Digital Door Lock Systems Market
Digital Door Lock Systems Market (Type: Keypad Lock, RFID Card Digital Lock, Keyless Remote Lock, and Biometrics Lock [Fingerprint Recognition, Palm Recognition, Face Recognition, Voice Recognition, Iris Recognition, and Others]; and End Use: Commercial, Residential, Government, and Industrial) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
U.S. CARES Act Draws Funds for Facial Recognition Systems in Educational Institutes
The COVID-19 (coronavirus) pandemic has brought companies in the digital door lock systems market under great pressure. The demand for hands-free and facial recognition systems has surged to prevent the spread of the novel coronavirus. Though facial recognition tech is gaining slow traction in corporate companies and other commercial spaces, schools are considering an initial investment in digital door lock systems. Elaborate reopening plans of schools and other educational institutes involve investments in digital door lock systems to prevent unauthorized entry of individuals and facilitate attendance records.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act has created revenue opportunities for companies in the U.S. digital door lock systems market. Educational institutes are purchasing security devices using the funds provided by the act.
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Irreproducibility of Fingerprints in Smart Devices Earning Trust of Customers
The digital door lock systems market is projected to advance at a striking CAGR of ~14% during the assessment period. However, manufacturers need to address social acceptance issues of individuals, pertaining to risks of fingerprints being slewed away and power outage issues. In order to overcome these hurdles, manufacturers are developing living fingerprint recognition modules to avoid issues of fingerprints being slewed away. For instance, Newgy Lock Ltd.— a manufacturer of RFID (Radio-Frequency Identification) hotel lock systems is increasing R&D in living fingerprint recognition module to earn the trust of customers toward digital door lock systems.
Companies in the digital door lock systems market are increasing their production capabilities in devices that work on lithium batteries in case of power outage issues.
Future-proof Door Lock Systems Gain Prominence in Residential Applications
Digital door lock systems are gaining prominence in residential and hotel settings. Mivanta— a supplier of robust, reliable, and accurate biometric fingerprint & IRIS scanners, is deploying smart innovations in biometric systems that lock the door with the touch of a button. Manufacturers in the digital door lock systems market are increasing the availability of battery-operated touchpads, which eliminate the need for keys. New digital door lock systems are being leveraged with alerts systems to offer extra security, subjected to risks of housebreaking vandalism and fire.
Future-proof door lock systems are in high demand in the residential sector. This is evident since the revenue of residential applications is projected to grow at an exponential rate in the digital door lock systems market.
Remote Unlocking of Digital Door Locks Acquires Popularity in Hotels
RFID card and touchpad digital smart door lock systems are increasing the security of private homes. Digital door lock systems, also known as electric door locks, are gaining popularity in hotels. Customized features in electronic door locks are being preferred for automatically setting the time for lock and unlock. Remote unlocking of digital door locks through Wi-Fi and Bluetooth is being highly publicized in the digital door lock systems market. Innovative products are bolstering growth for the digital door lock systems market, which is expected to cross the valuation of US$ 32.7 Bn by 2030.
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Cloud-based Solutions Facilitate Remote Changes in Door Lock Access Settings
RFID card, smart card, and magnetic card digital door locks are becoming essential for hoteliers who intend to remotely run their operations, owing to the COVID-19 outbreak. As such, the digital door lock systems market is predicted to surpass the production of ~340,051 units by the end of 2030. Manufacturers are innovating in cloud-based systems to facilitate changes in access setting from any convenient location. On the other hand, smart card door locks are being highly publicized as high frequency versions of devices with much larger storage capacity.
Although end users have several choices in devices, manufacturers in the digital door lock systems market are educating users about the pros and cons of systems in order to help them make an informed decision.
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Mitigation efforts for COVID-19 have fueled the demand for biometric systems in government and private sector organizations to contain the spread of the novel coronavirus. Digital door locks are being connected through Wi-Fi, Bluetooth, Z-Wave, and cloud-based solutions in residential and hotel spaces. However, pros and cons of systems such as advantage of splash-proof touchpads and disadvantage of unauthorized persons entering the building with code-lock door systems have intensified market competition. Thus, manufacturers in the digital door lock systems market should increase awareness about the advantages of code-lock door systems such as fast check-in and multi-user accessibility to offset its disadvantages.
Digital Door Lock Systems Market: Overview
- Digital door locks are advanced access control systems used in residential and business premises. Mechanical and electrical are the two basic types of digital door lock systems. Electrical digital locks are further classified as keypad locks, biometric locks, keyless remote locks, and RFID card digital locks. Recent advancements include wireless smart locks. Most digital door lock systems come in a combination of electronic and physical locking control. Bluetooth, Z-Wave, and Wi-Fi are the most common communication technologies used in wireless digital door lock systems.
- Digital door lock systems can be customized as per requirements of end users. Many brands are developing new technologies to offer DIY (Do it yourself) home security systems for better convenience and control. Some trending DIY systems available in the market include SimpliSafe, Footpoint, BlueADT, and Abode.
Rising Adoption of IoT in Door Safety and Security Solutions: A Key Driver of Digital Door Lock Systems Market
- Increasing importance of IoT in overall security and safety applications is identified as a key driver of the digital door lock systems market. IoT has expanded in every sector of the global economy in recent years. Moreover, IoT delivers effective and convenient services at any time, in any place, beyond economic and technical boundaries.
