A recent report published by Infinium Global Research on digital door lock system market provides in-depth analysis of segments and sub-segments in the global as well as regional digital door lock system market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional digital door lock system market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global digital door lock system market. According to the report, the global digital door lock system market is projected to grow at a CAGR of 31.6% over the forecast period of 2018-2024.
A digital door lock is an electronic locking device installed on the doors that open wirelessly with an authorized user’s authentication. These devices are used to provide authorization to the authenticated person. A person can enter a passcode, RFID card, or biometric information to unlock the digital door. In addition, digital door locks can be controlled and monitored remotely using the automated system also it can be operated through various apps on user’s smartphones. Digital door lock system records biometric information and if a person has access to the lock it will send the release signal to the lock. Digital door lock system is one of the most secure methods of access control because it keeps track of exactly who has opened a lock. As a connected device, smart locks can be considered a part of the internet of things (IoT).
The increasing conception of home automation acts as the major driver for the digital door lock system market. The rising concerns regarding personal safety in residential as well as commercial buildings are one of the major factors drives the growth of the digital door lock system market. Furthermore, advancement in technology such as face recognition, fingerprint recognition, and capacitive touch screens are enhancing the consumer experience and proliferating adoption of digital door lock system that is boosting the growth of digital door lock system market. The digital door lock provides remote access facility in datacenter and utility facilities. Furthermore, rising demand for efficient and cost-effective digital door security systems and solutions at workplaces fuels the growth of the global digital door lock systems market. In addition, Smartphone penetration is sustaining the expansion of the market for digital door locks. However, less adaptability to change from conventional mechanical locks to digital locks hampers the growth of the digital door lock system market. Furthermore, the high cost of digital door locks curtails the market growth. Moreover, Governments initiatives to develop smart cities are providing a beneficial opportunity for digital door lock system market.
The North America region holds the largest market share across the globe owing to increased security and safety concerns. The high consumer awareness and technological enhancements also promote the growth of the digital door lock system market in the region. In North America, digital door lock systems offer beneficial growth opportunities owing to rising demand for efficient and cost-effective digital door security systems during the forecast period. Additionally, the Asia Pacific region is expected to grow at the highest CAGR in the digital door lock system market owing to increasing urbanization and surge in penetration of internet-based services. The growing trend of smart homes market in the Indian and Chinese market drives the digital door lock system market in the Asia Pacific regions.
The report on global digital door lock system market covers segments such as type, and end user. On the basis of type, the global digital door lock system market is categorized into biometrics, keypad locks, and RFID locks. On the basis of end user, the global digital door lock system market is categorized into government, commercial, industrial, and residential.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while the Asia-Pacific region includes countries such as China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are the major markets included in the European region. The U.S. drives the growth in the North America region, as it is the largest market in the region. In the Asia-pacific region, rapid industrial growth in India and China offer substantial potential for the growth in the digital door lock system market. As a result, the APAC region is projected to experience growth at a CAGR of x.x% over the forecast period 2018-2024.
The report provides profiles of the companies in the global digital door lock system market such as ASSA ABLOY Group, Ozone Overseas Pvt. Ltd., Safewise, Kwikset, Samsung SDS, Godrej, Honeywell International, Inc, Siemens AG, Hitachi Ltd., and dormakaba Group.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global digital door lock system market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of digital door lock system market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the digital door lock system market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the digital door lock system market to understand the present and future trends in this market and formulate their strategies accordingly.
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