According to Fact.MR study, the global digital door lock system market is projected to grow at a CAGR of 30% in terms of volume during the period 2017-2026. In terms of value, over US$ 37 Bn worth of digital door lock systems have been sold globally by 2026-end.
Rockville, MD -- (SBWIRE) -- 06/04/2019 -- Technological excellence in terms of ubiquitous smartphone penetration as well as larger access to advanced technologies such as Bluetooth and Wi-Fi are envisioned to collaborate speedy substitution of traditional lock and key system, catapulting inundated adoption of digital door lock systems. Potential advances in industrialization and rampant adoption across government and commercial fringes besides residences are believed to maintain steady growth in digital door lock systems in the forthcoming years.
Mounting security concerns continue to serve as an effective growth initiator in digital door lock system market. To adequately supplement growth in this nascent market, visible advances in smart home technology and affordable pricing strategy of advanced technologies such as cloud technology have favored remote monitoring of electronic devices such as digital door lock system. However, with limited control over software security, the global digital door lock system market is anticipated to witness substantial growth hindrance in forthcoming years.
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Biometric gate systems based on fingerprint recognition technology has made seamless integration in modern digital door lock systems that have lately emerged as reliable security tools across industries. Based on the concept of unique fingerprint, fingerprint based digital lock system is likely to remain most sought after, closely followed by iris recognition. Massive technological boom and fast evolving industrial sector across emerging economies such as India are anticipated to bode well with surged adoption, aided by stark security breach concerns and evolving consumer perspectives pertaining e-locking technology.
Digital Door Lock System Market: Overview
The digital door lock system market has been assessed at length to conclude definitive workable insights on market performance for the forecast tenure 2017-26. The report is an illustrative handbook of diverse market developments encompassing an overview of quintessential highlights such as macro and microeconomic determinants that maneuver market growth, also lending viable inputs on other concurrent factors that set the course of events for future growth trajectory in digital door lock system market.
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The report is poised to equip readers with reliable details on market developments, in the ambit of competitive foresight and cues on market entry barriers. Based on such decisive insights, aspiring entrants as well as established players in digital door lock system space can employ lucrative investment discretion to ascertain sustainable revenue pools amidst staggering competition. To provide readers with superlative understanding, the report is systematically clustered into coherent chapters. A dedicated chapter on market segmentation has been pinned in the trailing sections of the report to include veritable details on segments' historic as well as upcoming growth estimations. Further in the course of the report readers are also enlightened about regional assessment of pivotal factors. The report also entails a country-wise assessment and forecast estimations for digital door lock system market.
Detailed overview of digital door lock system market spectrum presented in the report banks upon a robust research methodology comprising primary and secondary researches that divulge relevant and timely market intelligence figures. Voluminous information recorded in the report with the aid of these research approaches have been meticulously validated by in-house research analysts.
Digital Door Lock System Market: Competition Landscape
This section of the report offers a detailed section on key contributors in digital door lock system market. A dashboard view of each of the mentioned profiles complete with detailed insights on their respective SWOT analysis along with detailed assessment of their product portfolio, market contribution, as well as recent developments have been slated to aid readers' understanding about the competition spectrum.
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