The global digital door lock systems market has been envisioned to be dominated by a handful of large industry players, as per a recent publication authored by Transparency Market Research (TMR). A close to 45.0% share of the market had been collectively secured by top five players in 2016. While small-scale, regional, and domestic players held the rest of the share in the same year, a colossal 66.0% share had been accounted by top ten leading companies. Adopting optimized manufacturing capabilities, diverting investments toward the achievement of technological brilliance, and acquisition could be among the best strategies considered by market players.
The global digital door lock systems market, according to TMR, could record an overpowering CAGR of 33.6% during the forecast timeframe 2017-2025. By the end of 2025, the market has been anticipated to post a revenue of US$15.0 bn after earning an only US$1.1 bn in 2016. On the basis of type, the biometrics segment could secure a leading share of 73.0% by the concluding forecast year. Predicted to parade a CAGR of 34.0%, North America could be a high-growth region of the market.
Residential Property Thefts, Security Concerns Increase Adoption
The demand for digital door lock systems has been prognosticated to be positively influenced by the preeminence of certain aspects such as the massive increase in the number of small and medium and large-sized enterprises across the world. Yet, there could be more influences augmenting the demand in the world digital door lock systems market. The aggressive industrialization of operations and services units and regional expansion have been foreseen to set the tone for a significant growth in the market.
The unbending requirement of enhanced home security could be a chief growth driver of the world digital door lock systems market in the residential sector. It could gain strength due to the rising concerns over the mounting rates of home invasions, property crimes, and burglaries. In the forthcoming years, the demand for digital door lock systems has been foretold to continue to swell interminably.
Exorbitant Prices of Security Offerings, Unfamiliarity with IT Impede Growth
The potential customer base for digital door lock systems has been envisaged to be restricted by the extortionate costs of security solutions. Furthermore, the large-scale acceptance of digital door lock systems could be hampered by low IT literacy in certain regional markets. While these could be a matter of concern for players operating in the international digital door lock systems market, they have been projected to be pampered by impressive growth opportunities created with the rapid advancement of different technologies in emerging regions such as Asia Pacific. Southeast Asian countries, China, and India have gradually become aware of the advantages of using unconventional security solutions. Moreover, costs have considerably dropped in a few developing countries.
End-use industries such as commercial, government, industrial, and residential have been forecast to increase the adoption of digital door lock systems, much to the benefit of the international market. The prospering residential and enterprise construction industries in Asia Pacific could open up new avenues in the market.
The information presented in this review is based on a TMR report, titled “Digital Door Lock Systems Market (Type - Biometrics (Face Recognition, Iris Recognition, Palm Recognition, Voice Recognition, Signature Recognition, and Fingerprint Recognition) and Keypad (Magnetic Stripe Locks, Electromechanical Door Locks, and Electric Strike Locks); End-use Industry - Government, Commercial, Industrial, and Residential) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025.”
The global digital door lock systems market has been segmented as presented below:
Global 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
- Electric Strike Locks
Global Digital Door Lock Systems Market by End-use Industry
Global Digital Door Lock Systems Market by Region
- North America
- Rest of North America
- 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
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