Digital Door Lock System Market is Projected to Reach US$ 48.7 Billion by 2034
swatichaudhari
The global digital door lock system market is approximated at a value of US$ 11 billion in 2024. The growing popularity of smart homes is a notable digital door lock system market trend, which is expected to drive the sales of digital door locking systems at a CAGR of 16% to reach US$ 48.7 billion by 2034.
The market for digital door lock systems is expected to develop during the projected period due to the integration of digital technologies such big data, cloud-based applications, artificial intelligence, and the Internet of Things. It is also predicted that integrating these cutting-edge technology will improve the functionality of smart door locks.
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Advanced wireless digital locking systems are being developed as a result of a boom in wireless communication technology. The digital door lock system market is expanding as a result of more general technological trends that are driving the smart home sector as a whole. Conversely, the growing use of smartphones is driving up demand for smart locks. Digital door lock systems are just one example of how people are finding it easier to monitor and control a variety of electronic devices remotely because to declining cloud infrastructure and mobile internet charges.
Key Companies Profiled
Samsung Electronics Co Ltd.
Assa Abloy Group
Godrej & Boyce Manufacturing Company Ltd.
Vivint, Inc.
Cisco Systems, Inc.
Honeywell International Inc.
Panasonic Corporation
Siemens AG.
Dorma+Kaba Holdings AG
Nestwell Technologies
United Technologies Corporation
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Competitive Landscape
Leading manufacturers of digital door lock systems are focusing on creating a robust distribution network in order to cater to their wide range of customers, since digital locks are growing in popularity. Significant R&D expenditures are being made by major industry competitors to enhance the functioning of digital locks. Tech-savvy consumers are the primary users of digital locking solutions.
In 2023, HavenLock secured third patent from USPTO (United States Patent and Trademark Office) for its novel locking system.
Market Segmentations
By Product Type :
Face Recognition
Iris Recognition
Vein & Palm Recognition
Voice Recognition
Signature Recognition
Fingerprint Recognition
Magnetic Stripe Locks
Electromagnetic Door Locks
Electric Strike Locks
Others
By End User :
Government
Commercial
Industrial
Residential
By Region :
North America
Latin America
Europe
East Asia
South Asia & Oceania
Middle East & Africa
