Digital Door Lock Systems Market - Calued at US$ 1,059.5 Mn and Is Expected to Expand at a CAGR of 30.25%

Albany, NY -- (SBWire) -- 05/10/2019 --According to a new market report published by Transparency Market Research titled "Digital Door Lock Systems Market–Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026," the global digital door lock systems market was valued at US$ 1,059.5 Mn in 2017 and is expected to expand at a CAGR of 30.25% from 2018 to 2026, reaching US$ 14,877.6 Mn by the end of the forecast period.

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The global digital door lock systems market is segmented by type into biometrics and keypad locks. Biometrics segment can be further divided into face recognition, iris recognition, palm recognition, voice recognition, signature recognition, and fingerprint recognition. The biometric segment is anticipated to occupy major revenue share by 2026 owing to the widespread adoption of advanced security solutions by commercial as well as residential consumers.The keypad segment can be divided into magnetic stripe locks, electromechanical door locks, and electric strike locks.

Europe is expected to hold highest market share in the digital door lock systems market during the forecast period. The growth is mainly due to the increasing adoption of these systems amidst rising security concerns in the region by various end users including residential and commercial users.

Digital door lock systems are gaining popularity across the Asia Pacific region, especially across economies such as China, Japan, and India. This popularity is due to the growth of Micro, Small and Medium Enterprises (MSMEs) in the region which will increase the demand for security solutions to secure their premises amid growing security concerns.

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Cisco Systems, Inc., Onity Inc., ADT Inc., Assa Abloy Group, Vivint, Inc., Allegion PLC, Godrej & Boyce Manufacturing Co. Ltd., Honeywell International Inc., Panasonic Corporation, Johnson Controls, and August Home are some of the major players operating in the digital door lock systems market profiled in this study. Details such as financials, business strategies, recent developments, product implementation expertise, key contracts, certified professionals, digital door lock system offerings, and other such strategic information pertaining to these players have been duly provided as part of company profiling.