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Digital Door Lock System estimated to grow at Impressive CAGR of in the forecast period

August 31, 2019 by freemexy  

Digital Door Lock System estimated to grow at Impressive CAGR of in the forecast period

 

Global Digital Door Lock System Market size is expected to reach US$ 1.0595 Bn in 2017 and US$ 11.2300 Bn by 2026, expanding at a CAGR of 29.99% during forecast period.Global Digital Door Lock System MarketDigital door lock system market is segmented into product type, end user, and region. On basis of product type market is divided into biometrics, and keypad lock. End user segment is classified into Residential, Commercial, Industrial, and Government. Geographically digital door lock system market is spread into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.door lock system using bluetooth

As technology being relevant to biometric methods such as face and fingerprint recognition are connected further, the cost of the systems are expected to fall and become more reasonable. In the past years, digital door locking systems have appeared as an efficient tool to quickly verify individuals as well as keep a log of their entrance and exit. On the back of growing small and medium businesses, the market for digital door locking systems is booming. On the other hand, high cost and foot-dragging of populations to move beyond traditional locks is becoming a restraints, and that is limiting the growth of market.

Digital door lock system are providing efficiency in day to day life ,with the help of biometric door locks you don't need to remember to bring along your keys when you go out, no more forgotten and lost keys, no need for spare keys, no more cutting keys for visitors, no need to lock your doors. Digital door locks are more reliable and secured, unless and until you don't get recognised you cannot have access to that door or you cannot enter from that door.
North America and Europe hold the maximum share of digital door lock system market. Rise in premium houses and high standard of living of people.

Key players operated in digital door lock system are Hanman International Pvt Ltd., Nestwell Technologies, Godrej & Boyce Manufacturing Company Ltd., Cisco Systems, Inc., Panasonic Corporation, Hitachi Ltd., Wintec Electronic Tech Co. Ltd., Assa Abloy Group, Xeeder Technology Co. Ltd., United Technologies Corporation, Honeywell International Inc., and Siemens AG,