Pune India, Jan. 30, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the digital door lock system market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the digital door lock system market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as product type, end-user, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global digital door lock system market are Assa Abloy Group, Salto Systems S.L., ADT Inc., Panasonic Corporation, Spectrum Brands Inc., Onity Inc., Honeywell International Inc. among others. To achieve a substantial market share in the worldwide digital door lock system market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
The use of digital door lock systems does not require physical keys for access, and in some cases provides a more creative security solution than traditional mechanical locks. Among the key focus areas of digital door lock system manufacturers are extensive research and development activities, as well as strong investments in the latest technology. It is the aim of companies to design innovative products that utilize advanced computing concepts like grid computing, and cloud computing which is creating more opportunities for market growth. There is an increasing demand for biometric door lock systems that are reliable, and accurate, and provide instant access to setting up the lock by touching the screen of a phone. Even though consumers are aware that high-tech digital door lock systems are needed, they aren't aware of the latest equipment or reliable companies that provide satisfactory services at a reasonable price. As a result of IT literacy, you are able to choose the best deal based on your needs and your available options in a way that is tailored to your needs, but a lack of awareness about the systems and lack of IT literacy is hampering the growth of the market.
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Scope of Digital Door Lock System Market Report:
|Market Share Unit||USD Billion|
|Segments Covered||Product Type, End-User, and Regions.|
|Regions Covered||North America, Europe, Asia-Pacific, South America, and Middle-East and Africa|
|Major Players||Assa Abloy Group, Salto Systems S.L., ADT Inc., Panasonic Corporation, Spectrum Brands Inc., Onity Inc., Honeywell International Inc. among others|
RFID card digital lock is expected to be the fastest-growing segment in 2022.
The product type segment includes RFID card digital lock, biometrics lock, keypad lock and keyless remote lock. The RFID card digital lock segment is expected to witness the highest growth rate during the forecast period. Digital smart door lock systems, also called electric door locks, are gaining popularity in hotels, where RFID card and touchpad security are increasing. In electronic door locks, customized features for setting the time for locking and unlocking are becoming more popular.
Residential is expected to be the fastest-growing segment in 2022.
The end-user segment includes residential, industrial, commercial and government. The residential segment is expected to witness the highest growth rate during the forecast period. A significant portion of revenue has been generated by residential applications and is expected to continue dominating throughout the forecast period. The significant revenue output can be attributed to the growing penetration of smart homes worldwide as well as an increase in new and restoration projects across the sector in recent years.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the digital door lock systems market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. It is expected that the North American smart lock market will emerge because the U.S. is the country with the highest revenue generation. The presence of tech-savvy customers complimented by their high spending capacity makes the United States the most vital contributor to the regional market. Additionally, security concerns have increased in the region, especially across residential and important infrastructure applications, resulting in digital door locks being increasingly adopted.
Germany's digital door lock system market size was valued at USD 0.84 billion in 2022 and is expected to reach USD 2.4 billion by 2030, at a CAGR of 14.5% from 2023 to 2030.
Aside from being one of the most prominent smart home-building countries in the European region, Germany is also one of the countries that focus more on automating or building smart homes to avoid the occurrence of incidents in remote homes.
China's digital door lock system market size was valued at USD 0.87 billion in 2022 and is expected to reach USD 2.5 billion by 2030, at a CAGR of 14.7% from 2023 to 2030.
A combination of the modern economy and rapid industrialization is driving demand for technologically advanced door safety solutions not only in the commercial sector but also in the residential and industrial sectors.
India's digital door lock system market size was valued at USD 0.67 billion in 2022 and is expected to reach USD 1.9 billion by 2030, at a CAGR of 14.6% from 2023 to 2030.
Digital door lock systems are being installed by smart homeowners in urban areas of the country, and homeowners are allowing one-time key access to professionals for services such as cleaning or home care.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising awareness among consumers about the benefits of using digital door lock systems for safety and security purposes.
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