Biometrics to drive robust growth in digital door lock and smart doorbell markets
Both the digital door lock system and the smart doorbell market are going to be experiencing substantial growth over the next few years, according to new reports respectively from Global Industry Analysts and Technavio, with biometrics playing a significant role.
Specifically, the global market for Digital Door Lock System, currently worth $3.3 billion, is projected to reach $17.9 billion by 2027, for a CAGR of 27.5 percent. Biometrics, in particular, are forecast to be at the forefront of this growth, with 28.7 percent CAGR and a value of $13.8 billion by the end of the analysis period.
In terms of geographic localization, the U.S and China will be responsible for the bulk of this market increase, followed by Japan and Canada.
According to the Global Industry Analysts report, the main competitors in the keypad locks market would be Cisco Systems, Panasonic Corporation, and ADT, among others.
Smart locks demand on the rise
The new Global Smart Doorbell Market report by Technavio shows a $1.19 billion growth in the use of the technology between 2020 and 2024.
The document analyses various components of the smart doorbell market, particularly its latest trends and drivers, together with the impact and new opportunities sparked by the COVID-19 pandemic.
Among the main factors behind the growth would be increased ease of installation of these systems, together with a rise in cases of burglary. Moreover, the integration of technologies such as facial recognition and automatic motion detection is increasing people’s trust in the efficiency of these systems.
The Technavio report marks North America as the largest share of the smart doorbell market in 2019, and names a few companies leading this trend of growth, including Google, Aeotec, and Xiaomi.
Xiaomi releases new Smart Lock Pro
Tapping into this growing market, Chinese tech giant Xiaomi released a new Smart Lock Pro device this week.
The smart lock will join the company’s HomeKit Lineup and will feature NFC capabilities via Mi Band 4 and 5, Bluetooth, and biometric fingerprint sensors embedded in the handle.
The lock will also work with a standard key, as well as passcode entry via a touchscreen keypad.
The true innovation of the Smart Lock Pro, however, would be its facial recognition capabilities, the company says.
In fact, according to Xiaomi Planet, the new lock would have two cameras, one for general monitoring purposes outside your home, and the other one for facial recognition. The claim was recently denied by a company representative, however, who told Home Kit News the smart lock’s cameras do not “yet have facial recognition capabilities.”
Xiaomi Smart Lock Pro is already available in China for RMB1699 (roughly US$257).