Digital Door Lock Systems Market 2024 is estimated to expand at a CAGR of ~14%

The COVID-19 (coronavirus) pandemic has brought companies in the digital door lock systems market under great pressure. The demand for hands-free and facial recognition systems has surged to prevent the spread of the novel coronavirus. Though facial recognition tech is gaining slow traction in corporate companies and other commercial spaces, schools are considering an initial investment in digital door lock systems. Elaborate reopening plans of schools and other educational institutes involve investments in digital door lock systems to prevent unauthorized entry of individuals and facilitate attendance records.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act has created revenue opportunities for companies in the U.S. digital door lock systems market. Educational institutes are purchasing security devices using the funds provided by the act.

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Irreproducibility of Fingerprints in Smart Devices Earning Trust of Customers

The digital door lock systems market is projected to advance at a striking CAGR of ~14% during the assessment period. However, manufacturers need to address social acceptance issues of individuals, pertaining to risks of fingerprints being slewed away and power outage issues. In order to overcome these hurdles, manufacturers are developing living fingerprint recognition modules to avoid issues of fingerprints being slewed away. For instance, Newgy Lock Ltd.— a manufacturer of RFID (Radio-Frequency Identification) hotel lock systems is increasing R&D in living fingerprint recognition module to earn the trust of customers toward digital door lock systems.

Companies in the digital door lock systems market are increasing their production capabilities in devices that work on lithium batteries in case of power outage issues.

Future-proof Door Lock Systems Gain Prominence in Residential Applications

Digital door lock systems are gaining prominence in residential and hotel settings. Mivanta— a supplier of robust, reliable, and accurate biometric fingerprint & IRIS scanners, is deploying smart innovations in biometric systems that lock the door with the touch of a button. Manufacturers in the digital door lock systems market are increasing the availability of battery-operated touchpads, which eliminate the need for keys. New digital door lock systems are being leveraged with alerts systems to offer extra security, subjected to risks of housebreaking vandalism and fire.

Future-proof door lock systems are in high demand in the residential sector. This is evident since the revenue of residential applications is projected to grow at an exponential rate in the digital door lock systems market.

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Remote Unlocking of Digital Door Locks Acquires Popularity in Hotels

RFID card and touchpad digital smart door lock systems are increasing the security of private homes. Digital door lock systems, also known as electric door locks, are gaining popularity in hotels. Customized features in electronic door locks are being preferred for automatically setting the time for lock and unlock. Remote unlocking of digital door locks through Wi-Fi and Bluetooth is being highly publicized in the digital door lock systems market. Innovative products are bolstering growth for the digital door lock systems market, which is expected to cross the valuation of US$ 32.7 Bn by 2030.

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Cloud-based Solutions Facilitate Remote Changes in Door Lock Access Settings

RFID card, smart card, and magnetic card digital door locks are becoming essential for hoteliers who intend to remotely run their operations, owing to the COVID-19 outbreak. As such, the digital door lock systems market is predicted to surpass the production of ~340,051 units by the end of 2030. Manufacturers are innovating in cloud-based systems to facilitate changes in access setting from any convenient location. On the other hand, smart card door locks are being highly publicized as high frequency versions of devices with much larger storage capacity.

Although end users have several choices in devices, manufacturers in the digital door lock systems market are educating users about the pros and cons of systems in order to help them make an informed decision.

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