The adverse impact of COVID19 pandemic has created new growth opportunities for various industries. One among them include the digital door lock systems market, the key growth factors of which is the increasing popularity of digital technology in home and electrical appliances. Digital locks can be operated using cloud-based solutions or via Wi-Fi or Bluetooth and are currently facing major surge on account of the advent of latest innovations in this field. The residential sector and hotel industries are the highest revenue generating sections for the global digital door lock systems market. Most of the developed nations have adopted electronic or digital door locks as a means of theft-proof security for their homes, offices, and businesses. This market is further expected to generate notable revenues owing to their success rates in already established nations that have adopted digital door lock systems and are satisfied with its services.
A new smart security solution called Vivint Car Guard was launched in March 2019 for integration into Vivint Smart Home app. This new home security system allows consumers to handle the door lock features of both their cars and homes all with the same one application. Additionally, this app also has a GPS tracking system that allows users to keep track of their car’s live location as well as travel maps. This kind of technically advanced features will help increase the popularity of digital door lock systems for untouched markets in the near future.
Rising Adoption of Digital Lock Systems across Residential Sector will Generate High Shares for Market
New digital door lock systems are being acquainted with alarm systems that offer additional security when exposed to dangers of fire and housebreaking vandalism. New door lock systems with are installed with a futuristic approach when it comes to door-locking systems especially for use in residential sector. There is going to be rapid demand for digital door lock systems especially from the residential sector of developing nations once the market reaches a state of maturity in the already established ones such as Canada and the United States. Additionally, when it comes to end-use sector, industrial, residential, government, and commercial sectors all hold notable revenues for digital door lock systems market owing to the increasing disposable incomes of people and multiplying customer base.
Some of the key players of the global digital door lock systems market include Spectrum Brands Inc., Panasonic Corporation, Allegion PLC., Assa Abloy Group, ADT Inc., Salto Systems S.L., Honeywell International Inc., Godrej & Boyce Manufacturing Co. Ltd., Vivint Inc., Onity Inc., and others. Companies operating in the global digital door lock systems market are engaging in several innovations such as Wi-Fi connectivity, Z-wave operational feature, and splash-proof touchpads, code-lock door systems to maintain their brand name and establish their position in the market competition. Key organizations are additionally putting resources into R&D to focus on advanced and imaginative digital door lock systems under different brands. Key organizations are directing their interest in the development of new software and instruments to deliver advanced digital door lock systems viable with the two iOS and Android smartphones.
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Digital door lock systems have various types such as keyless remote lock, RFID card lock, biometrics lock, keypad lock, and others among which, the biometrics and keypad lock is the most common throughout the world. These two types are likely to continue attracting significant revenues on account of their success rates and increasing dependability. Additionally, the launch of latest innovative launches such as voice recognition, palm recognition, fingerprint, iris recognition, and others will further create new growth opportunities for the market in the coming years. Among these, the fingerprint section will hold notable revenues owing to easy data input and operation ability.