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Digital Door Locks Market by Product and Geography - Forecast and Analysis 2021-2025

  • Published: Aug 2021
  • Pages: 120
  • SKU: IRTNTR40793
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The Digital Door Locks market share is expected to increase by $ 6675.48 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 22.05%.

This market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentations by product (biometric digital locks and keypad locks) and geographic (APAC, North America, Europe, MEA, and South America). The market report also offers information on several market vendors, including Allegion Plc, ASSA ABLOY AB, ADT Inc., dormakaba International Holding AG, Godrej & Boyce Manufacturing Co. Ltd., Honeywell International Inc., Napco Security Technologies Inc., Salto Systems SL, Samsung Electronics Co. Ltd., and Spectrum Brands Holdings Inc. among others.

What will the Digital Door Locks Market Size be During the Forecast Period?

Digital Door Locks Market Size

Download the Free Report Sample to Unlock the Market Size for the Forecast Period and Other Important Statistics

 

Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a NEUTRAL impact on the market growth during and post COVID-19 era. The need for enhanced safety and privacy is notably driving the market growth, although factors such as high cost of digital door locks may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Digital Door Locks Market Driver

Diversified applications of digital door locks.The diversified applications of digital door locks will fuel the growth of the digital door locks market size.Digital door locks are increasingly being deployed across corporate offices, government offices, educational institutions, warehouses, hotels, retail shops, and residential properties.Corporate offices and government offices are more inclined toward the use of biometric digital locks wherein fingerprints, retina, and/or facial recognition of the individual are used for identification. Digital door locks are extensively used in educational institutions and research labs for the purpose of capturing attendance.Digital door locks in the form of keypads and swipe cards are used in hotels, warehouses, retail shops, and shopping malls to restrict the unauthorized entry of personnel and the prevention of thefts.

Key Digital Door Locks Market Trend

Growing emphasis on smart locks.The increasing demand for safety and security by the residential housing and commercial sectors is encouraging vendors to focus on the development of innovative digital door locks.Vendors are increasingly offering easy to install and technologically advanced customized digital door locks.Companies have introduced smart locks that can be accessed remotely using wireless networks such as Bluetooth, Wi-Fi, and Z-wave.Consumers are adopting smart locks as they provide high security and are convenient.Smart locks eliminate the need to carry keys and can also be unblocked or operated through smartphones.

Key Digital Door Locks Market Challenge

High cost of digital door locks.The growing emphasis on improved safety and privacy is owing to the demand for digital door locks. Based on the requirement, consumers can choose from a wide variety of digital door locks available in the market. The high cost of digital door locks is one of the major challenges for consumers in various developing and underdeveloped countries in APAC and South America.The price of different types of digital door locks varies depending upon their features. The high price of digital door locks is mainly because of the high manufacturing cost. The commercial sector mainly uses biometric digital locks, which are more expensive than keypad door locks. Thus, the high cost of digital door locks is reducing the adoption rate and will hamper the growth of the global digital door locks market during the forecast period.

This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global digital door locks market as a part of the global electronic equipment and instruments market within the overall electronics market. . Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.

Who are the Major Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • Allegion Plc
  • ASSA ABLOY AB
  • ADT Inc.
  • dormakaba International Holding AG
  • Godrej & Boyce Manufacturing Co. Ltd.
  • Honeywell International Inc.
  • Napco Security Technologies Inc.
  • Salto Systems SL
  • Samsung Electronics Co. Ltd.
  • Spectrum Brands Holdings Inc.

 

This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of global electronic equipment and instruments market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

 

Which are the Key Regions for Digital Door Locks Market?

Digital Door Locks Market Market segmentation by region

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55% of the market's growth will originate from APAC during the forecast period.China, Japan, and South Korea (Republic of Korea) are the key markets for market in APAC. Market growth in this region will be faster than the growth of the market in regions.

The rise in the number of commercial offices, the growing emphasis on technologically advanced residential living solutions, and the increase in disposable income will facilitate the market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Product Segments in the Digital Door Locks Market?

Digital Door Locks Market Segmentation

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The digital door locks market share growth by the biometric digital locks segment will be significant during the forecast period. Increased demand for biometric systems locks from various sectors, such as corporate office, government office, hotel, retail shop, shopping mall, educational institution, warehouse, and residential housing, is one of the major factors expected to drive the growth of this segment. Increased product launches, a result of the emergence of new software and smart lock technologies for precise facial recognition and fingerprint recognition, is another major factor expected to drive the growth of the market during the forecast period.

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on post COVID-19 impact on each segment.

