Dublin, Jan. 27, 2024 (GLOBE NEWSWIRE) -- The "Digital Door Lock System: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
As technological advancements redefine security measures worldwide, the global market for Digital Door Lock Systems is experiencing a significant surge, anticipated to reach a formidable $54.4 billion by the end of 2030. Growing at a steady CAGR of 14%, this sector is fuelled by innovative product segments like Keypad Locks which are expected to exhibit a notable 13.9% CAGR, thereby reaching an impressive $24.1 billion by the same year.
The evolution of security protocols and a higher emphasis on smart and automated homes and commercial spaces have driven unparalleled growth in this sector. In particular, the United States holds a substantial share of the market, estimated at $5.6 billion as of 2022, while China is not far behind, forecasted to expand at a 13% CAGR, leading to a $9.2 billion market size by 2030. This growth is indicative of the massive transformation in the security landscape where digital innovation paves the way for enhanced safety and convenience.
Other geographies of interest include Japan and Canada, with predicted growth rates of 12.8% and 11.9% respectively, over the forecast period. Europe, with a spotlight on Germany, is also set to embrace this upward trend, with a projected 9.9% CAGR.
In the competitive spectrum, the market showcases a gamut of key players who are pivotal in driving innovation and customer value. Among these, industry leaders such as ADT Inc., Allegion PLC, and Assa Abloy AB boast prominent market shares, alongside emerging entities that are recognizable for their innovation and rapid growth within the Digital Door Lock System domain.
Recent Developments and Geographic Prowess
- Keypad Locks Segment: A cornerstone for modern security, registering a significant growth trajectory.
- Biometric Locks Segment: With a revised growth outlook, these locks are envisaged to achieve a 15% CAGR over the next 8 years.
- U.S. Market Evaluation: A robust $5.6 billion estimated market size in 2022.
- China's Market Potential: Expected to grow at a brisk 13% CAGR, signifying the adoption of advanced security solutions.
- European Market Dynamics: Germany stands out with a solid 9.9% forecasted CAGR.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 194 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $19.1 Billion |
| Forecasted Market Value (USD) by 2030 | $54.4 Billion |
| Compound Annual Growth Rate | 14.0% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- ADT Inc. (dba ADT Security Services, Inc.)
- Allegion PLC
- Assa Abloy AB
- August Home
- Cisco Systems, Inc.
- Godrej & Boyce Manufacturing Co., Ltd.
- Honeywell International, Inc.
- Johnson Controls, Inc.
- Onity, Inc.
- Panasonic Corporation
- Vivint, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/838chp
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