Impact of the Coronavirus on the Digital Door Lock Systems Market Growth, Trends and Competitive Landscape ,Future Growth Analysis and Forecast to 2027
Digital Door Lock Systems Market – Snapshot
Biometric segment to be the fastest growing throughout the forecast period
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 2027 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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Commercial segment to be the major revenue generating segment in 2027
In terms of end use, the digital door lock systems market is segmented into government, commercial, industrial, and residential. The commercial segment is expected to be the major revenue generating segment in 2027 due to the increasing demand for advanced security systems by the growing number of small scale as well as large scale enterprises amid growing security concerns. The commercial segment is expected to grow at a healthy CAGR of 29.2% over the forecast period.
Europe expected to continue to hold significant share in the overall market
Europe is expected to hold highest market share in the digital door lock systems market during the forecast period. The growth is mainly due to the increasing adoption of these systems amidst rising security concerns in the region by various end users including residential and commercial users.
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Digital door lock systems are gaining popularity across the Asia Pacific region, especially across economies such as China, Japan, and India. This popularity is due to the growth of Micro, Small and Medium Enterprises (MSMEs) in the region which will increase the demand for security solutions to secure their premises amid growing security concerns.
- Cisco Systems, Inc.,
- Onity Inc.
- ADT Inc.,
- Assa Abloy Group
- Vivint, Inc.
- Allegion PLC,
- Godrej & Boyce Manufacturing Co. Ltd.
- Honeywell International Inc
- Panasonic Corporation,
- Johnson Controls
- August Home
are some of the major players operating in the digital door lock systems market profiled in this study. Details such as financials, business strategies, recent developments, product implementation expertise, key contracts, certified professionals, digital door lock system offerings, and other such strategic information pertaining to these players have been duly provided as part of company profiling.
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