NEW YORK, Jan. 4, 2022 /PRNewswire/ -- The global digital door lock system market size is projected to reach US$ 47 Bn, exhibiting growth at 18% CAGR between 2022 and 2032, predicts Fact.MR. Emergence of novel technologies, such as big data and artificial intelligence in the smart lock industry is anticipated to drive the market in the upcoming years.
Integration of innovative technologies with digital door lock systems is likely to accelerate the demand for smart homes. Germany, for instance, is considered to be one of the most prominent smart home building countries in Europe. Sales of digital door lock systems in Germany are anticipated to reach US$ 1 Bn in 2022.
Further, rising adoption of smartphones is set to propel the digital door lock system market across the globe. Increasing usage of the mobile internet and development of the cloud infrastructure are also expected to make it possible for people to operate and monitor these door lock systems from any part of the globe.
As per the Electronic Frontiers Australia (EFA), around 88% of the population owns a smartphone in Australia. Hence, the country is considered to be one of the earliest adopters of such technology.
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"Increasing usage of weather resistant digital door lock systems for protecting outdoor spaces is anticipated to fuel the growth. In addition, constant enhancement of external door locks of the government buildings for security purposes is expected to drive the demand," says a Fact.MR analyst.
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Key players operating in the digital door lock system market are focusing on introducing unique products to broaden their portfolios and strengthen their positions. Meanwhile, some of the other players are aiming to expand their distribution networks and provide additional features to customers for gaining a competitive edge in the market.
Key Players in the Digital Door Lock System Market Include:
More Valuable Insights on Digital Door Lock System Market
Fact.MR provides an unbiased analysis of the digital door lock system market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global digital door lock system market with a detailed segmentation on the basis of:
Key Questions Covered in Digital Door Lock System Market Report
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