Rising Demand for Smart Home Leading Digital Door Lock System Market to Growth – Fact.MR Study

Technology

The global digital door lock system market is likely to reach a valuation of around US$ 9 Bn in 2022. The sales of digital door lock system are slated to accelerate at a steady CAGR of 18% to top US$ 47 Bn by 2032.

The advancement of fundamental technologies such as internet of things, artificial intelligence, cloud-based applications, big data, and others is driving the growth of smart lock industry. These cutting-edge technologies will be essential players in development of new smart door locks with a variety of features.

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Tremendous growth in door locking system along with the high demand of wireless communication technologies have led to the development of advanced digital locking mechanisms which we can see in the digital door lock system.

Because of broader technology trends which is propelling overall smart home business, industry is at a turning point. Smartphone adoption, on the other hand, is fueling the growth of digital door lock industry. Declining cloud infrastructure and mobile internet rates have made it easier for users to monitor and operate numerous electronic items remotely, and digital door locks systems are no exception.

Fingerprint recognition digital door lock system category dominated global market with a share of 18% during the forecast period. Fingerprint recognition digital door are in high demand due to their superior maneuverability, increased operator comfort, easily accessible, high surveillance and low maintenance requirements.

What is the Global Scenario of Digital Door Lock System Market?

Consumers’ growing preference for keyless convenience in unlocking doors has fueled adoption of digital door lock systems. Digital door lock systems have a wide range of uses which allows manufacturers to expand their product lines. Consumers are demanding latest and most modern technology be integrated into their digital door lock systems with a focus on better and secure access. A variety of access platforms for digital door lock systems are available, ranging from fingerprints to keypads.

However, fabrication of such complex lock systems requires a significant investment. Furthermore, rise in cybercrime has slowed the adoption of digital door lock systems with wireless networking capabilities.  Worldwide market for digital door lock systems is witnessing manufacturers’ ongoing battle to create powerful security features and impregnable digital lock mainframes in order to gain trust of consumers.

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