According to Market Research Future (MRFR), the global digital door lock systems market is expected to reach USD 14 billion with a CAGR of approximately 33% from 2017-2023 (forecast period). The report illustrates the market opportunities and market implications that arose as a result of the COVID-19 pandemic.
Digital door lock systems are used for the safety and security of personal, organizational, and professional assets. Digital lock systems are used in a variety of workplaces, such as residential, companies, and government offices around the globe. There are many forms of digital door lock systems available on the market, such as fingerprint recognition, voice recognition, face recognition, and some others.
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Market Dynamics
Increasing demand for improved home security solutions is a crucial driver of the growth of the market for digital door lock systems. Technology giants such as Honeywell International, Allegion PLC., Hanman International Pte Ltd., Nestwell Technologies, Cisco Systems, Inc., Godrej & Boyce Manufacturing Company Ltd., Panasonic Corporation, and Hitachi Ltd. are some of the leading players in the global market for digital door lock systems. Growing demand for reliable and cost-effective digital door security systems and solutions at the workplace is also one of the vital factors driving the growth of the global market for digital door lock systems. In addition, the growing popularity of advanced security solutions such as face recognition and fingerprint recognition are another factor responsible for propelling the growth of the global market for digital door lock systems.
Market Segmentation
The global market for digital door lock systems has been segmented into type and end-user.
Based on the type, the global digital door lock systems market has been segmented into biometrics and keypad. The biometrics segment is further divided into face recognition, iris recognition, palm recognition, voice recognition, signature recognition, and fingerprint recognition. The biometrics segment is expected to witness the highest market share of the digital door lock systems market and is also expected to rise at the highest pace over the forecast period due to the growing deployment of high-level security solutions. The growth of the biometrics segment is also attributed to the large-scale deployment of fingerprint recognition devices across residential and commercial sectors. The keypad segment is further classified into magnetic stripe locks, electromechanical door locks, and electric strike locks. Whereas,
Based on the end-user, the global digital door lock systems market has been segmented into commercial, residential, industrial, and government.
Regional Analysis
Region-wise, the global digital door lock systems market has been segmented into Asia Pacific, North America, Europe, and the Rest of the World.
The North America region gained the largest market share in the world, followed by Europe and the Asia Pacific. The U.S. and Canada control the North American market due to growing technological advances and increasing demand for safety and security in the region. In addition, the area has a well-established infrastructure that allows for faster deployment of advanced technologies. In addition, the increasing adoption of convenient safety solutions is another primary driver of the expansion of the digital door lock systems market in the region.
Key Players
Some of the industry giants in the global digital door lock systems market are Hanman International Pte Ltd. (Singapore), Hitachi Ltd. (Japan), Nestwell Technologies (India), Cisco Systems, Inc. (U.S.), Godrej & Boyce Manufacturing Company Ltd. (India), Allegion PLC (Republic of Ireland), Panasonic Corporation (Japan), Wintec Electronic Tech Co. Ltd. (China), Assa Abloy Group (Sweden), United Technologies Corporation (U.S.), Vivint, Inc. (U.S.), Xeeder Technology Co. Ltd. (China), Honeywell International Inc. (U.S.), Siemens AG (Germany), and Tyco International Ltd. (Republic of Ireland) among others.
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Intended Audience
- Technology Investors
- Research/Consultancy firms
- Technology Solution Providers
- Government Bodies
- Regulatory agencies
- Corporate
- Technology providers
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