Global Digital Door Lock Systems Market to Reach Around US$ 14,877 Million by 2026; Increasing Adopt

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.

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Growth of micro, small and medium enterprises (MSMEs) across the world to influence the expansion of the market worldwide

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.

Enhanced security requirements to propel the global digital door lock systems market

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. On the basis of end-use, the digital door lock systems market can be segmented into government, commercial, industrial, and residential. The commercial sub-segment is expected to be the leading segment based on end-use by 2026. The said segment is also expected to witness rapid growth throughout the forecast period.

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Commercial segment expected to occupy major revenue share

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.

In terms of end use, the digital door lock systems market is segmented into government, commercial, industrial, and residential. The commercial segment is expected to be the major revenue generating segment in 2026 due to the increasing demand for advanced security systems by the growing number of small scale as well as large scale enterprises amid growing security concerns. The commercial segment is expected to grow at a healthy CAGR of 29.2% over the forecast period.

Europe expected to continue to hold significant share in the overall market

Europe is expected to hold highest market share in the digital door lock systems market during the forecast period. The growth is mainly due to the increasing adoption of these systems amidst rising security concerns in the region by various end users including residential and commercial users.

Digital door lock systems are gaining popularity across the Asia Pacific region, especially across economies such as China, Japan, and India. This popularity is due to the growth of Micro, Small and Medium Enterprises (MSMEs) in the region which will increase the demand for security solutions to secure their premises amid growing security concerns.

Cisco Systems, Inc., Onity Inc., ADT Inc., Assa Abloy Group, Vivint, Inc., Allegion PLC, Godrej & Boyce Manufacturing Co. Ltd., Honeywell International Inc., Panasonic Corporation, Johnson Controls, and August Home are some of the major players operating in the digital door lock systems market profiled in this study. Details such as financials, business strategies, recent developments, product implementation expertise, key contracts, certified professionals, digital door lock system offerings, and other such strategic information pertaining to these players have been duly provided as part of company profiling.

Researcher Tech Trends Up To Date. Market research is an important component of modern business strategy; the process of systematic gathering