Sarasota, FL -- (SBWIRE) -- 08/06/2018 -- Zion Market Research has published a new report titled "Digital Door Lock System Market by Product Type (Biometrics and Keypad Locks) and by End-user (Residential, Commercial, Industrial, and Government): Global Industry Perspective, Comprehensive Analysis, and Forecast 2017-2024''. According to the report, global digital door lock system market was valued at around USD 1532.14 million in 2017 and is expected to reach approximately USD 10068.08 million in 2024, growing at a CAGR of slightly above 30.86% between 2018 and 2024.

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Global digital door system market has a huge industry potential owing to the rising security concerns in residential as well as commercial buildings. Digital door lock systems offer numerous advantages over traditional locks such as remote accessing or monitoring an area, ease of installation, and low-cost availability are among others. In most of the situations, it becomes tedious or unpractical to allocate cards or keys to the people or employees working in organizations especially when the numbers are in hundreds or thousands, digital locks based on access control solutions play a vital role in such scenarios. The digital door lock system market is projected to witness a staggering growth of 30.86% CAGR during the forecast period.

Owing to the availability of personalized solutions and services, and installation of biometrics-based lock systems, the market is expected to surge in developing economies of the world. The high adoption rate of digital door locks and systems by the residential sector especially in private properties, apartments, bungalows, and other individual houses are also triggering the growth of digital door locks market. Majority of the people are opting for these systems keeping in mind the benefits offered by the biometrics and electronics based lock systems in maintaining security. In government buildings and research institutions where security measures are paramount are expected to be among the early adopters of digital door lock systems.

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One of the major factors driving the growth of the digital door lock system market is the high smartphone penetration rate across the world, which acts as a medium to gain entry in most of the personal or commercial edifices. Along with this, the ease of availability of high-speed data and continuous decrease in the prices of mobile broadband is also fueling the growth of the global digital door lock system market. The factor hindering the growth of this market is the high initial cost of deployment as well as the requirement of skilled professionals for operation and installation of these systems. The government emphasizes on developing smart cities which are expected to offer tremendous opportunities to the market.

The digital door lock system market is segmented based on product type, end-user, and region. Product type segment is categorized into biometrics and keypad locks. The biometrics segment is further bifurcated into face recognition, iris recognition, voice recognition, signature recognition, fingerprint recognition, and vein and palm recognition. Magnetic stripes, electromechanical, and electric strike are the sub-segments included in the keypad locks segment. The end-user segment is further bifurcated into residential, commercial, industrial, and government. Regional segmentation of the global digital door lock system market includes North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa with further country wise bifurcation into major countries such as the U.S., UK, France, Germany, China, Japan, India, and Brazil.

The major players operating in the global digital door lock system market are Hanman International Pvt. Ltd., Nestwell Technologies, Godrej & Boyce Manufacturing Company Ltd., Cisco Systems, Inc., Panasonic Corporation, Hitachi Ltd., Wintec Electronic Tech Co. Ltd., Assa Abloy Group, Xeeder Technology Co. Ltd., United Technologies Corporation, Honeywell International Inc., and Siemens AG, among others.

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The report segments the global digital door lock system market as follows:

Digital Door Lock System Market: Product Type Segment Analysis

Biometrics
Face Recognition
Iris Recognition
Voice Recognition
Signature Recognition
Fingerprint Recognition
Vein and Palm Recognition
Keypad Locks
Magnetic Stripe
Electromechanical
Electric Strike

Digital Door Lock System Market: End-User Segment Analysis

Residential
Commercial
Industrial
Government