Digital Door Lock Systems Market - the Rising Demand for Security Solutions in the Residential Segment

Albany, NY -- (SBWire) -- 06/20/2018 --Over the past few years, the vast growth in the number of large-, small-, and medium-enterprises across the globe, geographical expansion and rapid industrialization of services and operation units of businesses have significantly boosted the global demand for digital door lock systems in the enterprise sector. In addition, with increase in the rates of burglaries, property crime, and home invasions in the past few years, the requirement for improved home security solutions has grown.

Transparency Market Research states that the global digital door lock system market will reach a valuation of US$15,065.0 mn by 2025. In terms of volume, market is contribute approximately 397,477 thousand units by 2025. The market is anticipated to expand at a CAGR of 33.6% during the period from 2017 to 2025.

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Two key varieties of digital door lock systems have been analyzed in the report: biometrics and keypad. Of these, the segment of biometrics presently dominates, accounting for a more than 67% of the global digital door lock system market in 2016. The strong growth of the segment of biometric door lock systems is chiefly due to the wide scale deployment of fingerprint recognition devices across commercial and residential sectors. The segment is expected to continue to witness excellent demand across the globe owing to factors such as the easy availability of a vast variety of options, easy deployment, and a high rate of efficiency.

The segment of keypad door lock systems is also anticipated to see promising growth during the forecast period. Growth of this segment will be primarily driven by the growing demand for keypad door lock system from commercial infrastructure such as hotels, restaurants in hospitality industry, and IT offices.

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From a geographical perspective, Europe dominated in 2016, accounting for a significant 35% of the global digital door lock system market. Strong growth exhibited by small and medium/commercial businesses is the key factor to have driven the growth of this market across Europe in the recent past. Additionally, the rising demand for security solutions in the residential segment has also been a key factor to have offered lucrative opportunities for the digital door lock systems market in Europe in the past few years. Over the report's forecast period, however, the Europe market for digital door lock systems is projected to lose a notable share in the global market, chiefly owing to stagnant growth opportunities across the construction and enterprise sectors.