Global digital door lock system market is estimated to witness high growth, owing to increased adoption and growing smart home trend
Global digital door lock system market is estimated to be valued at US$ 11.23 Bn in 2024, exhibiting a CAGR of 11.5% over the forecast period 2024-2031. Furthermore, rapid adoption of smart security systems for residential and commercial sectors can drive the market growth.
Market Dynamics:
Global digital door lock system market growth is primarily driven by growing trend of smart homes and increased focus on security and convenience. Digital door locks allow users to securely lock and unlock doors via smart phones, tablets or other devices remotely. This offers convenience and peace of mind to homeowners and businesses. Furthermore, technological advancements have made digital door locks more affordable and user-friendly, thus, boosting their adoption globally. Manufacturers are also developing innovative product features such as fingerprint locks, password-protected locks, cloud-based access controls, and others to differentiate their products. However, data privacy and security concerns can hamper the market growth.
Market Driver: Rising Adoption of Smart Home Technologies
Growing adoption of smart home technologies across the globe can drive the digital door lock system market growth. With rising disposable incomes and improved living standards, consumers are increasingly preferring smart and automated solutions for various applications at homes including security systems. Digital door lock systems allow homeowners to remotely monitor and control access to their properties through mobile applications. These provide better convenience, safety and security compared to traditional mechanical locks. Furthermore, integration of these locks with smart home platforms like Amazon Alexa and Google Home has further boosted their demand.
Key Driver: Growth in IoT and Connected Devices
The rapid growth of internet of things (IoT) technology and proliferation of connected devices can drive the digital door lock system market growth. IoT enables door locks to communicate with other smart devices seamlessly through wireless networking. This provides users remote access and control capabilities that boosts the popularity of digital locks. Many manufacturers are integrating these locks with features like geo-fencing, face recognition and fingerprint scanning for added convenience and safety. Growing IoT ecosystem worldwide has facilitated the development and deployment of more advanced digital door lock solutions.
Market Restraint: High Initial Investment Costs
Global digital door lock system market growth can be hampered by higher upfront costs compared to traditional mechanical locks. While the operating and maintenance expenses are lower for smart locks over time, consumers hesitate to replace their existing locks due to the requirement of relatively high initial investment, especially in cost-sensitive and price-conscious regions. Furthermore, installation and integration of digital locks with other smart systems also involves additional expenses.
Restraint: Concerns Over Cybersecurity
Cybersecurity threats can hamper the digital door lock system market growth. As these locks are connected to the internet and mobile networks, these are vulnerable to hacking and unauthorized access. Any security breaches or thefts can compromise user privacy and safety. While manufacturers are taking necessary measures to reinforce security, the fear of cyber-attacks still remains a challenge, especially for consumers unaware of proper security protocols. This deters many potential buyers, thus, hampering the market growth.
Market Opportunity: Incorporation of Advanced Biometric Technologies
Development and integration of advanced biometric technologies like fingerprint scans, facial recognition sensors and voice command capabilities provide lucrative growth opportunities for digital door lock system providers. Biometrics deliver enhanced layers of identification security and convenience to users opening doors through just their physical attributes. Demand for multi-factor authentication including biometrics has been increasing due to improved safety concerns. Locking system manufacturers focusing on incorporating latest biometric innovations can tap new customers and increase sales in the near future.
Opportunity: Expanding into Commercial Applications
Besides homes, digital door locks are gaining traction in commercial spaces as well including offices, retail stores, warehouses and public buildings. Commercial settings require high-security access control solutions and digital locks meet those needs through remote management features. Door lock providers targeting commercial verticals through customized product offerings as per industry requirements can witness higher revenues.
Link: https://www.coherentmarketinsights.com/market-insight/digital-door-lock-system-market-806
Key Developments:
- In September 2023, Yale Home, a leader in smart home security that protects homes throughout the U.S. and Canada, expanded its best-selling smart lock collection with the release of the Yale Assure Lock 2 Touch and Yale Assure Lock 2 Plus. The Yale Assure Lock 2 Touch is the brand's first-ever smart lock with a built-in fingerprint reader, allowing users to register up to 20 different fingerprints for effortless access. The Yale Assure Lock 2 Plus is the company's first smart lock to support Apple home keys, enabling users to simply tap their compatible iPhone or Apple Watch to unlock their door. Both new smart locks are available for purchase in the U.S. at ShopYaleHome.com, Amazon, and Best Buy, and offer a range of convenient access options including touchscreen, app, voice assistant, Auto Lock, and traditional key functionalities (with keyed models).
- In April 2023, Huawei, a global technology giant known for its innovative consumer electronics and smart home solutions, launched the Huawei Smart Door Lock Series 2.0 at a product launch event in Shanghai. This upgraded version of Huawei's popular smart door lock series offers advanced security features and cutting-edge technologies to enhance convenience and efficiency for users. The Huawei Smart Door Lock Series 2.0 features AI 3D face recognition 2.0, which improves unlocking speed by 20% and enables the door to be unlocked even in low-light conditions. The lock incorporates a dual-engine AI fingerprint algorithm, making it easier for children and older adults to unlock the door with their fingerprints. With these enhancements, Huawei continues to push the boundaries of smart home security and convenience with its innovative Smart Door Lock Series 2.0.
- In February 2023, Abode Systems, a leading provider of DIY smart home security solutions, introduced the Abode Lock, an innovative device designed to seamlessly convert standard latch-style deadbolts into advanced smart locks. This retrofit smart lock aligns perfectly with Abode's comprehensive smart home ecosystem, allowing users to upgrade their home security without the need to replace their existing deadbolt. The Abode Lock is compatible with most standard deadbolts, making installation a breeze and enabling users to enjoy the enhanced convenience and security features of a smart lock while maintaining their current setup. With the Abode Lock, Abode Systems continues to offer innovative solutions that cater to the needs of homeowners seeking to upgrade their home security without major modifications.
- In November 2022, SALTO Systems, a leading global provider of electronic access control solutions, launched SALTO Homelok - a comprehensive smart access control platform designed specifically for the residential sector. SALTO Homelok integrates cutting-edge smart access control technology, cloud-based software, hardware, digital keys, and a robust smart living ecosystem, transforming the way residents access and manage their homes. This solution eliminates the complexities and costs associated with traditional access control systems, offering a modern, user-friendly electronic locking solution that enhances convenience, security, and connectivity for homeowners and property managers. With its global service and support, SALTO Homelok empowers residential living by delivering a seamless, technology-enabled experience.
- In April 2022, Swiftlane, a VC-funded startup based in the U.S., released a hands-free voice-enabled door unlock feature that allows users to unlock doors, parking gates, and garages simply by using voice commands like "Hey Siri, unlock door". Swiftlane is the only access control company that offers a complete all-in-one cloud-based smart access solution, which includes face recognition, mobile unlock, key card capabilities, visitor and delivery management, and an intuitive admin dashboard. The company's vision is to provide smart access technology that solves real issues in the multifamily industry and enable safer resident experiences while helping owners and managers maximize their NOI.
Key Players:
ASSA ABLOY AB, August Home, Inc., Bluetooth SIG Inc., Cansec Systems Ltd., Cisco Systems, Inc., Dorma+Kaba Holdings AG, Godrej & Boyce Manufacturing Company Ltd., Godrej Group, HavenLock, Inc., Hangzhou Hikvision Digital Technology, Hero Electronix, Honeywell International Inc., Latchable Inc., Nestwell Technologies and Panasonic Corporation.
