The vast rise in the number of micro-, small, and medium-scale enterprises (MSMEs) across the globe, rapid industrialization and geographic expansion of service and operations units of businesses, and increased demand across the residential sector are collectively boosting the global demand for digital door lock systems. Lately, enhanced security needs of enterprise and residential consumers have led to the development and increased adoption of technologically advanced digital security systems incorporating technologies such as iris recognition and signature recognition.
Transparency Market Research estimates that the global digital door lock systems market will exhibit a strong 32.8% CAGR from 2016 through 2024. As a result, the market will rise from a valuation of US$920.7 mn in 2015 to US$11,230 mn by 2024. In terms of volume-wise growth, the market is expected to exhibit a 52% CAGR over the same period.
Demand for Biometric Door Lock Systems to Accelerate in Commercial and Residential Applications
Of the key varieties of digital door lock system available in the market, biometric door lock systems presently account for the majority of the market’s revenue and volume share, chiefly owing to the vast deployment fingerprint recognition devices across commercial and residential areas. In 2015, the segment had a valuation of US$615.4 mn in 2015 and is expected to rise to US$8,110.7 mn, exhibiting an excellent 33.9% CAGR from 2016 through 2024. In terms of volume, the segment is expected to exhibit a nearly 54% CAGR over the same period.
Over the period between 2016 and 2024, the segment of biometric door lock systems is expected to retain its position as the most preferred product variety, and witness a rise in its share in the overall market to 71% in 2024. Fingerprint recognition systems accounted for majority of the market share in the biometric door lock systems segment, accounting for a nearly 3/4th of the market in 2015.
Investor Interest in Asia Pacific Market Poised for Substantial Uptick
Europe is presently the dominant regional market for digital door lock systems, holding nearly one-third of the global market in 2015. The dominance of the region is primarily attributed to factors such as the vast rise in demand for digital door lock systems in the residential sector. The stabilizing construction sector post the recent economic turmoil of 2008 and the subsequent rise in new residential construction projects has also influenced growth of the market lately. Over the next few years, however, the region is projected to lose a substantial portion of its share in the global market, which is expected to fall from nearly 35% of the global market in 2015 to 30% by 2924.
Asia Pacific is expected to be the leading region in terms of new opportunities for the global digital door lock systems market in the next few years. Exhibiting growth at a swift pace of 35.5% CAGR over the period between 2016 and 2024, the Asia Pacific digital door lock systems market is expected to account for about 28% of the global market as compared to its nearly 20% in 2015. A rise in new construction projects across urban dwellings in emerging economies, growth of the industrial sector, and the rising numbers of SMEs in the region are expected to bolster the Asia Pacific digital door lock systems market in the near future.
Some of the key vendors operating in the global digital door lock system market are Nestwell Technologies, Hanman International Pte Ltd., Godrej & Boyce Manufacturing Company Ltd., Allegion PLC, Cisco Systems, Inc., Panasonic Corporation, Wintec Electronic Tech Co. Ltd., Hitachi Ltd., Assa Abloy Group, United Technologies Corporation, Xeeder Technology Co. Ltd., Vivint, Inc., Tyco International Ltd., Honeywell International Inc., and Siemen
The digital door lock system market report provides an analysis of the global digital door lock system market for the period 2014 – 2024, wherein 2014 is the base year and the period from 2016 to 2024 is the forecast period. Data for 2014 has been included as historical information. The report covers all the prevalent trends playing a major role in the growth of the digital door lock system market over the forecast period. It also highlights various drivers, restraints, and opportunities expected to influence the market growth during the said period. The study provides a holistic perspective on market growth, throughout the above forecast period in terms of revenue estimates (in US$ Mn), across different geographies, which include North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA) and South America. The report provides cross-sectional analysis of the global digital door lock system market in terms of market estimates and forecasts for all the segments across different geographic regions. This research report provides in-depth analysis of the global digital door lock system market on the basis of type, end-use adoption, and geography. The report also includes competitive profiling of major players engaged in providing digital door lock systems. Major business strategies adopted by them, their market positioning, and various recent developments have also been identified in the research report. This report also provides market positioning analysis of major players operating in the digital door lock system market.
This research study on the global digital door lock system market provides a detailed analysis of various type of lock systems primarily biometric and keypad locks. The report also offers an in-depth analysis of various factors such as market drivers, restraints, and growth opportunities affecting the market dynamics. These factors enable the analysis of various trends that would impact the market during the forecast period from 2016 to 2024. The report includes a comprehensive coverage of the underlying economic and technological factors under key trend analysis influencing the digital door lock system market. Furthermore, the report aims to provide strategic insights into the value chain analysis and porter’s five force model of manufacturers and distributors in the digital door lock system market. The market positioning analysis of key players throws light on the prevalent competition in this market.
Based on the end-use adoption, the digital door lock system market is segmented into government, commercial, industrial and residential. Based on factors such as budget, scalability, flexibility, and ease of use, end users tend to select best-fit solutions in order to cater to their requirements for security.
Various factors that affect the growth of the digital door lock system market have been identified in this report. The report aims to provide a comprehensive cross-sectional analysis of the digital door lock system market across geographies including North America, Europe, Asia Pacific, Middle-East and Africa (MEA), and South America. In addition, the report highlights the competitive landscape of the digital door lock system market and identifies various business strategies adopted by the leading players. Under the company profiles section, the report provides an overview of the companies operating in the market, strategies deployed by them to gain competitive advantage, SWOT analysis, annual revenue generated by them in the past two/three years, and recent developments.
Some of the key industry players profiled in the research study include Godrej & Boyce Manufacturing Company Ltd., Nestwell Technologies, Hanman International Pte Ltd., Cisco Systems, Inc., Panasonic Corporation, Assa Abloy Group, Vivint, Inc., Allegion PLC, Wintec Electronic Tech Co. Ltd., Honeywell International Inc., Hitachi Ltd., United Technologies Corporation, Tyco International Ltd., Siemens AG, and Xeeder Technology Co. Ltd. The report also provides list of significant distributors across all the regions of the major players such as Samsung Electronics Co. Ltd., Assa Abloy Group, and Allegion PLC.
The global digital door lock system market has been segmented as follows:
Digital Door Lock System Market, By Type
- Face Recognition
- Iris Recognition
- Palm Recognition
- Voice Recognition
- Signature Recognition
- Fingerprint Recognition
- Keypad Locks
- Magnetic Stripe Locks
- Electromechanical Door Locks
- Electric Strike Locks
Digital Door Lock System Market, By End-use adoption
Digital Door Lock System Market, By Geography
- North America
- Asia Pacific (APAC)
- South Korea
- Australasia (Australia and New Zealand)
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- South America