The demand for enhanced and efficient security systems, for commercial as well as residential purposes, is increasing rapidly. The digital door lock system provides the users with advanced security solutions embedded with biometrics and keypad. Market Research Future has recently published a report asserting the global digital door lock system market is anticipated to expand at a splendid CAGR of 33% during the forecast period (2018-2023).
The increasing demand for reliable and technically advanced security solutions due to the rapid industrialization and infrastructural development is acting as one of the major driving forces for the expansion of the global Digital Door Lock System Market. The inclination of the urban population towards smart homes is generating demand for key-less lock systems, leading to the increased adoption rate of digital door lock systems. The government initiatives towards building smart cities, owing to the brisk advancement in technology, is inducing demand for the digital door lock systems in the global market.
Increase in rate of burglaries, property crimes, and home invasions has created an emergence of advanced security solutions, leading to the expansion of the global digital door lock systems market. The application of digital door lock systems in organizations aids in the verification of individuals along with keeping a log of their entrance and exit time, this feature has increased the adoption of digital door lock system in various small to large scale enterprises. The advent of urbanization and industrialization is spurring the expansion of the global digital door lock system market.
On the flip side low IT literacy, the lack of awareness, and high installation cost of advanced security solutions are likely to impend the expansion of the global digital door lock system market.
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The prominent players of the global digital door lock market are Hanman International Pte Ltd. (Singapore), Nestwell Technologies (India), Godrej & Boyce Manufacturing Company Ltd. (India), Cisco Systems, Inc. (U.S.), Allegion PLC (Republic of Ireland), Panasonic Corporation (Japan), Hitachi Ltd. (Japan), Wintec Electronic Tech Co. Ltd. (China), Assa Abloy Group (Sweden), Xeeder Technology Co. Ltd. (China), United Technologies Corporation (U.S.), Vivint, Inc. (U.S.), Honeywell International Inc. (U.S.), Siemens AG (Germany), and Tyco International Ltd. (Republic of Ireland) among others.
The global digital door lock system market has been segmented on the basis of type and end-user. Based on type, the digital door lock system market is segmented into biometrics and keypad. The biometrics segment includes face recognition, palm recognition, iris recognition, fingerprint recognition and signature recognition. The fingerprint recognition biometric system, being the most economical solution among the other digital door lock systems, is anticipated to dominate the global digital door lock system market in the forecast period.
The keypad segment includes magnetic stripe locks, electromechanical door locks, and electric strike locks.
Based on end-users, the global digital door lock system market is segmented into commercial, industrial, government and residential. Among these end-users, the commercial sector is considered to be the most profitable segment in the global digital door lock system market.
Detailed Regional Analysis:
The global digital door lock market is regionally segmented into North America, Europe, Asia-Pacific and the rest of the world. Among these, the North America region is anticipated to dominate the market during the forecast period, accounting for the largest share in the global digital door lock market. The adoption of safety and security solutions and the advancement in technology is driving the market in this region. Whereas, the fastest growth is anticipated to be projected by the Asia-Pacific region due to the proliferation of small to medium scale businesses and rapid infrastructural development in the emerging economies of this region. The Europe region is anticipated to project significant growth in the digital door lock market during the forecast period. The advent in industrialization and urbanization is fueling the expansion of the digital door lock market in the rest of the world.
The leading players in the global digital door lock market are focusing on research and development for introducing innovative features in their products. The increasing investment of these players for new product launch and strategic mergers and acquisitions among the manufacturers are triggering competition in the global digital door lock market. In April 2018, Panasonic Corporation (Japan) has introduced a sophisticated facial recognition biometric system that can recognize the individuals diagonally and even when wearing sunglasses. This innovation has created a benchmark in the global digital door lock system market.
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