 

Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 22.05%

Market growth 2021-2025

$ 6675.48 million

Market structure

Fragmented

YoY growth (%)

21.73

Regional analysis

APAC, North America, Europe, MEA, and South America

Performing market contribution

APAC at 55%

Key consumer countries

China, US, Japan, UK, and South Korea (Republic of Korea)

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Allegion Plc, ASSA ABLOY AB, ADT Inc., dormakaba International Holding AG, Godrej & Boyce Manufacturing Co. Ltd., Honeywell International Inc., Napco Security Technologies Inc., Salto Systems SL, Samsung Electronics Co. Ltd., and Spectrum Brands Holdings Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive market growth during the next five years
  • Precise estimation of the market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the market industry across APAC, North America, Europe, MEA, and South America
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch

1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value Chain Analysis: Electronic equipment and instruments

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
  • 3.4 Market outlook: Forecast for 2020 - 2025
    • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
    • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

4 Five Forces Analysis

  • 4.1 Five forces summary
    • Exhibit 08: Five forces analysis 2020 & 2025
  • 4.2 Bargaining power of buyers
    • Exhibit 09: Bargaining power of buyers
  • 4.3 Bargaining power of suppliers
    • Exhibit 10: Bargaining power of suppliers
  • 4.4 Threat of new entrants
    • Exhibit 11: Threat of new entrants
  • 4.5 Threat of substitutes
    • Exhibit 12: Threat of substitutes
  • 4.6 Threat of rivalry
    • Exhibit 13: Threat of rivalry
  • 4.7 Market condition
    • Exhibit 14: Market condition - Five forces 2020

5 Market Segmentation by Product

  • 5.1 Market segments
    • Exhibit 15: Product - Market share 2020-2025 (%)
  • 5.2 Comparison by Product
    • Exhibit 16: Comparison by Product
  • 5.3 Biometric digital locks - Market size and forecast 2020-2025
    • Exhibit 17: Biometric digital locks - Market size and forecast 2020-2025 ($ million)
    • Exhibit 18: Biometric digital locks - Year-over-year growth 2020-2025 (%)
  • 5.4 Keypad locks - Market size and forecast 2020-2025
    • Exhibit 19: Keypad locks - Market size and forecast 2020-2025 ($ million)
    • Exhibit 20: Keypad locks - Year-over-year growth 2020-2025 (%)
  • 5.5 Market opportunity by Product
    • Exhibit 21: Market opportunity by Product

6 Customer landscape

7 Geographic Landscape

  • 7.1 Geographic segmentation
    • Exhibit 23: Market share by geography 2020-2025 (%)
  • 7.2 Geographic comparison
    • Exhibit 24: Geographic comparison
  • 7.3 APAC - Market size and forecast 2020-2025
    • Exhibit 25: APAC - Market size and forecast 2020-2025 ($ million)
    • Exhibit 26: APAC - Year-over-year growth 2020-2025 (%)
  • 7.4 North America - Market size and forecast 2020-2025
    • Exhibit 27: North America - Market size and forecast 2020-2025 ($ million)
    • Exhibit 28: North America - Year-over-year growth 2020-2025 (%)
  • 7.5 Europe - Market size and forecast 2020-2025
    • Exhibit 29: Europe - Market size and forecast 2020-2025 ($ million)
    • Exhibit 30: Europe - Year-over-year growth 2020-2025 (%)
  • 7.6 MEA - Market size and forecast 2020-2025
    • Exhibit 31: MEA - Market size and forecast 2020-2025 ($ million)
    • Exhibit 32: MEA - Year-over-year growth 2020-2025 (%)
  • 7.7 South America - Market size and forecast 2020-2025
    • Exhibit 33: South America - Market size and forecast 2020-2025 ($ million)
    • Exhibit 34: South America - Year-over-year growth 2020-2025 (%)
  • 7.8 Key leading countries
    • Exhibit 35: Key leading countries
  • 7.9 Market opportunity by geography
    • Exhibit 36: Market opportunity by geography

8 Drivers, Challenges, and Trends

  • 8.1 Market drivers
  • 8.2 Market challenges
    • Exhibit 37: Impact of drivers and challenges
  • 8.3 Market trends

9 Vendor Landscape

  • 9.1 Vendor landscape
    • Exhibit 38: Vendor landscape
  • 9.2 Landscape disruption
    • Exhibit 39: Landscape disruption
    • Exhibit 40: Industry risks
  • 9.3 Competitive scenario

