Digital Door Lock System Market is expected to grow at a CAGR of 32.8% from 2016 - 2024
Based on type, the digital door lock system market is segmented into biometrics and keypad locks. Major types of biometrics are face recognition, iris recognition, palm recognition, voice recognition, signature recognition, and fingerprint recognition. Of these, the biometrics segment held the major revenue and is projected to remain dominant in the years to come. Regionally, the market is segmented into Europe, North America, Asia Pacific, the Middle East & Africa (MEA), and South America. Of these, Asia Pacific is anticipated to provide the most promising opportunities for market players along the forecast period.
Request to view Sample Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=9770
The surge in the number of micro-, small, and medium-scale enterprises (MSMEs) across the globe and the swift pace of industrialization in several emerging economies world over are the key factors driving the digital door lock system market. The geographical expansion of services and operations of emerging businesses in developing regions has led to the demand for advanced security technologies, thereby stimulating the demand for digital door lock systems. For example, the growing number of new offices opened by MSME businesses has catalyzed the demand for efficient and cost-effective digital door security systems and solutions in workplaces.
The vast increase in residential and commercial constructions is a crucial factor bolstering the uptake of digital security systems. The incorporation of advanced technologies such as iris recognition and signature recognition in biometric systems is a key development boosting the market. In addition, the growing demand for reliable and convenient security systems among residential users is also expected to bode well for the digital door lock system market.
The exorbitant cost of various premium product varieties offered by renowned brands is a key factor hindering the growth of the market to an extent. In addition, vast amounts required for timely troubleshooting and costly repairs have further hampered the demand for digital security systems in cash-strapped businesses and among organizations in low-income nations. Nevertheless, the accelerated deployment of fingerprint recognition devices across numerous commercial spaces is expected to boost the market.
Request to Download TOC of the Report: https://www.transparencymarketresearch.com/report-toc/9770
Furthermore, recent advances made in sectors such as banking, IT, and IT-enabled services (ITES) and the proliferation of internet-of-things (IoT) devices in developing and developed regions is likely to accentuate the market in the coming years. In addition, recent technological advances in biometrics for a variety of end-use industries have transformed access control systems and is anticipated to unlock exciting opportunities for market players in the forthcoming years.
The global digital door lock system market is intensely competitive but features a slightly fragmented landscape, notes Transparency Market Research (TMR). The market is characterized by low barrier of entry for new companies while the noted presence of local players in a number of regional markets intensifies the competitive spirit. The advent of advanced security technologies is further anticipated to intensify the competition in the market. However, the large number of buyers and end users in major regional markets is anticipated to offer sustained opportunities for the growth of several emerging and established vendors alike. Various emerging markets are expected to provide lucrative avenues for many local and global manufacturers. This is attributed to the low investments required in the initial years, observes TMR. Some of the key players operating in the market include Siemens AG, Allegion PLC, the Assa Abloy Group, Cisco Systems, Inc., and Godrej & Boyce.
