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(IT-NEWSWIRE.COM, December 04, 2018 ) Throughout the forecast period, Europe will remain at the forefront of global digital door lock system market expansion. The report estimates that by the end of 2026, around one-third share of global market volumes will be accounted by the sales of digital door lock systems in Europe. In terms of volume, the expansion of digital door lock system market in North America and Asia-Pacific excluding Japan (APEJ) region is pegged to be robust. By the end of 2026, North America’s digital door lock system market will record sales of over 21,600 thousand units of digital door lock systems, while the APEJ digital door lock system market will register sales of nearly 15,500 thousand units.
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Demand for fingerprint recognition digital door lock systems to lose traction
Key findings from the report that digital door lock systems with fingerprint recognition has been a top-selling product in the global market till date. In 2017, more than 2,000 thousand units of digital door lock systems with fingerprint recognition have been sold globally. However, the demand for fingerprint recognition digital door lock systems will lose traction due to emergence of biometric foils that can replicate fingerprints, creating a major security loophole. Meanwhile, the demand for signature recognition digital door lock systems is poised to take great leaps and register global sales of over 14,000 thousand units. In terms of volume, digital door lock system equipped with iris recognition will register fastest growth at a CAGR of 41.3% over the forecast period. The report also reveals that digital door lock systems will be predominantly used by the government and in commercial settings. The industrial end-use of digital door lock systems is expected to incur moderate traction, while residential sector will remain a lucrative end-user segment in the global digital door lock system market through 2026.
The global market for digital door lock systems is characterized by high barriers for new players, with notable presence of regional players meanwhile intensifying the competitiveness in the market. Key players actively contributing to the market growth include Honeywell International Inc., Godrej & Boyce Manufacturing Company Ltd., Assa Abloy Group, Cisco Systems Inc., united Technologies Corporation, Siemens AG, Panasonic Corporation, NestwellTechnologies, Vivint Inc., Allegion PLC, ABB Ltd., Hanman International Pte Ltd., Hitachi Ltd., Wintec Electronic Tech Co. Ltd., Xeeder Technology Co. Ltd., Tyco International Ltd., Dormakaba Holding AG, Adel Lock, and Stone Lock, among others.
Smart devices are considered to be one of the major evolutionary innovations for commercial and residential spaces on the back of their sustainable, secure and convenient features. Significant growth in the security concerns, along with advancement in wireless communication technologies have led to the development of digital security systems such as digital door locks. The industry is at the inflection phase, mainly because of broader technology trends driving the overall smart home industry. However, smartphone penetration is sustaining expansion of the market for digital door locks. Declining prices of cloud infrastructure and mobile broadband have led to growing user convenience in remotely monitoring and controlling various electronic devices, and digital door locks are no exception.
Demand for Iris Recognition Digital Door Lock Systems to Gain Traction
The report projects that the demand for fingerprint recognition digital door lock systems will lose traction over the forecast period. Malpractices such as the use of thin, pressure-sensitive films to replicate fingerprint impression continue create major concerns for the security measures of fingerprint recognition digital door lock systems. On the other hand, the demand for iris recognition digital door lock systems is expected to incur considerable gains, and register a CAGR of 41.3% in terms of volume over the forecast period. The report also projects that governments and commercial settings will be the largest end-users of digital door lock systems through 2026.
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Table of Content:
Global Economic Outlook
Global Digital Door Lock System Market - Executive Summary
Global Digital Door Lock System Market Overview
3.1. Introduction
3.1.1. Global Digital Door Lock System Market Taxonomy
3.1.2. Global Digital Door Lock System Market Definition
3.2. Global Digital Door Lock System Market Size (US$ Mn) and Forecast, 2012-2026
3.2.1. Global Digital Door Lock System Market Y-o-Y Growth
3.3. Global Digital Door Lock System Market Dynamics
3.4. Supply Chain
3.5. Cost Structure
3.6. Pricing Analysis
3.7. Government Regulations
3.8. Raw Material Strategy
3.9. PLC Analysis
3.8. PESTLE Analysis
3.9. Key Participants Market Presence (Intensity Map) By Region
Global Digital Door Lock System Market Analysis and Forecast 2012-2026
4.1. Global Digital Door Lock System Market Size and Forecast By Product Type, 2012-2026
4.1.1. Face Recognition Market Size and Forecast, 2012-2026
4.1.1.1. Revenue (US$ Mn) Comparison, By Region
4.1.1.2. Market Share Comparison, By Region
4.1.1.3. Y-o-Y growth Comparison, By Region
4.1.2. Iris Recognition Market Size and Forecast, 2012-2026
4.1.2.1. Revenue (US$ Mn) Comparison, By Region
4.1.2.2. Market Share Comparison, By Region
4.1.2.3. Y-o-Y growth Comparison, By Region
4.1.3. vein and Palm Recognition Market Size and Forecast, 2012-2026
4.1.3.1. Revenue (US$ Mn) Comparison, By Region
4.1.3.2. Market Share Comparison, By Region
Continued………………..
Competition Tracking
The report has profiled leading manufacturers of digital door lock systems, which include Godrej & Boyce Manufacturing Company Ltd., Honeywell International Inc., Cisco Systems Inc., Assa Abloy Group, United Technologies Corporation, Panasonic Corporation, Siemens AG, Vivint Inc., Nestwell Technologies, ABB Ltd., Allegion PLC, Hitachi Ltd., Hanman International Pte Ltd., Dormakaba Holding AG, Xeeder Technology Co. Ltd., Wintec Electronic Tech Co. Ltd., Tyco International Ltd., Stone Lock, and Adel Lock. These companies are likely to instrument the expansion of the global digital door lock systems market through 2026.
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