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. ASSA ABLOY, for instance has been continuously involved in various strategic acquisitions and has completed over 120 acquisitions since 2006. The company now boasts a huge range of products in its portfolio. Onity, Inc., in its pursuit of technological advancement, is deploying new cloud-based and Bluetooth technologies to its new door lock systems.
Demand from Enterprise and Domestic Sectors in Asia Pacific Market to Drive Growth
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.
Rising Concerns Regarding Personal Safety to Fuel Demand for Effective Digital Door Lock Systems
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. Moreover, the rising rates of burglaries, property crimes, and home invasions have demonstrated the pressing need for improved home security solutions across the residential sector. Therefore, the demand for digital door lock system across the residential sector has continued to unceasingly increase, expected to fuel the growth of the digital door lock systems market in forthcoming years.
High Costs to Limit Adoption to Certain Extent
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. Nevertheless, there have been rapid developments in technologies, costs have substantially declined, the consumer across emerging economies, especially in India, China, and the Southeast Asian countries, is becoming increasingly aware about the benefits of advanced security solutions. These factors are anticipated to offer lucrative opportunities to the global digital door lock system market in the near future.
This review of the global digital door lock systems market is based on a recent market research report published by Transparency Market Research, titled “Digital Door Lock Systems Market (Type - Biometrics (Face Recognition, Iris Recognition, Palm Recognition, Voice Recognition, Signature Recognition and Fingerprint Recognition) and Keypad (Magnetic Stripe Locks, Electromechanical Door Locks and Electric Strike Locks); End-use Industry - Government, Commercial, Industrial, and Residential) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 - 2025.”
For the study, the market has been segmented as follows:
Digital Door Lock Systems Market, by Type
- Face Recognition
- Iris Recognition
- Palm Recognition
- Voice Recognition
- Signature Recognition
- Fingerprint Recognition
- Magnetic Stripe Locks
- Electromechanical Door Locks
Digital Door Lock Systems Market, by End-use Industries
In addition, the report provides analysis of the Digital Door Lock Systems Market with respect to the following geographic segments:
- North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East and Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
- South America
- Rest of South America
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