Published on : Jun 10, 2016
Digital locks, also known by the name of electromechanical locks are gaining immense popularity in the last few years. The smart locks are specifically designed to perform the basic locking and unlocking process only when it receives particular instruction from an authorized device. The required instructions are sent through a cryptographic key and a wireless protocol so as to carry forward the complete procedure of authorization. Digital door locks act as a convenient and secure substitute to the mechanical locks, which needs a key.
On the basis of product type, the global market for digital locks can be categorized into:
The biometrics segment is sub-categorized into fingerprint recognition, signature recognition, palm recognition, face recognition, iris recognition, and voice recognition. Whereas, the keypad locks segment is further sub-categorized into magnetic strip locks, electric strike locks, and electromechanical door locks.
Increasing Diverse Applications to Drive Global Digital Locks Market in Near Future
In the last few years, the global market for digital locks has been witnessing significant growth and is estimated to register a high growth rate in the coming few years. The increasing security requirements of customers around the world is one of the major factors predicted to augment the growth of the global digital locks market in the near future. In addition, the growing application of digital locks in diverse sectors including government, residential, commercial, and industrial are further anticipated to boost the sales figures of the market.
Increasing Number of Players to Strengthen Competitive Scenario in Global Digital Locks Market
The introduction of smart cities in several developing countries is expected to contribute substantially towards the growth of the global digital locks market in the next few years. Several new players are also projected to participate in the market in order to create a brand name for themselves. This is anticipated to create stiff competition among the key players.
Some of the leading players engaged in the global market are Hitachi, Ltd., Nestwell Technologies, Tyco International Ltd., United Technologies Corporation, Cisco Systems, Inc., Honeywell International Inc., Panasonic Corporation, Vivint, Inc., Godrej & Boyce Manufacturing Company Ltd., Assa Abloy Group, Siemens AG, and Hanman International Pte Ltd.