10 Vendor Analysis

  • 10.1 Vendors covered
    • Exhibit 41: Vendors covered
  • 10.2 Market positioning of vendors
    • Exhibit 42: Market positioning of vendors
  • 10.3 Allegion Plc
  • 10.4 ASSA ABLOY AB
    • Exhibit 48: ASSA ABLOY AB - Overview
    • Exhibit 49: ASSA ABLOY AB - Business segments
    • Exhibit 50: ASSA ABLOY AB - Key offerings
    • Exhibit 51: ASSA ABLOY AB - Segment focus
  • 10.5 ADT Inc.
    • Exhibit 52: ADT Inc. - Overview
    • Exhibit 53: ADT Inc. - Business segments
    • Exhibit 54: ADT Inc.– Key news
    • Exhibit 55: ADT Inc. - Key offerings
  • 10.6 dormakaba International Holding AG
    • Exhibit 56: dormakaba International Holding AG - Overview
    • Exhibit 57: dormakaba International Holding AG - Business segments
    • Exhibit 58: dormakaba International Holding AG – Key news
    • Exhibit 59: dormakaba International Holding AG - Key offerings
    • Exhibit 60: dormakaba International Holding AG - Segment focus
  • 10.7 Godrej & Boyce Manufacturing Co. Ltd.
    • Exhibit 61: Godrej & Boyce Manufacturing Co. Ltd. - Overview
    • Exhibit 62: Godrej & Boyce Manufacturing Co. Ltd. - Business segments
    • Exhibit 63: Godrej & Boyce Manufacturing Co. Ltd.– Key news
    • Exhibit 64: Godrej & Boyce Manufacturing Co. Ltd. - Key offerings
    • Exhibit 65: Godrej & Boyce Manufacturing Co. Ltd. - Segment focus
  • 10.8 Honeywell International Inc.
    • Exhibit 66: Honeywell International Inc. - Overview
    • Exhibit 67: Honeywell International Inc. - Business segments
    • Exhibit 68: Honeywell International Inc. - Key offerings
    • Exhibit 69: Honeywell International Inc. - Segment focus
  • 10.9 Napco Security Technologies Inc.
    • Exhibit 70: Napco Security Technologies Inc. - Overview
    • Exhibit 71: Napco Security Technologies Inc. - Business segments
    • Exhibit 72: Napco Security Technologies Inc. – Key news
    • Exhibit 73: Napco Security Technologies Inc. - Key offerings
  • 10.10 Salto Systems SL
    • Exhibit 74: Salto Systems SL - Overview
    • Exhibit 75: Salto Systems SL - Product and service
    • Exhibit 76: Salto Systems SL – Key news
    • Exhibit 77: Salto Systems SL - Key offerings
  • 10.11 Samsung Electronics Co. Ltd.
    • Exhibit 78: Samsung Electronics Co. Ltd. - Overview
    • Exhibit 79: Samsung Electronics Co. Ltd. - Business segments
    • Exhibit 80: Samsung Electronics Co. Ltd. – Key news
    • Exhibit 81: Samsung Electronics Co. Ltd. - Key offerings
    • Exhibit 82: Samsung Electronics Co. Ltd. - Segment focus
  • 10.12 Spectrum Brands Holdings Inc.
    • Exhibit 83: Spectrum Brands Holdings Inc. - Overview
    • Exhibit 84: Spectrum Brands Holdings Inc. - Business segments
    • Exhibit 85: Spectrum Brands Holdings Inc. – Key news
    • Exhibit 86: Spectrum Brands Holdings Inc. - Key offerings
    • Exhibit 87: Spectrum Brands Holdings Inc. - Segment focus

11 Appendix

  • 11.1 Scope of the report
  • 11.2 Currency conversion rates for US$
    • Exhibit 88: Currency conversion rates for US$
  • 11.3 Research methodology
    • Exhibit 89: Research Methodology
    • Exhibit 90: Validation techniques employed for market sizing
    • Exhibit 91: Information sources
  • 11.4 List of abbreviations
    • Exhibit 92: List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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Digital Door Locks Market market growth will increase by $USD 6675.48 million during 2021-2025.
The digital door locks market market is expected to grow at a CAGR of 22.05% during 2021-2025.
Technavio has segmented the digital door locks market market by product (biometric digital locks and keypad locks) and geographic (APAC, North America, Europe, MEA, South America, APAC, North America, Europe, MEA, and South America).
Allegion Plc, ASSA ABLOY AB, ADT Inc., dormakaba International Holding AG, Godrej & Boyce Manufacturing Co. Ltd., Honeywell International Inc., Napco Security Technologies Inc., Salto Systems SL, Samsung Electronics Co. Ltd., Spectrum Brands Holdings Inc. are a few of the key vendors in the digital door locks market market.
APAC will register the highest growth rate of 55% among the other regions. Therefore, the digital door locks market market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
  • China
  • US
  • Japan
  • UK
  • South Korea (Republic of Korea)
The key factors driving the digital door locks market market growth are:
  • Need for enhanced safety and privacy
  • Growing emphasis on smart locks
The digital door locks market market vendors should focus on grabbing business opportunities from the biometric digital locks segment as it accounted for the largest market share in the base year.
  • What are the key global market and the regional market share?
  • What are the revenue-generating key market segments?
  • What are the key factors driving and challenging this market’s growth?
  • Who are the key market vendors and their growth strategies?
  • What are the latest trends influencing the growth of this market?
  • What are the variables influencing the market growth in the primary regions?
  • What are the factors influencing the growth of the parent market?
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  • Parent market analysis
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  • Detailed vendors report with competitive landscape
  • Covid-19 impact and recovery analysis
  • Data on revenue-generating market segments
  • Details on the market shares of various regions
  • Five-force market analysis

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