The global digital door lock system market is highly fragmented and competitive in nature with the presence of numerous local and international players, states a new research report by Transparency Market Research (TMR). The high concentration of buyers in leading geographical segments is projected to provide substantial growth opportunities for key players operating in the market. Some of the prominent players in the global digital door lock system market are Siemens AG, Allegion PLC, Assa Abloy Group, and Godrej & Boyce. Low initial capital required for venturing into the market is encouraging many new players, especially in developing economies.
According to the research study, in 2015, the global market for digital door lock systems was worth US$920.7 mn and is estimated to reach a value of US$11.23 bn by the end of 2024. The market is projected to register a remarkable 32.80% CAGR between 2016 and 2024.
Developing Real Estate Industry to Bolster Asia Pacific Digital Door Lock System Market
Among the key geographical segments, Europe is leading the global digital door lock system market at present, holding around one-third share. The high growth of this region can be ascribed to the rising demand for digital door lock systems in the residential segment. However, this region is estimated to lose a significant share in the global market by the end of 2024. On the other hand, Asia Pacific is projected to lead the market by offering lucrative opportunities for key players in the next few years, thanks to the developing real-estate industry, says a TMR analyst.
On the basis of type, the biometrics segment is expected to lead the global digital door lock system market and account for a 71.6% share by the end of 2024. The robust growth of the biometrics segment can be attributed to the increasing rate of deployment of biometric verification models, including fingerprint recognition across the globe.
Increasing Crime Rate to Drive Demand for Digital Door Lock Systems
“The robust growth of micro, small, and medium enterprises across the globe is the primary factor driving the demand for digital door lock system,” states a TMR analyst. In addition, the increasing number of industrial activities, especially in the commercial segment is expected to contribute extensively towards the growth of the overall market. Furthermore, with the rising number burglaries, property crime, and home invasions, consumers are becoming more concerned and are willing to invest in innovative, enhanced, and high-level security solutions and services, thus fuelling the growth of the market.
The increasing investments in the global digital door lock system market and economic growth, especially in developing nations are further expected to encourage the growth of the market throughout the forecast period.
High Cost of Security Systems to Inhibit Market Growth
The high cost of digital door lock system is one of the primary factor restricting the growth of the global market. In addition, the low IT literacy is expected to curtail large-scale acceptance of enhanced security systems by consumers across the globe. This is projected to inhibit the market growth. Nonetheless, key players in the market are making efforts to develop cost-effective security systems, which will augment the growth of the market in the near future.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Digital Door Lock System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016-2024.”
The global digital door lock system market has been segmented as below:
- Face Recognition
- Iris Recognition
- Palm Recognition
- Voice Recognition
- Signature Recognition
- Fingerprint Recognition
- Keypad Locks
- Magnetic Stripe Locks
- Electromechanical Door Locks
- Electric Strike Locks
By End-use Adoption
- North America
- Asia Pacific (APAC)
- South Korea
- Australasia (Australia and New Zealand)
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- South America
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