Digital Door Lock Systems Market - Global Industry Trends and Forecast Analysis For 2017 - 2025

Global Digital Door Lock Systems Market: Overview

Digital door locks have emerged as the latest security solutions among consumers in the residential as well as commercial sector as an increasing number of countries look to build smart cities. The global digital door lock systems market has been witnessing steady growth over the recent past as the affordability of these systems has risen across micro, small, and medium enterprises around the globe.

The report on the global digital door lock systems market offers a detailed assessment of the major trends and technologies impacting its growth over the forecast period. It also takes into account the leading drivers, restraints, and opportunities during this phase. Offering a holistic perspective on the market’s growth through 2025, the report is backed by statistical data gathered through various primary and secondary research methods.

Global Digital Door Lock Systems Market: Trend and Opportunities

The demand for digital door lock systems is majorly driven by a rise in the number of large as well as small and medium enterprises across the globe, rapid industrialization and urbanization, especially in developing countries, and the automation of services and operation units across different industrial verticals. An alarming rise in crime rate and home invasions over the past few years has also warranted the need for improved home security solutions.

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In contrast, low IT literacy in several parts of the world hampers large-scale acceptance by consumers and this has emerged as a major concern for the market. The high cost of security solutions has also restricted widespread adoption, limiting the growth of the digital door lock systems market. Nevertheless, increasing awareness regarding advanced security solutions across emerging economies and the development of advanced technologies will offer lucrative opportunities in the long run.

By end-use industry, the government sector accounts for the dominant share in the digital door lock systems market and will continue exhibiting strong growth during the forecast period thanks to rising investments and economic growth in emerging nations. Biometrics held the leading share by way of type and this segment is fueled by the widespread deployment of fingerprint recognition devices across commercial and residential sectors.

Global Digital Door Lock Systems Market: Regional Outlook

Europe dominates the global digital door lock systems market, accounting for approximately 35% of the overall market in 2016. This can be attributed to the rapid development of small and medium commercial enterprises in the region. The rising demand for security solutions across the residential sector is also spurring the demand for digital door lock systems in Europe. Players will be presented with several opportunities in the coming years owing to the development of advanced technologies in the field.

North America is anticipated to witness strong growth over the course of the forecast period, registering an astounding 34.0% CAGR between 2017 and 2025. High Internet penetration, greater affordability of consumers in the region, higher rate of IT literacy among the people, growing security concerns, and a rapidly rising culture of smart living among residents and commercial entities are some of the leading factors driving the demand for digital door lock systems in North America. The strong presence of a number of suppliers offering the latest home security solutions with advanced features will also give this regional market a major boost.

The Asia Pacific digital door lock systems market will also exhibit impressive growth through 2025 thanks to rapid growth in high-end office buildings and hotels as well as housing and the rising demand for high-security solutions from the national public security, defense, financial, and other sectors. The speedy rate of urbanization will further support the market.

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Companies mentioned in the report

Assa Abloy Group, Honeywell International Inc., United Technologies Corporation, Nestwell Technologies, Dorma+kaba Holdings AG, Samsung Electronics Co Ltd., Siemens AG, Godrej & Boyce Manufacturing Company Ltd., Cisco Systems, Inc., Panasonic Corporation, and Vivint, Inc. are some of the prominent vendors in the global digital door lock systems market. Companies have been focused on developing advanced products in order to cater to the growing demand for digital door lock systems and a rising emphasis on security and safety.

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