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Digital Door Lock Systems Market By Technology (Biometrics Lock, Keypad Locks), By End-User (Government, Residential, Commercial, Industrial) - Growth, Future Prospects & Competitive Analysis, 2018 – 2026

Industry Outlook

Physical property security is a major and growing concern around the world. Various security measures, including digital door lock systems, are incorporated on a considerable scale in order to curb activities such as illegal interference or unauthorized trespassing. As a result, the market for digital door lock systems reached $2.31 billion in 2017. Perpetual growth in crime associated with break-ins is expected to encourage the growth of digital doorbell systems with a CAGR of 27.2% throughout the forecast period from 2018 to 2026. The market is expected to reach US$ 18.62 billion by 2026, owing to the growing trust of several end-users in the system over a traditional mechanical lock.

Market Synopsis

Door Locks Using Biometrics to Maintain Market Dominance in the Coming Years

In 2017, biometric door locks remained dominant over keypad locks in terms of market value. The system successfully installed faith in consumers' minds about the safety and security it provides. The systems are extensively used for several end-users, such as government and corporate offices and, to some extent, residential properties. Biometric door lock systems use different body parts for authorization, such as face recognition, iris recognition, palm recognition, voice recognition, signature recognition, and fingerprint recognition. Authentication via physical attributes ensures complete security, as every individual has a unique feature that is almost impossible to imitate. Keypad lock systems include magnetic strips, electromagnetic door locks, and electric strike locks. The lock is losing its market share to biometric systems owing to their vulnerability to hacking passwords and misusing key cards responsible for authentication. Consequently, keypad door lock systems are projected to witness sluggish growth in the coming years.

Commercial end-users stood supreme over other end-user segments in terms of market value.

Commercial end-users, including corporate offices, hotels, universities, dormitories, banking institutions, and financial institutes, rely extensively on digital door locks for authorized access. The number of aforementioned end-users is witnessing a consistent rise across the globe. This, in turn, encouraged the demand for digital door lock systems. Besides commercial end-users, the government is the second-biggest user of digital lock systems and consequently ranked second in terms of market value. Government infrastructure needs multiple levels of security, and digital door lock systems provide the optimum authorization solution for highly classified and confidential data. In addition, other government infrastructures, such as museums, art galleries, and public libraries, are trusted with such digital door lock systems for security. Governments, especially in developing nations across the globe, are rapidly incorporating such technology. Therefore, the segment is projected to progress considerably in the coming years.

Europe Reacted to the Growing Potential of Digital Door Lock Systems

Countries in Europe are one of the earliest to incorporate digital door lock systems and are currently crowned as the leading region in terms of market value. A thriving hospitality industry in several European countries fueled the region's adoption of digital door lock systems. North America trailed Europe in terms of market value. Government and commercial end-users played a vital role in boosting the need for lock systems. However, growing industries and the presence of a number of small and medium-scale companies incorporating door lock systems have put Asia-Pacific on the fast track to progress. Consequently, the region is projected to grow at its maximum rate throughout the forecast period of 2018 to 2026.

Market Segmentation

Before entering the market, new entrants must carefully consider each step.

The market is characterized by some of the top security services and consumer electronics manufacturers. The presence of such players has made the market highly competitive and extremely difficult for new entrants. New entrants and small local companies have to earn the trust of their consumers in order to cement their market share. However, continuous improvement in biometrics and security technology is one of the prime focus areas of these companies. Expanding their geographic presence is another prominent strategy adopted by these companies to maintain their market position. Cisco Systems, Inc., Godrej & Boyce Manufacturing Company Ltd., Onity Inc., ADT Inc., Assa Abloy Group, Siemens AG, United Technologies Corporation, Vivint, Inc., Tyco International Ltd., Allegion PLC, Wintec Electronic Tech Co. Ltd., Honeywell International Inc., Panasonic Corporation, Johnson Controls, and others are included in the study's business strategies and recent developments.

Key questions are answered in this report.

  • What are the latest trends in the digital door lock systems market and potential opportunities for players?
  • What impact will rising security concerns and issues related to unauthorized infiltration have on the global and regional markets for digital door lock systems?
  • Which is the largest and fastest-growing segment in terms of technology and end-users?
  • Which is the most attractive geographical region or country for the overall market for digital door lock systems?
  • How will technological development in biometric door lock systems play a vital role in the overall digital door lock systems market in the coming years?
  • What are the market sizes and trends in developing regions such as the Asia Pacific, the Middle East, Africa, and Latin America?

Frequently Asked Questions:

The market for Digital Door Lock Systems Market is expected to reach US$ 18.62 billion by 2026.

The Digital Door Lock Systems Market is expected to see significant CAGR growth over the coming years, at 27.2%.

The report is forecasted from 2018-2026.

The base year of this report is 2017.

Godrej & Boyce Manufacturing Company Ltd., Onity Inc., ADT Inc., Assa Abloy Group, Siemens AG, United Technologies Corporation, Vivint, Inc., Tyco International Ltd., Allegion PLC, Wintec Electronic Tech Co. Ltd., Honeywell International Inc., Panasonic Corporation are some of the major players in the global market.

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Godaddy
Published Date:  Sep 2018
Category:  Technology & Media
Report ID:   59357
Report Format:   PDF
Pages:   120
Rating:    4.4 (56)
Delivery Time: 24 Hours to 48 Hours   
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