Digital Door Lock Systems Market - Global End Use Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026

Albany, NY -- (SBWire) -- 03/20/2019 --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. 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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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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Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market, national government documents, statistical databases, and market reports, Factiva, etc.

Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We conduct primary interviews on an ongoing basis with End Use participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on the market size, market trends, growth trends, competitive landscape, and outlook, etc. These helps us to validate and strengthen secondary research findings. These also help to develop the analysis team's market expertise and understanding.