Digital Door Lock Systems Market Scenario
Digital Door Lock Systems Market Size was valued at USD 0.15 Billion in 2022. The Digital Door Lock Systems market industry is projected to grow from USD 0.17 Billion in 2023 to USD 0.62 Billion by 2032, exhibiting a compound yearly growth rate (CAGR) of 17.10% during the forecast period (2023 - 2032).The surging demand for advanced security solutions is the most significant factor leading to the expansion of the global digital door lock systems market 2020. Moreover, the increasing popularity of developed security solutions such as fingerprint recognition and fingerprint recognition is another significant element propelling the expansion of global digital door lock systems market. In addition, the rising demand for efficient and pocket-friendly digital door security systems and solutions at homes and workplaces is another significant factor leading to market growth.
However, the outbreak of COVID-19 has brought major impacts on market dynamics. An in-depth analysis has been carried out by the MRFR team to produce accurate insights about the global Wi-Fi chipset market. We will provide the report with a thorough analysis.
Digital Door Lock Systems Market Key Players
The notable players of the global digital door lock systems are Tyco International Ltd. (Republic of Ireland), Nestwell Technologies (India), Hanman International Pte Ltd. (Singapore), Godrej & Boyce Manufacturing Company Ltd. (India), Allegion PLC (Republic of Ireland), Cisco Systems, Inc. (U.S.), Panasonic Corporation (Japan), Hitachi Ltd. (Japan), Assa Abloy Group (Sweden), Wintec Electronic Tech Co. Ltd. (China), Xeeder Technology Co. Ltd. (China), Vivint, Inc. (U.S.), Honeywell International Inc. (U.S.), United Technologies Corporation (U.S.), Siemens AG (Germany), and a few others.
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Digital Door Lock Systems Market Segmentation
The worldwide digital door lock systems market can be segregated on the basis of type, end-user, and region.
On the grounds of the type, the worldwide digital door lock system can be segmented into keypad and biometrics. The keypad segment can be further be classified into electromechanical door locks, magnetic stripe locks, and electric strike locks. The biometrics segment can be further classified into voice recognition, iris recognition, face recognition, palm recognition, signature recognition and fingerprint recognition.
On the grounds of end-user, the worldwide digital door lock system can be segmented into industrial, residential government, and commercial.
On the grounds of the region, the worldwide digital door lock system can be segmented into Asia Pacific, North America, Europe, and Rest of the World (RoW).
Regional Analysis
The geographical evaluation of Asia Pacific, North America, Europe, and Rest of the World (RoW) has been performed. As per the analysis by MRFR, the global market is estimated to be reigned by North America. The region is technically advanced, which gives an upper hand to the region. Also, the region consists of several developed nations like the US, Canada and many more, which play a significant role in developing the market. The U.S. and Canada are projected to drive the regional market during the assessment period. Moreover, there has been a rise in the adoption of safety and security measures across several sectors which leads to market expansion. On the other hand, the APAC region is estimated to expand at the maximum CAGR during the assessment period. The emerging nations like India, Japan, and China are likely to play an important role in expanding the market. Besides, there is a rising concern towards the security of people which is augmenting the market. In addition, the rising implementation of digital solutions across various several APAC nations is further likely to augment the market.
However, the outbreak of COVID-19 is likely to change the market mechanism of several regions. Several markets have been affected significantly due to the observation of nationwide lockdown in various countries.
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