The global digital door lock system market is estimated to generate revenue of USD 4,223.5 million in 2027 from USD 3,201.25 Million in 2020, witnessing 32.1% CAGR during the forecast period.

The global digital door lock system market is expected to witness a CAGR of 32.1% during the forecast period. The rising techno-savvy population, increasing adoption of digital door lock systems for home security and safety, the growing trend for smart home technology are the factors that bolster the growth of the digital door lock system market globally. Moreover, rising industrialization, advancement of internet-enabled devices, rising adoption of fingerprint sensors in the commercial and government sectors will fuel the growth of the digital door lock system market.

The COVID-19 pandemic has had an adverse impact on the digital door lock system market as there was disruptions in supply chain, temporary shutdown of manufacturing and production units. There is a need to rethink approaches so as to increase the demand for digital door lock systems market

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On the basis of product, the digital door lock system market is segmented into biometrics and keypad locks. The biometrics segment is sub-segmented into iris recognition, signature recognition, face recognition, vein and palm recognition, voice recognition, and fingerprint recognition. The demand for biometrics locks is high as there is the limited ability of physical checks at the time of safeguarding will drive the demand for the global digital door lock system market globally.
Geographically, North America Is anticipated to be the largest-growing region in the global digital door lock system market owing to the development of the smart home market and technological advancement by major industry players in the region.

Key players operating in the digital door lock system industry: Cisco Systems, Inc., Allegion PLC, Panasonic Corporation, Hitachi Ltd., Hanman International Pte Ltd., Nestwell Technologies, Godrej & Boyce Manufacturing Company Ltd., United Technologies Corporation, Vivint, Inc., Honeywell International Inc., Wintec Electronic Tech Co. Ltd., Assa Abloy Group, Xeeder Technology Co. Ltd., Siemens AG, and Tyco International Ltd.

Source: VynZ Research