According to a new market research report published by Credence Research “Digital Door Lock Systems Market (by Technology: Biometrics Lock (Face Recognition, Palm Recognition, Voice Recognition, and Fingerprint Recognition) and Keypad Lock (Magnetic Strip, Electromechanical Door Lock, and Electric Strike Lock); by End-users: Government, Residential, Commercial, and Industrial) – Growth, Future Prospects, and Competitive Landscape, 2018-2026”, the digital door lock systems market was valued US$ 2.13 Bn in 2017 and estimated to grow with a CAGR of 27.2% during the forecast period from 2018 to 2026.
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Property break-in is one of the most commonly committed crime across the globe with almost 66% of the total burglaries occur. The issue is seriously aggravating across the globe and people are bound to adopt advanced security systems to protect their possessions from potential threats. Digital door locks systems one of the most trusted avenues incorporated in their security measures and is highly encouraged for residential commercial and government properties. Digital door locks ensure optimum security by avoiding any unauthorized access and hence are experiencing a significant growth in demand in past few years.
These locks provides connectivity with smartphones or tablets through Bluetooth, ZigBee or Wi-Fi and can alert authorized person and security authorities before any trespassing. Growing trend of smart connected homes certainly created a favorable scenario for digital door locks market to flourish. With respect to region, Europe is the biggest advisory of digital door lock systems by marking highest market share in overall market. The growth is majorly attributed by the flourishing hospitality & hotel industry as Europe is home to one of the most visited tourist destinations. However, growing adoption of digital door locks in small and medium scale industries for avoiding unlicensed encroaching are driving Asia Pacific market with a faster pace. Technical complexity and glitches may offer hindrances to the market growth. Nevertheless, continuously developing technology expected to overcome the inhibitor in coming years.
Cladded with high profile digital door locks vendor, the market is considered as one of the most tough and competitive market to survive. High profile players made the turf extremely difficult for new entrants as consumers’ often prefer to trust existing players with respect tot security of their prised possions. These companies are on their toes to make their product more reliable and ensure optimum security to gain the hard earned trust of their consumers. Few of the major notable players profiled in this research study include Cisco Systems, Inc., Godrej & Boyce Manufacturing Company Ltd., Onity Inc., ADT Inc., Assa Abloy Group, Siemens AG, United Technologies Corporation, Vivint, Inc., Tyco International Ltd., Allegion PLC, Wintec Electronic Tech Co. Ltd. Honeywell International Inc., Panasonic Corporation, Johnson Controls, and August Home among others.
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Key Analysis Covered:
- Most common trends observed in digital door lock systems market and growth prospects for digital door lock systems manufacturers
- Growing need for reliable security systems and connected technology creating an optimistic environment for digital door lock systems market
- Different variants and technology used to secure doors for various end-users and their market estimations
- Largest and fastest growing segments in terms of technology and end-user
- Lucrative geographical regions/ countries mapped for the digital door lock systemss market
By Technology (2016–2026; US$ Bn)
- Face Recognition
- Palm Recognition
- Voice Recognition
- Fingerprint Recognition
- Magnetic Strip
- Electromagnetic Door Lock
- Electric Strike Lock
By End-user (2016–2026; US$ Bn)
By Geography Segment (2016–2026; US$ Bn)
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America