New York, NY, Aug. 03, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Digital Door Lock System Market by Product Type (Biometrics and Keypad Locks) and by End-user (Residential, Commercial, Industrial, and Government): Global Industry Perspective, Comprehensive Analysis, and Forecast 2017-2024’’. According to the report, global digital door lock system market was valued at around USD 1532.14 million in 2017 and is expected to reach approximately USD 10068.08 million in 2024, growing at a CAGR of slightly above 30.86% between 2018 and 2024.
Global digital door system market has a huge industry potential owing to the rising security concerns in residential as well as commercial buildings. Digital door lock systems offer numerous advantages over traditional locks such as remote accessing or monitoring an area, ease of installation, and low-cost availability are among others. In most of the situations, it becomes tedious or unpractical to allocate cards or keys to the people or employees working in organizations especially when the numbers are in hundreds or thousands, digital locks based on access control solutions play a vital role in such scenarios. The digital door lock system market is projected to witness a staggering growth of 30.86% CAGR during the forecast period.
Browse through 29 Tables & 17 Figures spread over 110 Pages and in-depth TOC on "Global Digital Door Lock System Market Size, Share, Trends, Analysis, and Forecast, 2017-2024”.
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Owing to the availability of personalized solutions and services, and installation of biometrics-based lock systems, the market is expected to surge in developing economies of the world. The high adoption rate of digital door locks and systems by the residential sector especially in private properties, apartments, bungalows, and other individual houses are also triggering the growth of digital door locks market. Majority of the people are opting for these systems keeping in mind the benefits offered by the biometrics and electronics based lock systems in maintaining security. In government buildings and research institutions where security measures are paramount are expected to be among the early adopters of digital door lock systems.
One of the major factors driving the growth of the digital door lock system market is the high smartphone penetration rate across the world, which acts as a medium to gain entry in most of the personal or commercial edifices. Along with this, the ease of availability of high-speed data and continuous decrease in the prices of mobile broadband is also fueling the growth of the global digital door lock system market. The factor hindering the growth of this market is the high initial cost of deployment as well as the requirement of skilled professionals for operation and installation of these systems. The government emphasizes on developing smart cities which are expected to offer tremendous opportunities to the market.
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The digital door lock system market is segmented based on product type, end-user, and region. Product type segment is categorized into biometrics and keypad locks. The biometrics segment is further bifurcated into face recognition, iris recognition, voice recognition, signature recognition, fingerprint recognition, and vein and palm recognition. Magnetic stripes, electromechanical, and electric strike are the sub-segments included in the keypad locks segment. The end-user segment is further bifurcated into residential, commercial, industrial, and government.
North America region is expected to hold a significant share of the overall market in terms of revenue due to increasing adoption of digital door lock systems by a number of multinational companies and government organizations. Changing lifestyles of the urban population and increasing security-related concerns in residential as well as commercial buildings are fueling the growth of the global digital door lock system market. Biometrics-based locking systems are expected to play a major role in the forecast period.
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Europe is expected to hold the dominating position in terms of market share in the forecast period in the digital door lock system market owing to the rising security threats. The European government is focusing on developing smart cities across the region, thus high construction activities are expected to further boost the global digital door lock system market in the region. Whereas, the Middle East and Africa region are projected to witness an upsurge in the installation of digital lock systems during the forecast period due to the continuously increasing tourism sector in the region, which requires ample security measures to be provided at the hotels and other accommodating places.
The Asia Pacific is projected to be among the fastest growing region during the forecast period, owing to growing industrialization in the region. Rising disposable income of people, the increasing rate of developing high standards construction projects, governments initiatives towards the digital revolution in countries such as China, Japan, South Korea, and India are expected to spur the growth of digital door lock system market in this region. Latin America region is also growing at a notable pace in terms of the consumer base and establishing infrastructure for providing high quality living to the end users. Establishments of SME’s and the growing presence of other private financial and insurance companies in the region are also projected to increase the demand for these systems.
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The major players operating in the global digital door lock system market are Hanman International Pvt. Ltd., Nestwell Technologies, Godrej & Boyce Manufacturing Company Ltd., Cisco Systems, Inc., Panasonic Corporation, Hitachi Ltd., Wintec Electronic Tech Co. Ltd., Assa Abloy Group, Xeeder Technology Co. Ltd., United Technologies Corporation, Honeywell International Inc., and Siemens AG, among others.
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The report segments the global digital door lock system market as follows:
Digital Door Lock System Market: Product Type Segment Analysis
- Biometrics
- Face Recognition
- Iris Recognition
- Voice Recognition
- Signature Recognition
- Fingerprint Recognition
- Vein and Palm Recognition
- Keypad Locks
- Magnetic Stripe
- Electromechanical
- Electric Strike
Digital Door Lock System Market: End-User Segment Analysis
- Residential
- Commercial
- Industrial
- Government
Digital Door Lock System Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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