Published on : Aug 30, 2016
Nowadays, increased need for security of residential consumers and enterprises have resulted in the advancement and high adoption of cutting-edge digital security systems utilizing technologies including signature recognition and iris recognition. In addition, the soaring count of micro, small, and medium-scale enterprises (MSMEs) globally and expedite geographic expansion and industrialization of operations and service units of businesses have also fuelled the growth of the global digital door lock system market. Furthermore, the growing demand from the residential sector will augment the growth of the market.
Segment of Biometric Door Lock Systems to Rise at a Remarkable 33.90% CAGR 2016-2024
In terms of types, the report segments the market into keypad locks and biometrics. Of these, biometrics is further categorized into face recognition, iris recognition, palm recognition, voice recognition, signature recognition, and fingerprint recognition. Keypad locks are further segmented into magnetic stripe locks, electromechanical door locks, and electric strike locks.
Amongst these, biometric door lock systems constitute a lion’s share in the market on the basis of both volume and revenue. This segment stood at US$615.4 mn in 2015 and is poised to touch US$8,110.7 mn by 2024, rising at a whopping 33.9% CAGR between 2016 and 2024. This is primarily due to the increased utilization of fingerprint recognition devices in residential and commercial areas. On the other hand, the segment of fingerprint recognition systems also held a significant share in the market and constituted approximately 3/4th of this market by 2015.
Europe Leads Market owing to Increased Demand from Residential Sector
As of now, the Europe digital door lock systems market holds a remarkable share and in 2015 it constituted a share of approximately one-third in the market. The reason for the superiority of this region is the soaring demand for digital lock systems within the residential sector. Furthermore, the exponential increase in new residential construction projects has also positively impact the growth of the market in Europe.
On the other hand, Asia Pacific is predicted to hold a dominant share in the market and is a lucrative market for the growth of digital door lock systems. The increasing count of SMEs and the development in the industrial sector in this region will drive the growth of the market in this region.