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.
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.
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Based on end-use, the market has been segmented into government, industrial, commercial, and residential. The commercial segment can be seen to hold maximum revenue share in 2017. This can be attributed to the increasing number of commercial industries that are deploying advanced security systems in their premises to prevent unauthorized access and provide a hassle free entry and exit experience to consumers.
Asia Pacific to be the fastest growing region due to the increasing adoption of digital door lock systems in industries for enhanced security and safety. In terms of geography, the market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. In 2017, Europe was the topmost revenue generating region followed by North America. The market in Asia Pacific is expected to expand at the highest CAGR from 2018 to 2026 due to the growing adoption of digital door lock systems in industries and homes especially in China. The market in Asia Pacific is expected to expand at a CAGR of 34.26% over the forecast period.