Pune, India -- (SBWIRE) -- 06/21/2019 -- Rising development of smart home across nations is a key factor anticipated to drive the global digital door lock system market, says Fortune Business Insights in a report, titled "Digital Door Lock System Market Size, Share and Global Trend By Applications (Electromechanical Door Locks, Magnetic Stripe Locks, Biometric Access Systems), By End User Types (Residential, Commercial, Industrial, Government) and Geography Forecast till 2025." As per the National Smart Home Org., in 2018 the global smart home was valued at US$ 40 billion. The global smart home market is likely to expand considerably in the coming years, which in turn will create growth opportunities for the digital door lock system market.

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In terms of region, Europe held a considerable share in the global market in 2017. The regional market is further expected to remain dominant through the course of the forecast period. The governments in Europe have implemented technology such as continuum application in digital door locks and Tele-cloud computing. The increasing implementation of this technology is anticipated to encourage the adoption of digital door lock system. The Asia Pacific digital door lock system market is expected to progress at the highest CAGR during 2018-2023. Developing nations such as India, China, Japan, and others are investing in certain business events to initiate rapid urbanization and facilitate the adoption of digital door lock system.
Increasing Cases of Theft Encourage Adoption of High Security Digital Lock

Rising security concerns among people and increasing cases of theft and robbery are a few factors expected to drive the global market during the forecast period. Additionally, technological upgrades in the digital door lock system is a major factor likely to fuel the demand in the market. For instance, ASSA ABLOY Inc. introduced Power over Ethernet (PoE) locks system integrated with Electrolynx AI system in 2018. The system is capable of NFC mobile access, real-time door status monitoring, and same real-time communication as traditional access control.
Digital lock system offers various benefits such as connectivity with phones over WI-FI or Bluetooth and hybrid sensors. Such advantages are expected to contribute towards adoption of high security enabled digital door lock system.

On the contrary, lack of awareness about availability of digital door lock system is a factor that may restrain the global market to an extent. Moreover, high cost associated with the digital door lock is another factor that might hamper the growth in the market.

Top Players List:
- Thasmai Automation PVT ltd.
- Nestwell Technologies
- Panasonic USA
- United Technologies
- Godrej & Boyce Mfg. Co. Ltd.
- Hitachi, Ltd.
- WINTEC ELECTRONIC TECH CO., LIMITED
- Cisco
- Honeywell

Integration of internet of things with the system is a major factor anticipated to fuel the demand in the market during the forecast period 2018-2025. Additionally, the rising adoption of e-financial services is expected to boost the global market.

Major Segments Mentioned:
- By Applications
- By End User Types
- By Geography

On the contrary, the high cost associated with upgraded technology is a factor that may restrain the global Digital Door Lock System market.

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Regional Analysis:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa

As stated in the report, North America held a significant share in the market in 2017. The region is expected to witness impressive growth during the forecast period. Owing to intense research and development taking place in the region for IoT integration in the system is likely to enable the growth in the region. Besides this, Asia Pacific is expected to witness promising growth owing to rising adoption of sedentary lifestyle in nations such as India and China.

Major Table of Content for Digital Door Lock System Market:

1. Introduction
2. Executive Summary
3. Market Dynamics
4. Key Insights
5. Global Digital Door Lock System Market Analysis, Insights and Forecast, 2014-2025
6. North America Digital Door Lock System Market Analysis, Insights and Forecast, 2014-2025
7. Europe Digital Door Lock System Market Analysis, Insights and Forecast, 2014-2025
8. Asia Pacific Digital Door Lock System Market Analysis, Insights and Forecast, 2014-2025
9. Middle East and Africa Digital Door Lock System Market Analysis, Insights and Forecast, 2014-2025
10. Latin America Digital Door Lock System Market Analysis, Insights and Forecast, 2014-2025
11. Competitive Landscape
12. Company Profile
13. Conclusion