LONDON--(BUSINESS WIRE)--The global digital door locks market size is poised to grow at a CAGR of over 28% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Digital door locks are increasingly being deployed across government offices, corporate offices, warehouses, hotels, educational institutions, shopping malls, retails shops, and residential properties. They are extensively used across organizations for the purpose of capturing attendance. Corporate offices and government offices use biometric digital locks wherein fingerprints, retina, and facial recognition of an individual is utilized for enhanced security. Digital door locks in the form of keypads and swipe cards are also used in hotels, warehouses, retail shops, and shopping malls. Moreover, the availability of smart locks at a lower price is contributing to the growing adoption of digital door locks. Therefore, the diversified applications of digital door locks will drive the growth of the market during the forecast period.
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As per Technavio, the growing emphasis on smart locks will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Digital Door Locks Market: Growing Emphasis on Smart Locks
The growing emphasis on safety, security, and privacy by consumers and the rising demand for luxury product installation in the residential sector has encouraged companies to offer smart locks. Smart locks provide high security and convenience as they eliminate the need to carry keys for they can be unlocked or operated through smartphones. ASSA ABLOY is one of the prominent vendors that offers smart locks across industries. Hence, the growing emphasis on smart locks is expected to drive the growth of the digital door locks market during the forecast period.
“Other factors such as the rising number of mergers and acquisitions (M&A), and the increasing technological innovations in products will have a significant impact on the growth of the digital door locks market value during the forecast period,” says a senior analyst at Technavio.
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Digital Door Locks Market: Segmentation Analysis
This market research report segments the digital door locks market by product (biometric digital locks, and keypad locks) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the market in 2019, followed by North America, Europe, MEA, and South America respectively. The growth of the digital door locks market share in APAC can be attributed to several factors such as a rise in the number of commercial offices and the growing emphasis on technologically advanced residential living solutions, in China and India.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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