Published on : Apr 05, 2016
Growth of enterprises across the world and increased industrial activity are driving the growth of the digital door lock systems market. Enhanced security needs of customers and security needs by residents have led to an increase in the global digital door lock systems market. According to a report published by a market intelligent firm, Transparency Market Research the global digital door lock systems market which was valued at US$ 731.9 mn in 2014, is expected to grow at a CAGR of 31.8% during the period 2015 to 2023.
Rise in Demand for Residential Security Boosts Global Digital Door Lock Systems
Today, smart home applications are much in demand and are also supported by the high usage of smartphones and tablets. A majority of the home owners demand residential security as the rise in the number of crimes have increased significantly. An increased number of residents are looking for advanced technology solutions to enhance the security of their premises and thus, smart home applications such as security alarms, cameras, sensors, and electronic locks are used. As such, the global digital door lock systems market is benefitting greatly.
Electromechanical Door Locks Segment was the Largest in the Global Digital Door Lock Systems in 2014
By type, the global digital door lock systems market is segmented into keypad lock and biometrics. Further, the keypad locks is sub-segmented into magnetic stripe locks, electric strike locks, and electromechanical door locks. Out of these, the electromechanical door locks segment dominated in 2014, accounting for 45.2% of the total global digital door lock systems market. The growth in the segment was attributed to customers opting for security solutions that are flexible and implement convenient digital and mobile technology.