Worldwide 80,000 Thousand Units of Digital Door Lock Systems to be Sold by 2026 end

According to recently published report by Fact.MR, the global digital door lock system market is projected to grow at a CAGR of 30.8% in terms of value during the period 2017-2026. In terms of volume, the market is anticipated to record sales of nearly 80,000 thousand units by 2026-end.

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There has been a significant increase in the number of manufacturing sites along with growing pace of industrialization across the globe in the recent past. With growing number of facilities of various industries, advanced security technologies have gained immense momentum, thereby simulating the requirement for digital door lock systems. For example, mounting number of new facilities associated with MSME businesses has increasingly catalyzed demand for cost-effective and efficient digital door security solutions. In addition, robust expansion in the commercial and residential sector on the back of rapid population growth and urbanization has further augmented the need for efficient security systems in order to prevent infiltration, theft, and other relevant threats.

Increasing demand for convenient and reliable security systems from residential end-users has led manufacturers in integrating advanced technologies such as signature and iris recognition into digital door lock system. However, high cost of the digital door lock system will continue to restrain their adoption in the near future.

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Market Taxonomy

Region
• North America
• Latin America
• Europe
• Japan
• APEJ
• MEA

Product Type
• Face Recognition
• Iris Recognition
• Vein and Palm Recognition
• Voice Recognition
• Signature Recognition
• Fingerprint Recognition
• Magnetic Stripe Locks
• Electromagnetic Door Locks
• Electric Strike Locks
• Other

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Demand for fingerprint recognition digital door lock systems to lose traction

Key findings from the report that digital door lock systems with fingerprint recognition has been a top-selling product in the global market till date. In 2017, more than 2,000 thousand units of digital door lock systems with fingerprint recognition have been sold globally. However, the demand for fingerprint recognition digital door lock systems will lose traction due to emergence of biometric foils that can replicate fingerprints, creating a major security loophole.

Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2019/08/06/1897611/0/en/Adoption-of-Water-Type-Temperature-Control-Units-Set-to-Constitute-Promising-Growth-Trends-in-the-Global-Market-reports-Fact-MR.html

The global market for digital door lock systems is characterized by high barriers for new players, with notable presence of regional players meanwhile intensifying the competitiveness in the market. Key players actively contributing to the market growth include Honeywell International Inc., Godrej & Boyce Manufacturing Company Ltd., Assa Abloy Group, Cisco Systems Inc., united Technologies Corporation, Siemens AG, Panasonic Corporation, NestwellTechnologies, Vivint Inc., Allegion PLC, ABB Ltd., Hanman International Pte Ltd., Hitachi Ltd., Wintec Electronic Tech Co. Ltd., Xeeder Technology Co. Ltd., Tyco International Ltd., Dormakaba Holding AG, Adel Lock, and Stone Lock, among others.

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This release was published on openPR.