About Digital Lock
Digital lock is the revolutionary door lock which uses digital electromechanical technology. It offers security as well as convenience to the homes and business places. The primary purpose of the digital lock is to remove the use of conventional keys. Digital lock eliminates the worries regarding the missing of key as well as theft. Digital lock allows the user to unlock the door by using biometric fingerprint, smart access card, secret code, and other access features. Digital lock comes with much-advanced features and functions such as security alarms, double lock function, panic release emergency exit features, among others. Owing to the latest technological advancements, the demand for smart lock has surged across the globe.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 21.85% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Digital Lock market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Pte Ltd. (Singapore), Nestwell Technologies (India), Godrej & Boyce Manufacturing Company Ltd. (India), KAADAS (Singapore), Cisco Systems, Inc. (United States), Allegion PLC (Republic of Ireland), Panasonic Corporation (Japan), Hitachi Ltd. (Japan), Wintec Electronic Tech Co. Ltd. (China), Assa Abloy Group (Sweden) and Xeeder Technology Co. Ltd. (China) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are United Technologies Corporation (United States), Vivint, Inc. (United States), Honeywell International Inc. (United States), Siemens AG (Germany) and Tyco International Ltd. (Republic of Ireland).
Segmentation Overview
AMA Research has segmented the market of Global Digital Lock market by Type (Biometrics {Face Recognition, Iris Recognition, Palm Recognition, Voice Recognition, Signature Recognition, Fingerprint Recognition} and Keypad {Magnetic Stripe Locks, Electromechanical Door Locks, Electric Strike Locks}) and Region.
On the basis of geography, the market of Digital Lock has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. Online will boost the Digital Lock market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Commercial will boost the Digital Lock market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Growth Drivers:
Growing Interest in Home Automation, Increased Consumer Preference for Digital Lock, Rising Disposable Income and Latest Technological Advancements in Security Appliances
Restraints:
The High Cost of Digital Lock
Opportunities:
Emerging Demand from Developing Countries
Market Leaders and their expansionary development strategies
In February 2023, KoreLock, an emerging IoT Smart Lock technology company, is pleased to announce funding to support the development and expansion of its Smart Lock technology and software platform. Private equity firm Iron Gate Capital and engineering firm Kozo Keikaku Engineering, Inc. have invested in the company alongside management.
In September 2023, Finolex Cables Limited, launched of its latest innovation in home automation – smart switches and smart door locks. These cutting-edge products are designed to elevate convenience, security, and energy efficiency, integrating seamlessly into the consumers modern lifestyle.
Key Target Audience
Technology Investors, Research/Consultancy firms, Technology Solution Providers, Government Bodies, Regulatory agencies, Corporate and Technology providers
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.