Biometric Eye Scanner Door Lock System Market: Introduction
- Biometric eye scanner door lock system is viewed as a smart move in the age of smart homes. The mechanism of these systems is based on the basic biometric principle and it utilizes either retina scanner or iris scanner for the real-time authentication of individual identity. Iris scanners use high-resolution cameras and infrared light to produce a detailed map of the iris. This information is then converted into a template that becomes an individual’s biometric identification. High resolution eye images are crucial to produce an accurate identification pattern and to enhance the security and safety of the premises.
Key Drivers of the Global Biometric Eye Scanner Door Lock System Market
- Rising investment in biometric security solutions is driving the demand for biometric eye scanner door lock systems. Techno-savvy millennial population is increasingly preferring advanced solutions for secure businesses and residential places.
- Further, the accuracy of eye scans is far better than any other biometric technology such as fingerprint matching and facial recognition software. With a false-positive rate of just 1 in 1.5 million, the accuracy of a quality iris scan is beaten only by a DNA sample.
Key Challenges for the Global Biometric Eye Scanner Door Lock System Market
- High cost of eye scanner door lock systems is the key challenge for the global market. The use of eye scanners in door lock systems is still in the development phase, especially in developing countries. These door lock systems must comply with various standards and regulations in the international and local market.
- Further, the cost of technology development and low demand in the residential segment limits the entry of new market players. However, many R&D institutes are collaborating with the companies involved in the development of biometric security devices to design integrated and cost effective door lock systems based on iris scanning.
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Smart Home Trend Expected to Offer Significant Market Opportunities for Biometric Eye Scanner Door Lock Systems
- The smart home trend has become very popular across the globe with rapid prevalence of IoT. In recent years, IoT has enabled the connection of everyday devices in homes to the internet and to each other to make living spaces more economical, comfortable, safe, and entertaining. The trend is expected to continue over the next decade with the high demand for smart home appliances such as televisions, safety and security devices, and kitchen appliances.
Impact of COVID-19 on the Biometric Eye Scanner Door Lock System Market
- The post-pandemic world is expected to offer significant opportunities although the COVID-19 pandemic has caused significant disruption in the industry. More adoption of IoT technology is expected with more people staying at home and closer to home. A larger base of IoT users will lead to growth of the industry, more user upgrades, and additional technology development in the long term. Furthermore, corporate leaders are anticipated to capitalize on the IoT enabled infrastructure for secure and safe business facilities.
North America identified as the Dominant Biometric Eye Scanner Door Lock System Market
- By geography, the global biometric eye scanner door lock system market is classified into South America (SA), North America (NA), Europe (EU), Middle East & Africa (MEA), and Asia Pacific (APAC).
- Country-level bifurcation of the North America market includes forecast and analysis for the U.S., Canada, and Rest of North America. Country-level analysis and forecast for the Europe market includes historical and forecast analysis for the biometric eye scanner door lock system market in the U.K., Germany, France, and Rest of Europe. Country-level analysis and forecast for the Asia Pacific market includes major countries in the region such as India, China, Japan, and Rest of Asia Pacific. Middle East & Africa country-level analysis and forecast for the biometric eye scanner door lock system market includes GCC countries, South Africa, and Rest of Middle East & Africa. The South America biometric eye scanner door lock system market is categorized into Brazil, and Rest of South America.
- High per capita income, rising demand for smart homes, and increasing investment in IoT connected security solutions for residential and commercial buildings are the key factors driving the growth of the North America market for biometric eye scanner door lock systems. Also, the region comprises a large base of urban population willing to pay for advanced technologies.
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Key Players Operating in the Global Market
Key companies are investing in strategic partnerships and collaborations to strengthen their market position and to expand their technical expertise. Moreover, companies are focused on the standardization of solutions with most of the products developed in accordance with CE, IEC 608251-1, UL 294, and UL 60950-1 standards. Strict adherence to quality management systems and environmental management systems helps to gain competitive advantage in the global marketplace. A network of system integration and security solution providers is used to serve the worldwide customer base.
Some of the major companies identified in the global biometric eye scanner door lock system market are:
- EyeLock LLC
- G Automation System
- Fulcrum Biometrics, Inc.
- Infratherm Pty Ltd
- UBKEY Innovation Inc.
- INJES Technology Co., Limited
- Wu Lian
- Dongguan Yinlang Electronic Technology Co., LTD.
Global Biometric Eye Scanner Door Lock System Market: Research Scope
Global Biometric Eye Scanner Door Lock System Market, by Technology
Global Biometric Eye Scanner Door Lock System Market, by End-use
- Government Agencies
- Local Government Offices
- Military Departments
- Corporate Offices
- Others (Educational Institutes, etc.)
Global Biometric Eye Scanner Door Lock System Market, by Distribution Channel
- E-commerce Websites
- Company Owned Websites
- Large Format Stores
- Specialty Stores
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.