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

“The Digital Door Locks Market is poised to grow by USD 6675.48 million during 2022-2026, accelerating at a CAGR of 22.05% during the forecast period”

Technavio market report provides a holistic analysis, market size and forecast, trends, growth drivers, challenges, and vendor analysis covering around 15 vendors. Furthermore, this report extensively covers market segmentation 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?

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Parent Market Analysis

Our Technavio Research categorizes the report belonging to Technology Hardware, Storage and Peripherals Industry for the market. Technavio is based on four simple principles: easy-to-access reports, robust industry coverage, a focus on new and emerging technologies, and competitive pricing. We believe in helping companies and executives become better equipped to make faster, sounder, and more effective decisions.

Digital Door Locks Market: Key Drivers, Trends, and Challenges

Technavio Research categorizes the global Digital Door Locks Market belonging to the Technology Hardware & Equipment Industry. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

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 forecast year.

The market is extremely competitive with all sizes of businesses, including large, medium, and small-sized companies vying to monopolize the market. The tremendous development in various fields such as product innovations and new product launches by manufacturers operating in the market will drive the growth further.

Key Digital Door Locks Market Driver

• 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 theft.

Key Digital Door Locks Market Trend

• The increasing demand for safety and security in 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

• 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 on 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.

Who are the Major Digital Door Locks Market Vendors?

The vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading market vendors such as

• 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.

Market Overview

The parent global electronics market includes manufacturers of communications equipment, technology hardware storage and peripherals, electronic equipment and instruments, electronic components, consumer electronics, and industrial electronics products, as well as electronic manufacturing services. 

Digital Door Locks Market Value Chain Analysis

In this report, we provide extensive information on the value chain analysis for the market. Our data covers all key stages of a market flow and provides a complete understanding of all aspects of the market logistics value chain. This includes an end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies.

Which are the Key Regions for Digital Door Locks Market?

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 digital door locks 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?

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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 offices, government offices, hotels, retail shops, shopping malls, educational institutions, warehouses, 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 technologies from the smart lock market for precise facial recognition and fingerprint recognition, is another major factor expected to drive the growth of the market during the forecast period. Biometric locks are extensively used in the commercial sector, particularly in corporate and government offices, as they are used to track employees' daily attendance and movements in office premises. 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. 

The report provides a near-term to long-term perspective on the trends and forecasts horizon for the market. It offers an overview of the key market drivers and restraints, enabling precise identification of key opportunities in each region over the coming years.

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What are the Key Data Covered in this Digital Door Locks Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive the growth during the next five years
• Precise estimation of the size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the 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 digital door locks market vendors

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