Published on : Sep 02, 2016
The growth of the global digital door lock market is attributed to the growing number of medium, small, and micro-scale enterprises. Robust growth of the industrial sector along with the expansion of operations and service units across several businesses are also likely to drive the growth of the global digital door lock market. Mounting security needs of organizations, enterprises and domestic consumers has lately augmented the consumption of advanced digital door lock security systems. Advanced security systems such as signature recognition, biometric systems, and iris recognition are expected to gain potential markets with a considerable consumer base over the next couple of years.
Biometric Door Lock Security Systems to Emerge Dominant among Door Lock Security System Technologies
Biometric door lock security systems is expected to account for 71% of the overall share in the global digital door lock systems market owing and maintain a lead in the market. Owing to the rise in adoption of finger print recognition security devices across the world, the sales of biometric door lock systems is expected to increase over the time. The rise in residential and commercial structures across the world has further intensified the demand for high end door lock security systems. Currently, Europe is leading the global digital door lock systems market but will likely lose its position to Asia Pacific as it is expected to exhibit strong growth until the end of the forecast period.
Emerging Nations to Provide a Lucrative Market to Manufacturers of Digital Door Locks
Out of the estimated 120 million medium, small, and micro enterprises operating across the world, almost 89 million are situated in emerging nations such as India, China, and many other countries in Southeast Asia. The number of MSMEs is significantly growing in medium and low income countries as compared to developed economies. As a result of this, the deployment of digital door security is further expected to increase in the coming years.
With all these factors prevailing over the next couple of years, the global digital door lock systems market is expected to exhibit a CAGR of 32.8% from 2016 to 2024. In 2015, the market stood at a value of US$920.7 mn and is projected to reach US$11.23 bn in 2024.