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Digital Door Lock Systems Market Trends

  • Report ID: GMI12269
  • Published Date: Nov 2024
  • Report Format: PDF

Digital Door Lock Systems Market Trends

Technological advancements and changing consumer expectations are driving trends in the Digital Door Lock Systems industry. One key trend is the rise of biometric authentication methods like fingerprint and facial recognition. As these technologies become more accurate, manufacturers are integrating them into digital door locks for better security and convenience. This meets the demand for personalized and advanced access control, eliminating the need for PIN codes or physical keys. Biometric locks are especially popular in residential and high-security commercial settings due to their secure and intuitive nature. Another trend is the growing demand for keyless entry systems in rental properties and shared spaces. The increase in short-term rental platforms and flexible office spaces has led property managers and landlords to adopt digital door locks for temporary and remote access. Keyless entry removes the need for physical key exchanges, allowing owners to generate time-limited access codes for guests or tenants via mobile apps.
 

High initial installation costs significantly challenge the digital door lock systems industry. Advanced features like biometric recognition, Wi-Fi connectivity, and smart home integration drive up prices. Many systems require professional installation, increasing upfront expenses and making them less accessible to budget-conscious consumers and small businesses. Additionally, some locks need compatible hardware or dedicated networking systems, further raising setup costs. Compliance with regional security and privacy regulations, such as the GDPR in the European Union, adds another layer of complexity. Companies must secure their systems against data breaches, leading to additional costs for cybersecurity and compliance, especially as biometric data and user access logs become more common.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The global digital door lock systems industry was valued at USD 7.6 billion in 2023 and is estimated to grow at a CAGR of over 7.4% from 2024 to 2032, driven by the increased demand for smart home security solutions.

The deadbolt segment generated around USD 3.5 billion in revenue in 2023 and is expected to grow at a CAGR of 7.9% during the forecast period due to its security and reliability, especially in residential settings.

The U.S. digital door lock systems market accounted for approximately USD 2.5 billion in 2023 and is projected to grow at a CAGR of 7.8% during the forecast period, driven by the rising demand for smart home security and advanced access control.

Key players in the industry include Allegion plc, ASSA ABLOY AB, August Home, Inc., Bosch Security Systems GmbH, Control4 Corporation, Honeywell International Inc., IDEMIA Group, Johnson Controls International plc, Kwikset Corporation, and Latch, Inc.

Digital Door Lock Systems Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 83
  • Countries covered: 18
  • Pages: 230
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