- The modern economy, along with rapid industrialization is driving the demand for convenient and technically advanced door safety solutions in not only the commercial sector, but also in residential and industrial sectors
- Digitization of economies plays a key role in consumer awareness and adoption of digital door lock systems across developing countries. High rate of smartphone penetration in countries such as China and India is anticipated to drive the demand for biometric locks in the near future.
- Corporate offices and government buildings are also adopting IoT enabled door locks for improved safety and security of their premises
Digital Door Lock Systems Market: Key Market Trends
- Extensive R&D activities coupled with strong investment in latest technology are key focus areas of digital door lock system manufacturers. Companies aim to design innovative products with advanced computing concepts such as grid computing, cluster computing, and cloud computing. Key cloud computing models include Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (Iaas). There are numerous opportunities for digital door lock system manufacturers and distributors in developing countries to cater to untapped markets.
- Consumers are willing to pay for convenient and time saving services and products due to improved living standards and changing lifestyles. Furthermore, consumers increasingly prefer simplified smart home technology for convenient and effective product operation. Rising consumer awareness, increasing penetration of smartphones, and technological advancements are anticipated to drive the digital door lock systems market during the forecast period.
High Cost of Technological Development and Risk of Cyber Attacks
- Technology plays a key role in the mechanism of digital door lock systems. As technology changes continuously, companies have to maintain the speed of product innovation and development according to end user needs and industry competition. It involves the integration of new technologies with the existing one or introduction of completely new ideas, recruitment of new and expert talents, and investment in R&D projects.
- Although digital door lock systems offer convenient door safety; there is also a risk related to data security. Potential attackers can target cloud servers to obtain access to key information stored on data servers. If smart lock systems support web access, hackers can attack the web portal through cross-site scripting, code injection, etc. This, in turn, requires a comprehensive monitoring of hardware and software of digital door lock systems to ensure its integrity and reliability.
Digital Door Lock Systems Market: Competition Landscape
- The research report provides detailed profiles of digital door lock system manufacturers to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global digital door lock systems market are
- ADT, Inc.
- Onity Inc.
- Assa Abloy Group
- Vivint, Inc.
- Allegion PLC
- Godrej & Boyce Manufacturing Co. Ltd.
- Panasonic Corporation
- Honeywell International, Inc.
- Spectrum Brands, Inc.
- Salto Systems S.L.
Digital Door Lock Systems Market: Key Developments
- Key companies operating in the global digital door lock systems market are heavily investing in R&D to launch advanced and innovative digital door lock systems under different brands. Key companies are directing their investment in the development of new software and tools to deliver advanced digital door lock systems compatible to both iOS and Android smartphones.
- In addition, companies are focused on strategic collaborations to attract potential customers. Some key developments in the global digital door lock systems market are highlighted below:
- In September 2020, ADT, Inc. expanded its product lineup under the brand “Blue by ADT” to offer fully customizable DIY smart home security solutions. The brand features two categories of pre-built smart home security systems– Starter and Starter Plus.
- In January 2020, August Home, Inc., the U.S.-based developer of secure and smart front door solutions, launched a new product “August Wi-Fi Smart Lock.” The smart lock features compact design and built-in Wi-Fi connection.
- In March 2019, Vivint Smart Home Company launched Vivint Car Guard, a new smart security solution integrated into the Vivint Smart Home app. The solution enables homeowners to manage the safety of both their car and home with a single app. In addition, it allows GPS tracking of the car’s location and travel direction.
- The global digital door lock systems market report also discusses product portfolio and key business strategies followed by digital door lock systems companies. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global digital door lock systems market.
Digital Door Lock Systems Market – Scope of the Report
A new study on the global digital door lock systems market has been published by Transparency Market Research (TMR). It presents a wealth of information on key market dynamics, including the drivers, market trends, and challenges, as well as the structure of the global digital door lock systems market across the globe. TMR’s study offers valuable information about the global digital door lock systems market to illustrate how the market would grow during the forecast period of 2020–2030.
Key indicators of market growth, which include value chain as well as supply chain analyses, and Compound Annual Growth Rate (CAGR), have been elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret quantitative growth aspects of the global digital door lock systems market during the forecast period.
An extensive analysis of business strategies of leading market players has also been featured in TMR’s study on the global digital door lock systems market. This can help readers understand principal factors to foresee growth in the global digital door lock systems market. In this study, readers can also find specific data on the qualitative and quantitative growth avenues for the global digital door lock systems market, which is expected to guide market players in making apt decisions in the future.
Key Questions Answered in TMR’s Digital Door Lock Systems Market Study
- What are the key factors influencing the digital door lock systems market in each region?
- What will be the CAGR of the global digital door lock systems market between 2020 and 2030?
- What is the future scope and current trends in terms of sizing and end use of the global digital door lock systems market?
- What is the revenue of the global digital door lock systems market based on the respective segments?
- Which are the key strategies used by top players of the global digital door lock systems market?
- Which are the leading companies in the global digital door lock systems market?
Research Methodology – Digital Door Lock Systems Market
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global digital door lock systems market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary sources referred to by analysts during the production of the global digital door lock systems market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the digital door lock systems market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from digital door lock systems industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global digital door lock systems market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on the future prospects of the global digital door lock systems market more reliable and accurate.
Digital Door Lock Systems Market – Segmentation
TMR’s study on the global digital door lock systems market includes information categorized into three sections ? type, end Use, and region. Changing industry trends and other crucial market dynamics associated with these sections of the digital door lock systems market have been discussed in detail.