Global Digital Door Lock Systems Market Overview
The digital door lock system market is predicted to witness fast-paced ascension over the forecast period, as per the latest report produced and published by Market Research Future (MRFR). Upscaling demand for enhanced home security solutions is one of the most primary factors quantifiable to the growth of the digital door-lock system market during the forecast period. Increasing demand for cost-effective and efficient digital door lock systems and solutions in workplaces is also supplementing the market growth in the forthcoming years to a great extent.
Furthermore, the increasing popularity of advanced security solutions such as face recognition and finger-point recognition is another factor responsible for the ascension marked by the global digital door lock system market. Apart from that, the growing emergence of cloud-based technologies and surging demand for safety and security solutions are also providing impetus to the growth of the global digital door lock system market. The Digital Door Lock System Market is likely to register a lucrative CAGR of 33% during the forecast period of 2017-2023. The digital door lock system market is going to record a market revenue valuation of USS 14 billion by the end of the review period.
The advent of the internet of things (IoT) is another noteworthy factor contributing to the ascension of the global digital door-lock system market. Moreover, upscaling demand for digital door lock systems across different end-user industry verticals such as IT and telecommunication, retail, and others is also contributing to the fast paced ascension of the global digital door lock system market.
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Some prominent players prevalent in the global digital door lock system market include Hanman International Pte Ltd. (Singapore), Godrej & Boyce Manufacturing Company Ltd. (India), Nestwell Technologies (India), Cisco Systems, Inc. (U.S.), Panasonic Corporation (Japan), Allegion PLC (Republic of Ireland), Hitachi Ltd. (Japan), Assa Abloy Group (Sweden), Wintec Electronic Tech Co. Ltd. (China), United Technologies Corporation (U.S.), Xeeder Technology Co. Ltd. (China), Vivint, Inc. (U.S.), Siemens AG (Germany), Honeywell International Inc. (U.S.), and Tyco International Ltd. (Republic of Ireland).
The global digital door lock system market has been studied and segmented by type, end-user, and region. Based on type, the global digital door lock systems market is segmented into biometrics and keypad. The biometrics segment is further segmented into iris recognition, facial recognition, palm recognition, voice recognition, signature recognition, and fingerprint recognition. The keypad segment is further segmented into electromechanical door locks, magnetic stripe locks, and electric strike locks. On the other hand, the digital door lock system market is segmented, on the basis of end-user, into industrial, commercial, residential, and government.
Detailed Regional Analysis
The digital door lock system market is studied for a regional segmentation to gain a deeper insight in the functioning of the market over the forecast period, as per the market research experts at Market Research Future (MRFR). Such segmentation and analysis has aided the market researchers to unveil various trends in the market landscape that are influential upon the decision-making process of the audience to this report and other stakeholders in the market.
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The digital door lock system market is segmented in the regions of Asia Pacific, North America, Europe, and Rest of the World. North America is anticipated to boast the maximum share of the global digital door lock system market over the forecast period. The US and Canada are anticiatped to dominate the country-specific market for digital door lock systems in the region over the forecast period. This domination can be owed to the upscaling technological enhancements and rising demand for safety and security in the region. Moreover, the region also boasts a well-established infrastructure which has enabled a faster implementation of advanced technologies. In addition, upscaling adoption of convenient safety solutions has provided impetus to the global digital door lock system market.
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