Published on : Mar 15, 2016
Electromechanical locks are also known by the name of smart locks. These locks are designed so as to perform locking and unlocking procedures when it receives instructions only from an authorized device. This instruction will be sent via a cryptographic key and wireless protocol in order to execute the process of authorization. Digital door locks provide a secure and convenient alternative to the mechanical locks, which requires a key. As a result, the global market for digital locks have been witnessing substantial growth in the recent years and is projected to exhibit a high growth rate in the next few years.
The global market for digital locks has been broadly classified on the basis of types into:
- Keypad Locks
The keypad locks are further sub-classified into electric strike locks, magnetic strip locks, and electromechanical door locks. On the other hand, the biometrics segment is further sub-classified into palm recognition, fingerprint recognition, iris recognition, signature recognition, face recognition, and voice recognition.
The growing security requirements of consumers, across the globe, is the major factor that is estimated to boost the demand for digital locks in the next few years. Moreover, the rising application in several industries such as residential, government, industrial, and commercial is further expected to fuel the growth of the market in the coming years.
Some of the prominent players operating in the global market for digital locks are Tyco International Ltd., Godrej & Boyce Manufacturing Company Ltd., United Technologies Corporation, Nestwell Technologies, Vivint, Inc., Hitachi, Ltd., Siemens AG, Panasonic Corporation, Hanman International Pte Ltd., Honeywell International Inc., Assa Abloy Group, and Cisco Systems, Inc. Several other companies are expected to enter the market in the near future.
The rapid rate of development and concept of smart cities in several emerging nations have encouraged several market players to take a step forward and expand its product horizon. The participation of several players in the market is estimated to enhance the stiff competition among the players and to offer them opportunities so that they take efforts to create a niche for themselves and gain the competitive advantage from the global digital locks market.