A new study on the digital door lock systems market has been published by TMR which presents a wealth of information on key market dynamics.
ALBANY, NEW YORK, UNITED STATES, September 30, 2021 /EINPresswire.com/ — Transparency Market Research delivers key insights into the global digital door lock systems market. In terms of revenue, the global digital door lock systems market is estimated to expand at a CAGR of ~14% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global digital door lock systems market.
Rising importance of internet of things or IoT in various safety and security applications is one of the major drivers for the advancement of the global digital door lock systems market. Benefits of IoT technologies, such as convenience, effectiveness, low cost, and cross platform connectivity are fueling interest in the global digital door lock systems market in recent times. Furthermore, with expansion of IoT as well as integration of mobile biometric identification systems, the global digital door lock systems market is expected to record substantial growth in coming years.
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Some of the key types of products offered by the players and manufacturers in the global digital door lock systems market include keypad locks, keyless remote locks, biometric locks using technologies such as finger print recognition, facial recognition, iris recognition, palm recognition, and voice recognition, as well as RFID card digital locks. Products in the global digital door lock systems market are used in various settings such as commercial buildings and offices, residential buildings and homes, government buildings and facilities, and industrial sites and manufacturing facilities. Finger print recognition biometric locks are gaining immense popularity among conusmers owing to their safe and irreproducible nature.
Some of the key and most prominent players operating within the global digital door lock systems market include ADT Inc., Assa Abloy Group, Allegion PLC, Panasonic Corporation, Spectrum Brands, Inc., Onity Inc., Vivint, Inc., Godrej & Boyce Manufacturing Co. Ltd., Honeywell International, Inc., and Salto Systems S. L. Certain vendors and players in the global digital door lock systems market are increasingly investing in research and development activities to develop and launch new and innovative products.
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For example, ADT, Inc. expanded their product portfolio in order to offer completely customizable do it yourself or DIY home security solutions in September of 2020, under the brand name ‘Blue by ADT.’ Several players and manufacturers in the global digital door lock systems market are also expanding their production capabilities in order to meet the rising consumer demand for devices that operate on lithium batteries so they can function even during power cuts and outages.
Digital Door Lock Systems Market: Key Segments
The global market for digital door lock systems has been segmented by type, end use, and region. Based on type, the digital door lock systems market has been divided into keypad lock, RFID card digital lock, keyless remote lock, and biometrics lock. The demand for keypad locks and biometric locks is very high, and the trend is anticipated to continue during the forecast period, owing to the frequent launch of new products. The biometrics lock segment is further classified into fingerprint recognition, palm recognition, face recognition, voice recognition, iris recognition, and others. Fingerprint recognition segment accounted for a major revenue share in 2019 and is anticipated to expand at a CAGR of 18.4% during the forecast period.
Based on end use, the digital door lock systems market has been classified into commercial, residential, government, and industrial. The commercial segment accounted for a significant market share, in terms of revenue in 2019. Furthermore, the segment is estimated to record a CAGR of 14.4% during the forecast period.
Key Questions Answered in TMR’s Digital Door Lock Systems Market Study
What are the key factors influencing the digital door lock systems market in each region?
What will be the CAGR of the global digital door lock systems market between 2020 and 2030?
What is the future scope and current trends in terms of sizing and end use of the global digital door lock systems market?
What is the revenue of the global digital door lock systems market based on the respective segments?
Which are the key strategies used by top players of the global digital door lock systems market?
Which are the leading companies in the global digital door lock systems market?
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