Albany, NY -- (SBWIRE) -- 09/14/2018 -- 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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Growth of micro, small and medium enterprises (MSMEs) across the world to influence the expansion of the market worldwide
Although digital door lock systems have a higher penetration in developed economies as compared to developing economies, projections from International Monetary Fund (IMF) indicate the growth rate of developing economies to be higher than the world average in the coming years. Rapid expansion of micro, small and medium enterprises (MSMEs) especially in developing economies is expected to be one of the major drivers of market growth.
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Enhanced security requirements to propel the global digital door lock systems market
Growth in the number of reported cases of crimes, burglaries, and home invasion around the world is among the major reasons for the market's growth. Based on type, the digital door lock systems market is segmented 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 keypad segment also can be divided into magnetic stripe locks, electromechanical door locks, and electric strike locks.
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By 2026, the biometrics segment is expected to hold more than one half of the total market and expand at a rapid rate throughout the forecast period. On the basis of end-use, the digital door lock systems market can be segmented into government, commercial, industrial, and residential. The commercial sub-segment is expected to be the leading segment based on end-use by 2026. The said segment is also expected to witness rapid growth throughout the forecast period.