries such as India, Indonesia are installing digital door lock systems and practicing a trend of allowing one-time key access to workmen for services such as cleaning or home services. Consumer prefer to invest in novel technologies with the intention of long life span of product which is included in smart home sphere and consider as wheel of fortune. 

Application of weather resistant digital door lock systems to protect outdoor spaces has been gaining traction in global market. External locks of European and US government buildings are being actively upgraded to digital door lock systems. 

Furthermore, consumers are witnessing a natural inclination towards keyless access for common amenities such as restrooms and recreational spaces. With developing nations focusing more on infrastructure development and smart infrastructure demand of digital door lock system is experiencing rapid growth. 

Smart locks has potential for companies to expand through development and commercialization of innovations via institutional, corporate, college and university collaborations.