Digital door lock system market refers to the electronic operated physical access systems that have found significant traction over the past decade owing to the increasing concerns for the safety and security of the personal, private, and organizational assets. Moreover, these system are excessively used in enterprises and other business activities to keep track of the information regarding the person entering or exiting working place.
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Low cost availability, installation ease of these security arrangements for edifices that need a reliable way of access monitoring & control are the prominent factors driving the industry growth.
Digital door lock systems are available in multiple options depending on the user security requirements include access based on passphrases, numeric code, passwords, security tokens, radio frequency identification devices (RFID), and different types of biometrics. Moreover, usage of smart phones as a means to gain entry is among the prominent solution gaining traction for residential and other end user applications, specifically in the developed economies of U.S. and Europe. Owing to availability of extensively ranged choices and the high level security offered by these solutions, digital door lock system market is expected to witness minimum CAGR of 30% over the forecast period.
Increasing IoT and connectivity, proliferation of internet enabled devices that feature multi device support will continue to drive the industry growth
Growing industrialization, considerable development of operations and service units of enterprises across countries, and growing demand for security solutions in the residential sector are some of the prominent factors fueling the growth of digital door lock systems market. Incorporation of motion-activated camera, two-way audio communication, and -video surveillance, are some of the other features that have led to considerable increase in the growth of the digital door lock system market globally. These systems account for the largest share of the revenues predominantly owing to the large scale adoption of fingerprint sensors in the commercial and government end-use segments. This system can be programmed to provide access to any required number of individuals. Moreover, low ownership cost, easy availability, accurate information processing, and no requirement of additional objects to provide access will continue to drive the revenues.
Key Players operating in the Global Digital Door Lock System Market
Key players operating in the global digital door lock system market include ABB, Cisco Systems, Inc., Hanman International Pte Ltd., Nestwell Technologies, Allegion PLC, Godrej & Boyce Manufacturing Company Ltd., Hitachi Ltd., Panasonic Corporation, United Technologies Corporation, Assa Abloy Group, Wintec Electronic Tech Co. Ltd., Vivint, Inc., Xeeder Technology Co. Ltd., Tyco International Ltd., and Honeywell International Inc.