Global Digital Door Lock System Market - Set to Surpass $9.75 Billion by 2030, Fueled by Increasing Demand for Smart Home Security Solutions

The digital door lock systems industry has been evolving quickly thanks to the widespread use of smart home technology as well as the growing need for improved security solutions. According to the latest published market research5 assa abloy, allegion, samsung sds, yale locks & hardware (subsidiary of assa abloy), godrej locking solutions and systems are the primary companies in the smart locks market, driving improvements and market growth.

Market Leaders & Portfolio Highlights:

Assa Abloy: Known worldwide as a key maker, Assa Abloy manufactures a full selection of digital door locks under their numerous different brands, including Yale. Their range of products includes smart locks with Bluetooth, Wi-Fi, and biometric access, and access control systems for commercial and residential use. Assa Abloy - Net sales in 2023 amounted to approx. SEK 131.9 billion.

Allegion: Allegion is a leading security company that supplies brands such as Schlage and Von Duprin, and offers hundreds of models of digital door locks, including smart locks that allow users to unlock a door with a voice command and remotely unlock it via a mobile app. They also offer access control systems and commercial security solutions in their portfolio. In 2023, Allegion had net revenues of $3.3 billion.

Samsung SDS: A sub brand of Samsung and smart home systems provider Samsung SDS produces digital door locks for its ecosystem as well. With the ability to integrate with other Samsung smart devices, they offer easy and secure access control for users. Samsung SDS plays a major role in smart home security as a meme server in a larger Samsung initiative.

Yale Locks & Hardware (Assa Abloy): With Yale being a key player in the Assa Abloy portfolio, the brand offers a range of residential security solutions, including smart locks that have advanced features like keyless entry, remote access, and activity monitoring. Yale remains one of the most well-known names in security.

Godrej Locking Solutions and Systems: One of the Top Indian player, Godrej has different Digital Door Locks Options with different features that cater to Indian conditions, from Biometric lock to RFID Locks with some of the locks having the capabilities of using a Mobile app. Another reason for Godrej's market share is its knowledge of regional needs and local presence.

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Recent M&A Activity:

Strategic acquisitions focused on expanding product portfolios and enhancing technological capabilities have characterized the digital door lock systems market. Companies are eager to implement newer technologies such as AI and biometric authentication into their platforms. In recent years, large public facing mergers have become less frequent, but Assa Abloy is contintuing to snap up smaller companies to bet on new technologies and increase it's market share.

Recent Market Developments:

Key Trends in the Digital Door Lock Systems Market

More Comprehensive Integration with Smart Home Ecosystems: Digital door locks are becoming more integrated with smart home platforms such as Amazon Alexa, Google Assistant, and Apple HomeKit, allowing for more convenient control and automation.

Improved Biometric Authentication: Digital door locks are increasingly implementing biometric technologies — such as fingerprint and facial recognition — for improved security and convenience.

Rising Trend of Remote Access and Monitoring – Users are looking forward to a digital door lock that allows them to access and monitor its functionalities on a remote basis at all times.

Cybersecurity Enhancements: One of the most profound concerns around digital locks is cybersecurity. They are data, and we inherit them up until October 2023.

More Matter protocol support: Larger companies are overhauling their product lines to connect via the Matter protocol, which promotes interoperability between smart home devices.

Funding and Investments:

The market for digital door lock systems is being boosted by increasing demand for smart home solutions, with significant investment in the sector. While the amounts for the large cap companies are not always publicly disclosed, their investments to R&D are generally extremely high. Private equity investors and venture capital firms are pouring money into companies developing cutting-edge door locks. And smart home market growth overall is prompting more investment in this space.