Digital Door Lock System Market: Current Analysis and Forecast (2021-2027)

Global Digital Door Lock System Market was valued at more than US$ 3 billion in 2020 and is anticipated to reach US$ 18 billion by 2027 displaying an elevated CAGR of 27.9% over the forecast period (2021-2027). Digital Door Locks are smart security solutions for buildings such as schools, hospitals, offices, among others that require reliable means of access control. These are installed at the doors and are keyless locks that are operated via using modern-day technologies. These locks are easy and quick to install as they are completely self-contained.
With rapid technological advancement and the rising in the adoption of smart technology-based devices in our daily lives, there has been a surge in technology spending on smart city initiatives across the globe which in turn is driving the growth of digital door locks systems. For instance, it is anticipated that the technology spending on smart city initiatives worldwide will be doubled between 2018 and 2023, increasing from USD 81 billion in 2018 to USD 189.5 billion in 2023. Moreover, governments in emerging markets are also keen to drive investment in new technologies, leading to aggressive smart city initiatives and integrating ICT with economic planning. Consequently, many key industry players in the market including Godrej, ASSA ABLOY AB, etc. are focusing more on developing connected door lock solutions for various residential, commercial, and government buildings under smart city projects.
The digital door lock system market is growing exponentially on account of growth in the living standards coupled with the rising urban population across the world as the adoption of smart devices and IoT-based solutions are primarily witnessed among urban homes. For instance, according to The World Bank Data, in 2018, nearly 55.27% of the global population was urban and it was increased to 56.15% in 2020. further, it has been anticipated that almost 60% of the world’s population will be living in urban areas. In addition to this, the rise in incidences of burglaries and the need to safeguard their physical places are also driving the market growth globally.
Honeywell International, Panasonic Corporation, Godrej, Siemens AG, Hitachi Ltd., Kwikset, ASSA ABLOY Group, Allegion PLC, Onity Inc., Samsung SDS are some of the prominent players operating in the digital door lock market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new and innovative products.
Insights Presented in the Report
“Amongst Type, biometric lock segment holds the major share”
Based on type, the market is fragmented into biometric lock, keypad lock, keyless remote lock, and RFID card digital lock. The biometric lock segment generated revenue of USD XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F. The growth of this segment is attributed to the growing adoption of biometric applications such as face recognition, palm recognition, iris recognition, fingerprint recognition, among others. Additionally, the growth is also because of technological advancement and frequent innovative product launches. For example, in 2020, Eufy, a smart home company launched a Smart Lock Touch which is installed on the door of the consumer’s home and provides entry from 4 different methods through a touch keypad, built-in biometric fingerprint scanner, and a traditional key for backup.
“Amongst End-User, commercial segment holds the major share”
Based on end-user, the market is fragmented into government, commercial, industrial, and residential. The commercial segment generated revenue of USD XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F as it allows owners to monitor and control all that happens in their environment which further offers comfort and smart security systems. Also, the proliferation of IoT and rising IoT sensor deployments in the commercial sector is driving the growth of this segment. For instance, the growth potential of IoT sensor deployment for commercial real estate is expected to amount to USD 10,230.2 million by 2025. However, the residential segment is also anticipated to grow with a considerable CAGR of XX% during the forecast period.
“North America represents one of the largest markets of digital door lock system market”
For a better understanding of the market dynamics of the digital door lock system market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of US$ XX million in 2020 owing to technological advancements, an overall increase in consumer awareness, and the growing preference for strong home security culture.
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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry
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