Digital Door Lock System Market Report, Size, Share, Key Companies Analysis, Future Trends 2021

A comprehensive overview of the digital door lock system market is recently added by UnivDatos Market Insights to its humongous database. The digital door lock system market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the digital door lock system market. The digital door lock system market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the digital door lock system market at the global and regional levels. Global Digital Door Lock System Market was valued at more than US$ 3 billion in 2020 and is anticipated to reach US$ 18 billion by 2027 displaying an elevated CAGR of 27.9% over the forecast period (2021-2027).

Market Overview

Burglary is basically the illegal entry of a building with the intent to commit theft. According to the United States Department of Justice yearly data, each year nearly 2.5 million burglaries take place and almost 66% of these are home invasions. Also, as of 2018, New Zealand has the highest burglary rate worldwide, with 1353.6 occurrences per 100,000 inhabitants. Other countries with a high burglary rate include Chile Denmark, Sweden, UK, among others. Owing to these alarming facts about burglaries, the demand for digital door lock systems is witnessing an uptick across the world as they provide enhanced home security solutions and may help in reducing break-ins.

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Furthermore, the growth of the digital door lock system market is also attributable to the rising disposable incomes and willingness to pay for enhanced home security solutions. For instance, as per a survey, on an average consumers in the United States were willing to spend USD 491.9 on smart home security as of 2018. Also, nearly 34% of the respondents were only willing to pay less than USD 250 on smart home security. Furthermore, the growth in the techno-savvy population and significant rise in security concerns is also propelling the market growth.

COVID-19 Impact

The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. All industries have suffered some form of loss due to the pandemic and the digital door lock system industry has not been left untouched by this unprecedented crisis of modern times. This industry has its share of challenges due to the COVID-19 pandemic as the lockdown restrictions have obligated companies to allow their employees to adopt work from home culture. As a result, there has been a decline in demand for digital door lock system for commercial purposes. However, some consumers are spending more to on their home improvement projects as home experience is more appreciated aspect due to COVID -19. Therefore, the growth of this market is anticipated to grow in the post-covid scenario.

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Global digital door lock system market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Type, the market is primarily fragmented into

• Biometrics Lock
• Keypad Lock
• Keyless Remote Lock
• RFID Card Digital Lock

Amongst Types, biometric lock, keypad lock, keyless remote lock, and RFID card digital lock are the key products. The biometric lock segment of the global digital door lock system market was valued at USD X billion in 2020 and is likely to reach USD X billion by 2027 growing at a CAGR of X% from 2021-2027 owing to the growing adoption of these types of locks in hospitals, offices, schools, etc.

By End-User, the market is primarily segmented into

• Government
• Commercial
• Industrial
• Residential

By End-User, the commercial segment dominated the global digital door lock system market and will row at X% CAGR to reach US$ X billion by the year 2027. However, the residential segment is also anticipated to grow with a considerable CAGR of X% during the forecast period.

Digital Door Lock System Market Geographical Segmentation Includes:

• North America (United States, Canada, and Rest of North America)
• Europe (Germany, United Kingdom, Italy, France, Spain, and Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific)
• Rest of the World

Geographically, the North America region dominated the digital door lock system market with almost US$ X billion revenue in 2020 owing to the increasing disposable income of the consumers and the number of key players in the region.

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The major players targeting the market includes

• Honeywell International
• Panasonic Corporation
• Godrej
• Siemens AG
• Hitachi Ltd.
• Kwikset
• Assa Abloy Group
• Allegion PLC
• Onity Inc.
• Samsung SDS

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the digital door lock system market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the digital door lock system market?

• Which factors are influencing the digital door lock system market over the forecast period?

• What are the global challenges, threats, and risks in the digital door lock system market?

• Which factors are propelling and restraining the digital door lock system market?

• What are the demanding global regions of the digital door lock system market?

• What will be the global market size in the upcoming years?

• What are the crucial market acquisition strategies and policies applied by global companies?

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