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Digital Door Lock System Market Shares,Trend and Growth Report 2024
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The global market for digital door lock system is projected to rise at an impressive CAGR of 32.8% from 2016 to 2024. Rising at this pace, the market is anticipated to reach US$11.23 bn by the end of 2024 from the valuation of US$920.7 mn in 2015.
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.
Operational Expansion of MSME Businesses in Emerging Economies to Bolster Demand
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.
High Cost of Advanced Digital Door Lock Solutions to Hinder Demand
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.
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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.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend 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.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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