Digital Door Lock Systems Market - Global End Use Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
Albany, NY -- (SBWIRE) -- 10/11/2018 -- 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.
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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.
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.
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Based on end-use, the market has been segmented into government, industrial, commercial, and residential. The commercial segment can be seen to hold maximum revenue share in 2017. This can be attributed to the increasing number of commercial industries that are deploying advanced security systems in their premises to prevent unauthorized access and provide a hassle free entry and exit experience to consumers.
Asia Pacific to be the fastest growing region due to the increasing adoption of digital door lock systems in industries for enhanced security and safety
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In terms of geography, the market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. In 2017, Europe was the topmost revenue generating region followed by North America. The market in Asia Pacific is expected to expand at the highest CAGR from 2018 to 2026 due to the growing adoption of digital door lock systems in industries and homes especially in China. The market in Asia Pacific is expected to expand at a CAGR of 34.26% over the forecast period.