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According to national smart home org, global smart home value has grown to the US $ 40Bn in 2018. Rapid innovation of smart homes industry and expansion of small and medium enterprises (SMEs) especially in developing countries is estimated to be one of the major drivers of digital door lock market growth. Digital Door Lock System is an electronic operated physical access system that unlocks wirelessly with authorized users’ identification.
The process of identifying the authorized user is completed with the help of a digital keypad lock in smart locks. The digital keypad lock uses a numeric code, passwords, passphrases, security tokens, radio frequency identification devices (RFID), and biometric scanners that performs face, iris, voice, fingerprint recognition, etc. Digital door lock systems have various benefits such as anti-pass-back, automated door control, tamper alarm, and user tracking.
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Digital locks offer connectivity with smartphones or tablets and fire alarm system equipped with hybrid sensors These smart devices are linked with the help of smart Bluetooth, or Wi-Fi and provide additional security option to alert authorized person and security authorities before any trespassing or damage.
The growth of the smart homes market and technological innovations in the field of bioelectronics sensors, nanotechnology, etc., are expected to drive the global digital door lock system market during the forecast period. Further, huge investment in AI and IoT technology has driven the digital door lock systems market in the forecast period. For example, in 2018, ASSA ABLOY Inc. acquired August Home Inc. with an aim to integrate Hi-O technology in digital door lock systems.
Hi-O technology offers AI applications such as face recognition, iris recognition, voice recognition, fingerprint recognition, etc. to identify the authorized person. Recent developments in digital door lock system include massive investment in integrating NFC technology with Artificial Intelligence (AI) by key players such as Northern Trust (NT), IBM, and others.
Some of the major players in digital door lock system market are include Harman International Pvt Ltd., Nestwell Technologies, Panasonic Corporation, United Technologies Corporation, Godrej & Boyce Manufacturing Company Ltd., Hitachi Ltd., Wintec Electronic Tech Co. Ltd., Cisco Systems, Inc., Honeywell International Inc., Assa Abloy Group, Xeeder Technology Co. Ltd., and Siemens AG.
· Electromechanical Door Locks
· Magnetic Stripe Locks
· Biometric Access Systems
By End User Types
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Europe is estimated to hold the maximum market share in the digital door lock systems market during the forecast period. The growth in Europe is mainly due to the rapid adoption and implementation of technology such as Tele-cloud computing and Continuum application in digital door locks by the government and the residential sector. Further, the Asia Pacific is likely to grow at the highest CAGR between 2018 and 2023. The demand in the region is due to massive investment by developing countries such as China, India, South Korea, Pakistan, and Japan in various business events to improve high urbanization rates and high adoption capacity in digital door lock systems.
Key Industry Developments
· In 2018, ASSA ABLOY Inc., introduced Power over Ethernet (PoE) locks system equipped with Electrolynx AI system. This system provides features such as same real-time communication as traditional access control, real-time door status monitoring and multiple credential types and NFC mobile access