Rising development of smart home across nations is a key factor anticipated to drive the global digital door lock system market, says Fortune Business Insights in a report, titled “Digital Door Lock System“ Market Size, Share and Global Trend By Applications (Electromechanical Door Locks, Magnetic Stripe Locks, Biometric Access Systems), By End User Types (Residential, Commercial, Industrial, Government) and Geography Forecast till 2027.” As per the National Smart Home Org., in 2018 the global smart home was valued at USD 40 billion. The global smart home market is likely to expand considerably in the coming years, which in turn will create growth opportunities for the digital door lock system market.
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In terms of region, Europe held a considerable share in the global market in 2017. The regional market is further expected to remain dominant through the course of the forecast period. The governments in Europe have implemented technology such as continuum application in digital door locks and Tele-cloud computing. The increasing implementation of this technology is anticipated to encourage the adoption of the digital door lock system. The Asia Pacific digital door lock system market is expected to progress at the highest CAGR during 2018-2023. Developing nations such as India, China, Japan, and others are investing in certain business events to initiate rapid urbanization and facilitate the adoption of digital door lock system.
1. By Applications
- Electromechanical Door Locks
- Magnetic Stripe Locks
- Biometric Access Systems
- Face recognition
- Iris Recognition
- palm Recognition
- voice Recognition
- signature Recognition
- fingerprint Recognition
2. By End User Types
3. By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/digital-door-lock-system-market-100215
Top Players List:
- Panasonic USA
- United Technologies
- Godrej & Boyce Mfg. Co. Ltd.
- WINTEC ELECTRONIC TECH CO., LIMITED
- Thasmai Automation Pvt. Ltd.
Integration of internet of things with the system is a major factor anticipated to fuel the demand in the market during the forecast period 2018-2027. Additionally, the rising adoption of e-financial services is expected to boost the global market.
Key Industry Developments
- September 2015: ASSA ABLOY Inc., introduced Power over Ethernet (PoE) locks system equipped with Electrolynx AI system. This system provides features such as same real-time communication as traditional access control, real-time door status monitoring and multiple credential types and NFC mobile access
On the contrary, the high cost associated with upgraded technology is a factor that may restrain the global Digital Door Lock System market.
Key Market Driver – Adoption of AI and IoT technology, Power over Ethernet (PoE) technology, and rise in cloud computing services
Key Market Restraint – Huge cost in deploying this solution in entire residential area (Apartment, Buildings, etc.)
As stated in the report, North America held a significant share in the market in 2017. The region is expected to witness impressive growth during the forecast period. Owing to intense research and development taking place in the region for IoT integration in the system is likely to enable the growth in the region. Besides this, Asia Pacific is expected to witness promising growth owing to rising adoption of sedentary lifestyle in nations such as India and China.
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Major Table of Content for Digital Door Lock System Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Digital Door Lock System Market Analysis, Insights and Forecast, 2027
- North America Digital Door Lock System Market Analysis, Insights and Forecast, 2027
- Europe Digital Door Lock System Market Analysis, Insights and Forecast, 2027
- Asia Pacific Digital Door Lock System Market Analysis, Insights and Forecast, 2027
- Middle East and Africa Digital Door Lock System Market Analysis, Insights and Forecast, 2027
- Latin America Digital Door Lock System Market Analysis, Insights and Forecast, 2027
- Competitive Landscape
- Company Profile
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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