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The demand for enhanced and efficient security systems, for commercial as well as residential purposes, is increasing rapidly. The digital door lock system provides the users with advanced security solutions embedded with biometrics and keypad. Market Research Future has recently published a report asserting the global digital door lock system market is anticipated to expand at a splendid CAGR of 33% during the forecast period (2018-2023).Market Highlights:
The global digital door lock systems market is projected to witness a rapid growth during the forecast period owing to increase in the emergence of cloud-based technologies and increasing demand for safety and security solutions. Moreover, the growth of internet of things is another major factor driving the growth of digital door lock systems market. Moreover, increasing demand for digital door lock systems across various industry verticals such as retail, IT & telecommunications and others is driving the growth of the global market.
The global Digital Door Lock Systems Market by geography is segmented into North America, Europe, Asia Pacific, and Rest of the World. The North America market is expected to witness a significant growth and holds the largest share of the global market during the forecast period. The U.S. and Canada are anticipated to drive the growth of the digital door lock systems market in North America region owing to the presence of a large number of established key players such as Cisco Systems, Inc., United Technologies Corporation, Vivint, Inc., and Honeywell International Inc. in this region. Due to the sustainable and well-established economies in the region, the market is likely to show immense growth in the coming future. Additionally, North America also has a well-established infrastructure, which allows a higher penetration of devices and ultimately provides better connectivity. The growth in the market is also attributed to increasing focus of business organizations towards digitization and growing adoption of digital door lock systems by residential and corporate sectors. In the global digital door lock systems market, Asia Pacific is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to the growing focus on the security of people and increasing implementation of digital solutions across different countries in the region.
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The global digital door lock systems market is projected to reach USD 14 billion at a CAGR of over 33% by the end of the forecast period, 2017-2023.
Key Players:
The prominent players of the global digital door lock market are Hanman International Pte Ltd. (Singapore), Nestwell Technologies (India), Godrej & Boyce Manufacturing Company Ltd. (India), Cisco Systems, Inc. (U.S.), Allegion PLC (Republic of Ireland), Panasonic Corporation (Japan), Hitachi Ltd. (Japan), Wintec Electronic Tech Co. Ltd. (China), Assa Abloy Group (Sweden), Xeeder Technology Co. Ltd. (China), United Technologies Corporation (U.S.), Vivint, Inc. (U.S.), Honeywell International Inc. (U.S.), Siemens AG (Germany), and Tyco International Ltd. (Republic of Ireland) among others.
Competitive Analysis:
The leading players in the global digital door lock market are focusing on research and development for introducing innovative features in their products. The increasing investment of these players for new product launch and strategic mergers and acquisitions among the manufacturers are triggering competition in the global digital door lock market. In April 2018, Panasonic Corporation (Japan) has introduced a sophisticated facial recognition biometric system that can recognize the individuals diagonally and even when wearing sunglasses. This innovation has created a benchmark in the global digital door lock system market.
Market Segmentation:
The global digital door lock system market has been segmented on the basis of type and end-user. Based on type, the digital door lock system market is segmented into biometrics and keypad. The biometrics segment includes face recognition, palm recognition, iris recognition, fingerprint recognition and signature recognition. The fingerprint recognition biometric system, being the most economical solution among the other digital door lock systems, is anticipated to dominate the global digital door lock system market in the forecast period.
The keypad segment includes magnetic stripe locks, electromechanical door locks, and electric strike locks.
Based on end-users, the global digital door lock system market is segmented into commercial, industrial, government and residential. Among these end-users, the commercial sector is considered to be the most profitable segment in the global digital door lock system market.
Detailed Regional Analysis:
The global digital door lock market is regionally segmented into North America, Europe, Asia-Pacific and the rest of the world. Among these, the North America region is anticipated to dominate the market during the forecast period, accounting for the largest share in the global digital door lock market. The adoption of safety and security solutions and the advancement in technology is driving the market in this region. Whereas, the fastest growth is anticipated to be projected by the Asia-Pacific region due to the proliferation of small to medium scale businesses and rapid infrastructural development in the emerging economies of this region. The Europe region is anticipated to project significant growth in the digital door lock market during the forecast period. The advent in industrialization and urbanization is fueling the expansion of the digital door lock market in the rest of the world.
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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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Release ID: 485383