Global Digital Door Lock Systems Market: Snapshot
Over the past few years, the vast growth in the number of large-, small-, and medium-enterprises across the globe, geographical expansion and rapid industrialization of services and operation units of businesses have significantly boosted the global demand for digital door lock systems in the enterprise sector. In addition, with increase in the rates of burglaries, property crime, and home invasions in the past few years, the requirement for improved home security solutions has grown.
Transparency Market Research states that the global digital door lock system market will reach a valuation of US$15,065.0 mn by 2025. In terms of volume, market is contribute approximately 397,477 thousand units by 2025. The market is anticipated to expand at a CAGR of 33.6% during the period from 2017 to 2025.
Biometric Door Lock Systems to Remain Most Preferred
Two key varieties of digital door lock systems have been analyzed in the report: biometrics and keypad. Of these, the segment of biometrics presently dominates, accounting for a more than 67% of the global digital door lock system market in 2016. The strong growth of the segment of biometric door lock systems is chiefly due to the wide scale deployment of fingerprint recognition devices across commercial and residential sectors. The segment is expected to continue to witness excellent demand across the globe owing to factors such as the easy availability of a vast variety of options, easy deployment, and a high rate of efficiency.
The segment of keypad door lock systems is also anticipated to see promising growth during the forecast period. Growth of this segment will be primarily driven by the growing demand for keypad door lock system from commercial infrastructure such as hotels, restaurants in hospitality industry, and IT offices.
Developed Economies in North America and Europe to Continue Exhibiting Steady Growth
From a geographical perspective, Europe dominated in 2016, accounting for a significant 35% of the global digital door lock system market. Strong growth exhibited by small and medium/commercial businesses is the key factor to have driven the growth of this market across Europe in the recent past. Additionally, the rising demand for security solutions in the residential segment has also been a key factor to have offered lucrative opportunities for the digital door lock systems market in Europe in the past few years. Over the report’s forecast period, however, the Europe market for digital door lock systems is projected to lose a notable share in the global market, chiefly owing to stagnant growth opportunities across the construction and enterprise sectors.
North America is expected to be a high-growth market for digital door lock systems over the forecast period. The regional market is expected to exhibit a CAGR of close to 34.0% during the forecast period, with factors such as higher affordability of affluent consumers, high internet penetration, rising security concerns, and growing smart living culture among the consumers fueling growth. The North America market for digital door lock systems is also supported by the adequate number of suppliers of latest security products with advanced features and above average costs in the region.
Asia Pacific is anticipated to exhibit strong growth in terms of adoption of digital door lock systems during the forecast period, chiefly owing to the rising demand form the thriving residential sector in the region. With the rapid growth in housing projects, high-end office buildings and hotels, as well as the growing demand for high-security products from national defense, public security, financial and other sectors, digital door locks are expected to witnessing high demand in countries such as India and China.
Some of the leading companies in the global digital door lock systems market are Godrej & Boyce Manufacturing Company Ltd., Honeywell International Inc., Cisco Systems, Inc., Assa Abloy Groupare, Nestwell Technologies, Panasonic Corporation, Samsung Electronics Co Ltd., United Technologies Corporation, Siemens AG, Vivint, Inc., and dorma+kaba Holdings AG.
Digital Door Lock Systems Market: Overview
This report provides an analysis of the global digital door lock systems market for the period from 2015 to 2025, wherein the period from 2017 to 2025 comprises the forecast period and 2016 is the base year. Data for 2015 & 2014 is provided as historical information. The report covers all the major trends and technologies playing a major role in the growth of the digital door lock systems market over the forecast period. It also highlights various drivers, restraints, and opportunities expected to influence the market’s growth during this period. The study provides a holistic perspective on the market’s growth in terms of revenue in US$ Mn, across different geographical regions namely North America, Europe, Asia Pacific, Middle East & Africa and South America.
Digital door locks is used to provide better security solutions for end-users. Consumers are accepting new security solutions embedded in their smart home application and considering as a value added facility for better quality of living. The global digital door lock system is experiencing growth owing to the factors such as development of micro, small and medium enterprises around the globe and managed security solutions emerging as an affordable option.
Digital Door Lock Systems Market: Scope of the Report
The market overview section of the report showcases the market dynamics and trends such as the drivers, restraints, and opportunities that influence the current nature and future status of this market. The report also provides the ecosystem analysis and key market indicators for the digital door lock systems market. The digital door lock systems market data estimates are the result of our in-depth secondary research, primary interviews and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, technological, and legal factors along with the current market dynamics affecting the market growth. Apart from this, the report also provides vendor analysis for the digital door lock systems market. Furthermore, the report aims to provide strategic insights into the value chain analysis and porter’s five force model of manufacturers and distributors in the digital door lock system market. The market positioning analysis of key players throws light on the prevalent competition in this market.
Digital Door Lock Systems Market: Segmentation
The global digital door lock systems market is segmented on the basis of type and end-use industry. By type, the global digital door lock systems market is bifurcated into biometrics door lock systems and keypad door lock systems. The market for biometrics door lock system segment is further cross-segmented into face recognition, iris recognition, palm recognition, voice recognition, signature recognition and fingerprint recognition. Whilst, the keypad door lock system segment is further cross-segmented into magnetic stripe locks, electromechanical door locks and electric strike locks. Further, the end-use industry segmentation includes government, commercial, industrial and residential. The report covers the analysis of these segments across all geographies, along with qualitative analysis for key market indicators supplementing the growth of digital door lock systems market during the forecast period.
Digital Door Lock Systems Market: Competitive Dynamics
The report also includes competitive profiling of the key players associated with the digital door lock systems market around the globe. The important business strategies adopted by them, their market positioning, financials, SWOT analysis, and recent developments have also been identified in the research report. The competitive landscape section of the report also gives an overview about the major contributing regions/countries by these key players in order to strengthen their market position in the future.
Rising demand for digital door lock systems and increasing focus on safety and security, forcing companies to develop advanced digital door lock systems to continue the profitability of the market. Honeywell International Inc., Godrej & Boyce Manufacturing Company Ltd., Assa Abloy Groupare, Cisco Systems, Inc., United Technologies Corporation, Siemens AG, Panasonic Corporation, Nestwell Technologies, Vivint, Inc., Samsung Electronics Co Ltd., and dorma+kaba Holdings AG, are the few key players which have been profiled in this study.
Digital Door Lock Systems Market, by Type
- Face Recognition
- Iris Recognition
- Palm Recognition
- Voice Recognition
- Signature Recognition
- Fingerprint Recognition
- Magnetic Stripe Locks
- Electromechanical Door Locks
Digital Door Lock Systems Market, by End-use Industries
In addition, the report provides analysis of the Digital Door Lock Systems Market with respect to the following geographic segments:
- North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East and Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
- South America
- Rest of South America