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The Digital Door Lock Systems Market will grow at a CAGR of 14.3% during the forecast period, according to TMR research

  • Faced with the threat of burglary, break-in or fire, new digital door lock systems equipped with alert systems are being released for added security. Such innovations are likely to energize the market.

  • In order to improve control and convenience, several companies are creating new techniques to offer DIY (Do It Yourself) home security systems, which is fueling the growth of the market.

ALBANY, NY, April 6, 2022 /PRNewswire/ — The value of the global digital door lock systems market has exceeded US$8.6 billion in 2020. The market is expected to grow at a CAGR of 14.3% during the forecast period, 2021 to 2031. The global digital door lock systems market is expected to exceed the valuation of US$37.2 billion by 2031. Z-Wave, Bluetooth, Wi-Fi and cloud-based systems are used to link digital door locks in residential and hotel installations. However, the pros and cons of technologies such as splash-proof touchpads and the threat of strangers entering the property with code door systems have increased market competitiveness. In order to counteract the shortcomings of code door lock systems, players in the global digital door lock systems market can increase their knowledge about their advantages such as multi-user accessibility and quick check-in.

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In residential and hotel setups, digital door locking systems are becoming increasingly popular. Technological breakthroughs in biometric Systems that lock the door at the push of a button are used by manufacturers of precise, solid and trustworthy products. biometric fingerprint and IRIS scanners. Battery operated touch tabletswhich remove the need for keys, are increasingly available from companies in the digital door lock system market.

Innovative digital door locking systems with alarms are being developed to provide additional protection against the threat of fire, vandalism and burglary. Future-proof residential door lock systems are in high demand. This is clear given that the residential application market is expected to grow at an accelerated pace.

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Key Findings of the Market Report

  • Digital smart door lock systems with RFID cards and touchpads enhance the security of private residences. In hotels, digital door lock systems, sometimes called electronic door locks, are becoming more common. Electronic door locks with custom functions are chosen to automatically configure lock and unlock schedules. In the global digital door lock system market, remote unlocking of digital door locks using Bluetooth and Wi-Fi has received a lot of attention. The market for digital locks, which is expected to grow at a steady pace, is supported by innovative solutions.

  • The growing use of Internet of Things (IoT) in global safety and security applications is a significant driver of the global digital door lock systems market. Over the past few years, the IoT has permeated all aspects of the global economy. Besides, it also provides efficient and easy services anytime and anywhere.

  • Several reasons including the technologically savvy population and the growing popularity of digital door lock systems for home care and protection are having a significant impact on the global digital door lock systems market. The global market is driven by the growing demand for smart home technologies.

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Global Digital Door Locking Systems Market: Growth Drivers

  • In developing countries, customer awareness and acceptance of digital door locking systems is facilitated by economic digitization. For the foreseeable future, a high percentage of smartphone adoption in countries such as India and China is expected to fuel the demand for biometric locks. For added security and protection, government buildings and corporate offices are also implementing IoT-enabled door locks.

  • The consumers in Europe should show a strong propensity for digital door locks and be willing to invest in smart home technologies. Moreover, the regional market is expected to grow at a CAGR of 10.3% during the forecast period. Recorded Sales of Digital Door Lock Systems US$1,864 million in Asia Pacific in 2020. China is the largest contributor to the region’s total demand for digital door lock systems.

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Global Digital Door Lock System Market: Key Competitors

  • Spectrum Marks, Inc.

  • Godrej & Boyce Manufacturing Co. Ltd.

  • Assa Abloy Group

  • Honeywell International, Inc.

  • Salto Systems SL

  • PLC Allegation

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Global Digital Door Locking Systems Market: Segmentation

Type

  • Keypad lock

  • RFID card digital lock

  • Keyless remote locking

  • Biometric lock

End use

  • Commercial

  • Residential

  • Government

  • Industrial

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SOURCE Transparency Market Research