Seattle, WA -- (SBWire) -- 10/02/2019 --Digital door lock system or electronic lock (electric lock) refers the locking device that operates by means of electric current. These locks, unlike mechanical locks, are stand-alone with electronic control assembly mounted directly to the lock. Electronic locks feature are opened without physical key. It may be numerical codes, passwords, security tokens, and thumb-impression. Growing of digital door lock systems in corporate offices is expected to drive the market growth.
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Low cost availability and ease of installation in organizations that need a reliable way of access monitoring & control are prominent factors driving the market growth.
Digital door lock systems offer a variety of models according to the security requirements of users. Moreover, usage of smart phones as a means to gain entry is among the prominent solution gaining traction for residential and other end user applications, typically in developed economies such the U.S. and Europe. Ample availability of variety of devices and high level security offered by these solutions are expected to drive growth of global digital door lock system market.
The global digital door lock system market is expected to register a CAGR of 30% over the forecast period (2018-2026).
Global Digital Door Lock System Market Taxonomy
The global digital door lock system market can be segmented on the basis of authentication type, end user, and geography.
On the basis of authentication type, the global digital door lock system market is classified into:
- Magnetic Stripe Locks
- Electromechanical Door Locks
- Electric Strike Locks
- Biometric Access Systems
o Face recognition
o Iris Recognition
o palm Recognition
o voice Recognition
o signature Recognition
o fingerprint Recognition
On the basis of end user, the global digital door lock system market is classified into:
- Domestic
- Commercial
o Small Enterprises
o Medium Enterprises
o Large Enterprises
- Industrial
- Government
Increasing IoT and connectivity, proliferation of internet-enabled devices that feature multi device support is expected to drive the market growth
Rising industrialization, significant development of operations and service units of enterprises across countries, and increasing demand for security solutions in the residential sector are expected to drive growth of the global digital door lock systems market. Inclusion of motion-activated camera, two-way audio communication, and video surveillance, are some of the other features that have led significant growth of the global digital door lock system market. These systems account for the dominant share in the market with growing use from commercial and government sectors. Moreover, low ownership cost, precise information processing, easy accessibility, and no requirement of additional objects to provide access will continue to drive the market growth in the near future.
Europe held dominant position in the global digital door lock system market in terms of both volume and value in 2016.
Among regions, Europe accounted for the largest market share in 2016. This is owing to high living-standards, significant demand for residential security, and high adoption novel technology in this region. Moreover, increasing business activities, growing urbanization, and high-spending population are expected to create lucrative environment for the market players. Asia Pacific is also expected to exhibit significant growth, owing to growing urbanization and increasing business activities in the region. Emerging countries such as China, India, Pakistan, Japan, and South Korea are expected to remain prominent regions in the region. Furthermore, increasing number of terrorist activities in these emerging economies in conjunction with a large number of infrastructure investment activities is expected to provide substantial demand for security in the government end-use segment over the forecast period.
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Key Players operating in the Global Digital Door Lock System Market
Major players operating in the global digital door lock system market include ABB, Cisco Systems, Inc., Hanman International Pte Ltd., Nestwell Technologies, Allegion PLC, Godrej & Boyce Manufacturing Company Ltd., Hitachi Ltd., Panasonic Corporation, United Technologies Corporation, Assa Abloy Group, Wintec Electronic Tech Co. Ltd., Vivint, Inc., Xeeder Technology Co. Ltd., Tyco International Ltd., and Honeywell International Inc.
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Digital Door Lock System Market to Register Unwavering Growth During in Global by 2026