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The global digital door lock systems market is projected to witness a rapid growth during the forecast period owing to increase in the emergence of cloud-based technologies and increasing demand for safety and security solutions. Moreover, the growth of internet of things is another major factor driving the growth of digital door lock systems market. Moreover, increasing demand for digital door lock systems across various industry verticals such as retail, IT & telecommunications and others is driving the growth of the global market.
The biometrics sub segment falling under the segment type is expected to hold the largest market share of the Digital Door Lock Systems Market and is also expected to grow at the highest rate over the forecast period owing to the increasing deployment of high-level security solutions. The growth of biometrics segment is also due to the wide scale deployment of fingerprint recognition devices across residential and commercial sectors.
The North America region holds the largest share of the market across the globe followed by Europe, and Asia Pacific region. The U.S. and Canada are dominating the North America market due to rising technological enhancements and increasing demand for safety and security in the region. Moreover, the region has a well-established infrastructure, which allows faster implementation of advanced technologies. Additionally, the growing adoption of convenient safety solutions is another major factor driving the growth of the digital door lock systems market in the region.
The global digital door lock systems market is expected to grow at a CAGR of approximately 33% during the forecast period, 2017-2023.
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Some of the prominent players in the global digital door lock systems 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 systems market is segmented by type and end user. Based on the type, the market is segmented into biometrics and keypad. The biometrics sub-segment is further classified into face recognition, iris recognition, palm recognition, voice recognition, signature recognition and fingerprint recognition. The keypad sub-segment is further classified into magnetic stripe locks, electromechanical door locks, and electric strike locks. Whereas, based on the end user, the market is segmented into commercial, industrial, residential and government.
The global digital door lock systems market is studied in Asia Pacific, North America, Europe, and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia Pacific is projected to grow at the fastest rate during the forecast period. The growth of the market in North America is attributed to technological advancements and increased adoption of safety and security measures across various industry verticals.
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