Global Digital Door Lock System Market Report is available @ US$ 5795 :
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Transparency Market Research
90 State Street,
NY - 12207
USA - Canada Toll Free 866-552-3453
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Digital Door Lock System Market is expected to grow at a CAGR of 32.8% from 2016 - 2024 here
News-ID: 763989 • Views: 99
More Releases from Transparency Market Research
Powder Coatings Market to Reach US$ 16,203.14 Mn by 2026 Need for Increased Agri …
The demand within the global powder coatings market is slated to grow by leaps and bounds in the years to follow. The need for coating several materials and products with protective layers has played a vital role in the growth of the global powder coatings market. Request Overview - https://www.transparencymarketresearch.com/powder-coatings-market.html Furthermore, advancements in organic as well as polymer chemistry have paved way for key developments within the market. Several industrial manufacturers acknowledge
Fumigation Products Market to Reach a Value of US$ 1.2 Bn by 2027-Lack of Awaren …
Fumigation Products Market: Key Highlights The global fumigation products market was valued at ~US$ 820 Mn in 2018, and is anticipated to expand at a CAGR of ~4% during the forecast period. The global fumigation products market is driven by the rise in the demand for warehouses/storage and residential applications North America accounts for a major share of the global fumigation products market, led by an increase in the demand for residential housing,
Inks Market will Generate Revenue of US$ 21.2 Bn by 2027- Technological Advancem …
Global Inks Market: Key Highlights The global inks market was valued at ~US$ 15.9 Bn in 2018, and is anticipated to expand at a CAGR of ~3% from 2019 to 2027. Rise in population and urbanization is fueling global trade, and subsequently, the use of packaging. Online trade is further increasing the need for packaging. Products are also being consumed immediately, which is driving the need for food service packaging and
Zinc-Bromine Battery Market to Reach Value US$ 23 Mn by 2027 Enhancing Storage i …
The global zinc-bromine battery market was valued at ~US$ 5 Mn in 2018, and is anticipated to expand at a CAGR of ~18% from 2019 to 2027, according to a new research report published by Transparency Market Research (TMR). Increase in the demand for zinc-bromine batteries in power distribution applications is one of the major factors driving the zinc-bromine battery market. In terms of consumption, Asia Pacific accounted for a
More Releases for CAGR
Wireless Charging Industry Climbing Towards CAGR 45.5%
According to a recent report published by Allied Market Research, titled, Global Wireless Charging Market by Technology and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2018-2025, The global wireless charging market was valued at $5,220.0 million in 2017, and is projected to reach $71,213.0 million by 2025, registering a CAGR of 38.7% from 2018 to 2025. At present, Asia-Pacific dominates the market, followed by North America. In 2017, the U.S.
Xanthates Market CAGR to Grow at 4.7%
Persistence Market Research in its latest report projects that the global xanthates market will grow at a CAGR of 6.1% over the forecast period (2017-2025). Owing to Xanthates’ excellent mineral ore processing capabilities, its global sales have witnessed a significant rise in recent years. Mining complexity and declining ore quality have led to a major increase in demand for specialty chemicals to process ores. Towards the end of 2025, around
Global Serious Games Market Show 19.2% CAGR
A new report added by Allied Market Research, forecast that the global serious games market was valued at $2,731 million in 2016, and is projected to reach $9,167 million by 2023, growing at a CAGR of 19.2% from 2017 to 2023. The consumers segment is anticipated to grow at the highest rate during the forecast period. Asia-Pacific generated the highest revenue in the global serious games market in 2016 due to
Biogas Market CAGR to Grow at 6.5%
Global demand for biogas has witnessed a spike in demand, owing to mounting concerns over depleting fossil reserves and environmental impact of conventional fuels. According to Future Market Insights, global biogas market revenues totalled nearly US$ 24.5 Bn in 2015. During the forecast period 2016-2026, global biogas revenues are estimated to reach US$ 48, 761.2 million, growing at a steady 6.5% CAGR. Between 2016 and 2026, the global biogas revenues
Bioinsecticides market expecting CAGR 5.4%
Reports And Markets Publish a New Market Research Report On –"Bioinsecticides market- Growth, Trends, Forecast for the period (2017 - 2022)" Access Full Report With Table Of Contents @ https://www.reportsandmarkets.com/reports/1071910-global-bioinsecticides-market-growth-trends-forecast-for-the-period-2017-2022 Pesticides constitute the largest category within the market for crop protection chemicals, with biopesticides accounting for a comparatively minute share. Global consumption of synthetic insecticides is projected to reach 833.32 thousand tons by volume and USD 19.6 billion by value by 2020
Biofertilizers Market witnessing a CAGR of 13.3%
Reports And Markets Publish a New Market Research Report On –"Biofertilizers Market - By Microorganism, Application and Geography - Trends and Forecasts (2016 -2021)" Access Full Report With Table Of Contents @ https://www.reportsandmarkets.com/reports/1071907-global-biofertilizers-market-by-microorganism-application-forecasts-2016-2021 Market Insights The global biofertilizers market, estimated at USD 590.9 million in 2015, is projected to reach USD 1.23 billion by 2021, witnessing a CAGR of 13.3% during the forecast period. The biofertilizers market is highly fragmented, with many small