THE GROWING TREND OF DIGITAL DOOR LOCKS

According to recent market research, the global market for digital door locks is set to grow strongly. 

• Market size: The global smart lock market size was valued at USD 1.38 billion in 2020. The demand was recorded at 8.9 million units and is expected to expand at a compound annual growth rate (CAGR) of 21.4% from 2021 to 2028. The rising Internet of Things (IoT) penetration along with the advent of technologies such as Machine Learning (ML) and Artificial Intelligence (AI) are expected to accelerate the mass adoption of smart locks over the forecast period. Furthermore, the growing consumer awareness regarding the benefits and convenience offered by these locks is responsible for their increasing demand, especially across the residential and hospitality sectors globally.
• Regional insights: Based on the region, the market has been divided among five prominent regions, namely, North America, Europe, Asia Pacific, the Middle East and Africa, and South America. According to fortunebusinessinsight.com study, North America is expected to hold a major share in the market with around 60%. Asia Pacific is predicted to be the highest growing region, owing to the rising number of smart city projects in countries such as India, Japan, China, South Korea, ASEAN, Oceania, and others. Asia Pacific is expected to expand at the fastest CAGR of over 20.6% during the 2021-2028 period. 
• Segmentation: The residential segment dominated the smart lock market in 2020, capturing over 65% of the revenue share. It is expected to retain its dominance over the next seven years. The development of locks compatible with technologies such as ZigBee, Z-Wave, and BLE technologies, specifically for mass-market residential purposes, is at the forefront, thereby attracting a large customer base. The hospitality segment is expected to expand at the fastest CAGR of over 25% from 2021 to 2028. The need to increase in-room security measures at hotels is presumed to bolster the adoption of these keyless access devices in the future as well. Followed by the enterprise segment and critical infrastructure segment are also predicted to grow well. 
• Using electronic locks have become an inevitable trend:  An increasing focus on privacy, security, safety and luxury products by consumers encourage to offering biometric fingerprint door locks. Biometric fingerprint door locks are not only convenient, but also provide a high level of security. The use of this type of lock eliminates the need for anyone to carry keys because the lock is able to unlock via a smartphone. Digital door locks are increasingly being deployed across government offices, corporate offices, warehouses, hotels, educational institutions, shopping malls, retail shops, and residential properties. Moreover, the availability of smart locks at a lower price is contributing to the growing adoption of digital door locks. Therefore, the diversified applications of digital door locks will drive the growth of the market during the forecast period.