Digital Door Lock System Market to Top US$ 47 Bn as Government Focuses on Ramping up the Security



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.To get more news about home security companies, you can visit securamsys.com official website.
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.
"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.

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.

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:

The report offers insight into the digital door lock system market demand outlook for 2022-2032.
The market study also highlights projected sales growth for digital door lock system market between 2022 and 2032.
Digital door lock system market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
Digital door lock system market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.