Digital Door Lock System Market: Demand for Iris Recognition Digital Door Lock Systems to Gain Traction
August 8, 2019 by Steve Blade
According to recently published report Digital Door Lock System Market by Fact.MR, the global digital door lock system market is projected to grow at a CAGR of 30.8% in terms of value during the period 2017-2026. In terms of volume, the market is anticipated to record sales of nearly 80,000 thousand units by 2026-end.
There has been a significant increase in the number of manufacturing sites along with growing pace of industrialization across the globe in the recent past. With growing number of facilities of various industries, advanced security technologies have gained immense momentum, thereby simulating the requirement for digital door lock systems.
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For example, mounting number of new facilities associated with MSME businesses has increasingly catalyzed demand for cost-effective and efficient digital door security solutions. In addition, robust expansion in the commercial and residential sector on the back of rapid population growth and urbanization has further augmented the need for efficient security systems in order to prevent infiltration, theft, and other relevant threats.
Throughout the forecast period, Europe will remain at the forefront of 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.
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.
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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