The global digital door lock system market is exceptionally fragmented and competitive in nature, thanks to the presence of several players operating in it, states a research study by Transparency Market Research. Some of the leading players operating in the digital door lock system market across the globe are Assa Abloy Group, Godrej & Boyce, Allegion PLC, and Siemens AG. The requirement of low capital investment is expected to attract several new players to enter the market and strengthen the competitive scenario of the market in the coming years. In addition, these players are focusing on innovations and new product development, which is expected to encourage the growth of the overall market in the forecast period.
According to the research study by Transparency Market Research, in 2015, the global market for digital door lock systems was worth US$920.7 mn. The market is estimated to reach a value of US$11.23 bn by the end of 2024, registering an impressive 32.80% CAGR between 2016 and 2024. In terms of volume, the global market is likely to exhibit a remarkable 52.0% CAGR between 2016 and 2024.
Rising Residential Projected to Bolster Europe Digital Door Lock System Market
From a geographical perspective, Europe is expected to witness robust growth throughout the forecast period and account for a key share of the global market. A substantial rise in the demand for digital door lock systems, especially in the residential sector is considered as one of the major factors likely to encourage the growth of the market in the next few years. In addition, the rising number of construction activities is expected to accelerate the market’s growth in the near future. Furthermore, Asia Pacific is estimated to offer promising opportunities for key players operating in the digital door lock system market.
The global market for digital door lock systems has been divided on the basis of product type into keypad locks and biometrics. Among these two segments, biometrics is estimated to lead the global market throughout the forecast period, accounting for a large share of the overall market. The rising popularity of biometrics and technologically advanced products are anticipated to accelerate the growth of the market in the coming years. The wide range of products available in biometrics segments is another key factor expected to encourage the market’s growth in the near future.
High Rate of Urbanization to Generate Growth Opportunities
The development of the construction sector and the high rate of urbanization are the key factors that are estimated to fuel the growth of the global digital door lock system market in the forecast period. In addition, the rising disposable income of consumers and the increasing preference of consumers to spend more on security purposes are anticipated to accelerate the market’s growth in the coming years. Technological advancements and the emergence of innovative products are expected to contribute towards the development of the overall market in the coming years.
On the other hand, the global market for digital door lock system is expected to face several limitations and challenges, due to which the market is likely to observer a downward trend in the near future. The high cost of products and the requirement of proper maintenance are projected to hamper the growth of the global market over the forecast period. Nevertheless, the key players in the market are emphasizing on introducing cost-effective new products in order to enhance their presence in emerging economies in the near future. Moreover, the untapped markets are expected to offer potential and lucrative opportunities for the leading players operating in the global digital door lock system market in the few years.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Digital Door Lock System Market (Type - Biometrics and Keypad Locks; End User - Government, Commercial, Industrial, and Residential) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
The global digital door lock system market has been segmented as below:
Digital Door Lock System Market, by Type
- Face Recognition
- Iris Recognition
- Palm Recognition
- Voice Recognition
- Signature Recognition
- Fingerprint Recognition
- Keypad Locks
- Magnetic Stripe Locks
- Electromechanical Door Locks
- Electric Strike Locks
Digital Door Lock System Market, by End-use Adoption
Digital Door Lock System Market, by Geography
- North America
- Asia Pacific (APAC)
- South Korea
- Australasia (Australia, New Zealand
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- South America
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