Digital Door Lock Systems Market Scenario
As per the evaluation by Market
Research Future Reports (MRFR), the global digital
door lock systems market is projected to grow at a CAGR of 17.1% during the
forecast period from 2022 to 2030. 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).
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Digital Door Lock Systems
Market 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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