The global digital door locks market size is poised to grow at a CAGR of over 28% during the period 2019-2023, according to the latest market research report by Technavio.
Digital door locks are increasingly being deployed across government offices, corporate offices, warehouses, hotels, educational institutions, shopping malls, retails shops, and residential properties. They are extensively used across organizations for the purpose of capturing attendance. Corporate offices and government offices use biometric digital locks wherein fingerprints, retina, and facial recognition of an individual is utilized for enhanced security. Digital door locks in the form of keypads and swipe cards are also used in hotels, warehouses, retail shops, and shopping malls. Moreover, the availability of digital door locks at a lower price is contributing to the growing adoption of digital door locks. Therefore, the diversified applications of digital door locks will drive the growth of the market during the forecast period.
The growing emphasis on safety, security, and privacy by consumers and the rising demand for luxury product installation in the residential sector has encouraged companies to offer digital locks. Digital door locks provide high security and convenience as they eliminate the need to carry keys for they can be unlocked or operated through smartphones. In Singapore, Raizo is one of the prominent vendors that offers digital door locks across industries. Hence, the growing emphasis on digital locks is expected to drive the growth of the digital door locks market during the forecast period.
This market research report segments the digital door locks market by product (biometric digital locks, and keypad locks) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the market in 2019, followed by North America, Europe, MEA, and South America respectively. The growth of the digital door locks market share in APAC can be attributed to several factors such as a rise in the number of commercial offices and the growing emphasis on technologically advanced residential living solutions, in China and India.
Twenty years ago, did the mere mortals among us ever imagined that our doors will be smartphone-controlled? Maybe not. But these days digital locks, or smart locks, are integrated to smartphones, which make the locking and unlocking more convenient. No keys are needed because your smartphone is your key!