Digital Door Lock System Market: Current Analysis and Forecast (2021-2027)

Region:Global

Author(s):

Product Code:UMCG21416

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Published on

September 2021

Total pages

178

Table of Content

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About the Report

About the Report

Digital Door Locks are smart security solutions for buildings such as schools, hospitals, offices, among others that require reliable means of access control. These are installed at the doors and are keyless locks that are operated via using modern-day technologies. These locks are easy and quick to install as they are completely self-contained.

With rapid technological advancement and the rising in the adoption of smart technology-based devices in our daily lives, there has been a surge in technology spending on smart city initiatives across the globe which in turn is driving the growth of digital door locks systems. For instance, it is anticipated that the technology spending on smart city initiatives worldwide will be doubled between 2018 and 2023, increasing from USD 81 billion in 2018 to USD 189.5 billion in 2023. Moreover, governments in emerging markets are also keen to drive investment in new technologies, leading to aggressive smart city initiatives and integrating ICT with economic planning. Consequently, many key industry players in the market including Godrej, ASSA ABLOY AB, etc. are focusing more on developing connected door lock solutions for various residential, commercial, and government buildings under smart city projects.

The digital door lock system market is growing exponentially on account of growth in the living standards coupled with the rising urban population across the world as the adoption of smart devices and IoT-based solutions are primarily witnessed among urban homes. For instance, according to The World Bank Data, in 2018, nearly 55.27% of the global population was urban and it was increased to 56.15% in 2020. further, it has been anticipated that almost 60% of the world's population will be living in urban areas. In addition to this, the rise in incidences of burglaries and the need to safeguard their physical places are also driving the market growth globally.

Based on type, the market is fragmented into biometric lock, keypad lock, keyless remote lock, and RFID card digital lock. The biometric lock segment generated revenue of USD XX million in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027 owing to the growing adoption of biometric applications such as face recognition, palm recognition, iris recognition, fingerprint recognition, and among others.

Based on the end-user, the market is fragmented into government, commercial, industrial and residential. The commercial segment generated revenue of USD XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F. However, the residential segment is also anticipated to grow with a considerable CAGR of XX% during the forecast period.

For a better understanding of the market adoption of digital door lock systems, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of Asia-Pacific), and Rest of World. North America constitutes a major market for the digital door lock system industry and generated revenue of USD XX million in 2020 owing to the rapid urbanization, and rising income level of middle- and upper-class consumers in the region.

Some of the major players operating in the market include Honeywell International, Panasonic Corporation, Godrej, Siemens AG, Hitachi Ltd., Kwikset, ASSA ABLOY Group, Allegion PLC, Onity Inc., Samsung SDS, etc. Several M&A's along with partnerships have been undertaken by these players to develop new and advanced digital door lock systems.

This market is expected to witness a boost on account of the increasing demand for enhances smart security solutions among end-users and the increasing adoption of emerging connecting technologies all over the world. In addition to this, key players worldwide are introducing innovative digital door locks to cater to the middle-income group propelling the growth of the digital door lock system market across the globe.

Products


Companies

Honeywell International, Panasonic Corporation, Godrej, Siemens AG, Hitachi Ltd., Kwikset, ASSA ABLOY Group, Allegion PLC, Onity Inc., Samsung SDS

Table of Contents

Table of Contents

1 MARKET INTRODUCTION

1.1 Market Definitions

1.2 Objective of the Study

1.3 Limitation

1.4 Stake Holders

1.5 Currency Used in Report

1.6 Scope of the Global Digital Door Lock System Market Study

2 RESEARCH METHODOLOGY OR ASSUMPTION

2.1 Research Methodology for the Global Digital Door Lock System Market

2.1.1 Main Objective of the Global Digital Door Lock System Market

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 COVID-19 IMPACT

6 GLOBAL DIGITAL DOOR LOCK SYSTEM MARKET REVENUE

7 MARKET INSIGHTS BY TYPE

7.1 Biometric Lock

7.2 Keypad Lock

7.3 Keyless Remote Lock

7.4 RFID Card Digital Lock

8 MARKET INSIGHTS BY END-USER

8.1 Government

8.2 Commercial

8.3 Industrial

8.4 Residential

9 MARKET INSIGHTS BY REGION

9.1 NORTH AMERICA DIGITAL DOOR LOCK SYSTEM MARKET

9.1.1 United States

9.1.2 Canada

9.1.3 Rest of North America

9.2 EUROPE DIGITAL DOOR LOCK SYSTEM MARKET

9.2.1 Germany

9.2.2 France

9.2.3 United Kingdom

9.2.4 Spain

9.2.5 Italy

9.2.6 Rest of Europe

9.3 ASIA PACIFIC DIGITAL DOOR LOCK SYSTEM MARKET

9.3.1 China

9.3.2 Japan

9.3.3 India

9.3.4 Australia

9.3.6 Rest of Asia Pacific

9.4 REST OF THE WORLD DIGITAL DOOR LOCK SYSTEM MARKET

10 DIGITAL DOOR LOCK SYSTEM MARKET DYNAMICS

10.1 Market Drivers

10.2 Market Challenges

10.3 Impact Analysis

11 DIGITAL DOOR LOCK SYSTEM MARKET OPPORTUNITIES

12 DIGITAL DOOR LOCK SYSTEM MARKET TRENDS & INSIGHTS

13 LEGAL & REGULATORY FRAMEWORK

14 DEMAND AND SUPPLY SIDE ANALYSIS

14.1 Demand Side Analysis

14.2 Supply Side Analysis

14.2.1 Top Product Launches

14.2.2 Top Business Partnerships

14.2.3 Top Merger & Acquisitions

15 VALUE CHAIN ANALYSIS

16 COMPETITIVE SCENARIO

16.1 Porter's Five forces analysis

16.1.1 Bargaining power of Supplier

16.1.2 Bargaining power of Buyer

16.1.3 Industry Rivalry

16.1.4 Availability of Substitute

16.1.5 Threat of new Entrants

17 COMPANY PROFILED

17.1 Siemens AG

17.1.1 Key Facts

17.1.2 Business Description

17.1.3 Key Product/Services Offerings

17.1.4 Growth Strategy

17.1.5 SWOT Analysis

17.1.6 Key Financials

17.1.6.1 Revenue Split

17.1.6.2 Financial Overview of Siemens AG

17.1.7 Recent Developments

17.1.7.1 Product Launch

17.1.7.2 Partnerships

17.1.7.3 Business Expansion and Investments

17.1.7.4 Merger and Acquisition

17.2 Honeywell International

17.3 Panasonic Corporation

17.4 Godrej

17.5 Hitachi Ltd.

17.6 Kwikset

17.7 Assa Abloy Group

17.8 Allegion PLC

17.9 Onity Inc.

17.10 Samsung SDS

18 DISCLAIMER

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