Digital Door Lock Systems Market 2018 Global Key Companies Analysis by Nestwell Technologies, Cisco Systems, Panasonic, Hitachi, Wintec Electronic Tech, Assa Abloy, Xeeder Technology, Siemens

Market Scenario

Growing demand for enhanced home security solutions is one major factor driving the growth of digital door lock systems market. Technology giants such as Honeywell International, Hanman International Pte Ltd., Nestwell Technologies, Godrej & Boyce Manufacturing Company Ltd., Cisco Systems, Inc., Allegion PLC., Panasonic Corporation and Hitachi Ltd. are a few of the major players in the global digital door lock systems market. Increasing demand for efficient and cost-effective digital door security systems and solutions at workplaces is also one of the major factors driving the growth of the global digital door lock systems market. Furthermore, increasing popularity of advanced security solutions such as face recognition and fingerprint recognition is another factor responsible for fueling the growth of the global digital door lock systems 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.

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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.

Key Companies of Digital Door Lock Systems Market

Some of the prominent players in the global digital door lock systems market: 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.

Market Segmentation:

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.

Competitive Analysis:

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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Intended Audience:

• Technology Investors
• Research/Consultancy firms
• Technology Solution Providers
• Government Bodies
• Regulatory agencies
• Corporate
• Technology providers

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