Sales Of Digital Door Lock System Are Slated To Accelerate At A Steady CAGR Of 18% By 2032

According to recently published report by Fact.MR, the global digital door lock system market is projected to grow at a CAGR of 30.8% in terms of value during the period 2017-2026. In terms of volume, the market is anticipated to record sales of nearly 80,000 thousand units by 2026-end.

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There has been a significant increase in the number of manufacturing sites along with growing pace of industrialization across the globe in the recent past. With growing number of facilities of various industries, advanced security technologies have gained immense momentum, thereby simulating the requirement for digital door lock systems. For example, mounting number of new facilities associated with MSME businesses has increasingly catalyzed demand for cost-effective and efficient digital door security solutions. In addition, robust expansion in the commercial and residential sector on the back of rapid population growth and urbanization has further augmented the need for efficient security systems in order to prevent infiltration, theft, and other relevant threats.

Increasing demand for convenient and reliable security systems from residential end-users has led manufacturers in integrating advanced technologies such as signature and iris recognition into digital door lock system. However, high cost of the digital door lock system will continue to restrain their adoption in the near future. In addition, troubleshooting and maintenance of digital door lock system are time-consuming and expensive, which in turn hamper their adoption, particularly in cash-strapped businesses across low-income nations. However, recent advances in sectors including IT-enabled services (ITES), IT and banking, along with the proliferated adoption of IoT devices will provide an impetus to the market expansion in the foreseeable future.

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Competition Tracking

The report has profiled leading manufacturers of digital door lock systems, which include

• Godrej & Boyce Manufacturing Company Ltd.
• Honeywell International Inc.
• Cisco Systems Inc.
• Assa Abloy Group
• United Technologies Corporation
• Panasonic Corporation
• Siemens AG
• Vivint Inc.
• Nestwell Technologies
• ABB Ltd.
• Allegion PLC
• Hitachi Ltd.
• Hanman International Pte Ltd.
• Dormakaba Holding AG
• Xeeder Technology Co. Ltd
• Wintec Electronic Tech Co. Ltd.
• Tyco International Ltd.
• Stone Lock
• Adel Lock.

These companies are likely to instrument the expansion of the global digital door lock systems market through 2026.

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Market Taxonomy

Region	North AmericaLatin AmericaEuropeJapanAPEJMEA
Product Type	Face RecognitionIris RecognitionVein and Palm RecognitionVoice RecognitionSignature RecognitionFingerprint RecognitionMagnetic Stripe LocksElectromagnetic Door LocksElectric Strike LocksOther
End User	GovernmentCommercialIndustrialResidential

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