Digital Door Lock System Market Increasing Demand and Growth

Transparency Market Research provides key insights into the global Digital Door Lock Systems market. In terms of revenue, the global digital door lock systems market is expected to grow at a CAGR of 14.3% during the forecast period, driven by numerous factors, about which TMR offers in-depth insights and forecasts. in its report on Global Digital Door Lock Systems. market.

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The global digital door lock systems market is widely affected by many factors including a tech-savvy population and increasing adoption of digital door lock systems for home security and safety. The upward trend in smart home technology is driving the global digital door lock systems market.

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Digital Door Locking Systems Market: Key Segments

The global digital door lock systems market has been segmented by type, end use, and region. In terms of type, the digital door lock systems market has been divided into keypad lock, RFID card digital lock, keyless remote lock, and biometric lock. The demand for keypad locks and biometric locks is very high and the trend is expected to continue throughout the forecast period due to the frequent launch of new products. The biometric segment is further classified into fingerprint recognition, palm recognition, facial recognition, voice recognition, iris recognition and others. The fingerprint recognition segment accounted for a major share of revenue in 2020 and is expected to grow at a CAGR of 18.4% during the forecast period.

In terms of end use, the digital door lock system market has been divided into commercial, residential, government, and industrial. The commercial segment accounted for a major market share in terms of revenue in 2020. Moreover, the segment is expected to register a CAGR of 14.3% during the forecast period.

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Digital Door Locking Systems Market: Important Regions

The global digital door lock systems market has been bifurcated into North America (US, Canada, and Rest of North America), Europe (UK, Germany, France, and Rest of Europe), Asia-Pacific (China, India, Japan, Rest of APAC), Middle East and Africa (GCC, South Africa and Rest of MEA) and South America (Brazil, Rest of South America). The global digital door lock systems market is dominated by Asia-Pacific, owing to increasing disposable income and presence of large consumer base.

Europe is likely to show significant consumer preference for digital door locking systems and a willingness to spend on smart home technology. Furthermore, the region’s market is expected to register a CAGR of 10.3% during the forecast period. In Asia-Pacific, the digital door lock systems market generated revenue worth US$1,864 million in 2020. China is the major country contributing to the overall demand for digital door lock systems In the region. In North America, the digital door lock systems market is expected to grow at a CAGR of 15.8% during the period 2021-2031. A highly advanced smart home market and the development of technologies by key companies such as Apple, Google, and Amazon are expected to drive the demand for digital door locking systems in North America.

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Digital Door Locking Systems Market: Key Players

Key players operating in the global digital door lock systems market are ADT, Inc., Onity Inc., Assa Abloy Group, Vivint, Inc., Allegion PLC, Godrej & Boyce Manufacturing Co. Ltd., Panasonic Corporation, Honeywell International, Inc., Spectrum Brands, Inc., Salto Systems SL, etc.

More trend reports by Transparency Market Research –

Biometrics as a service market- https://www.transparencymarketresearch.com/biometric-as-a-service-market.html

Facial Recognition Market- https://www.transparencymarketresearch.com/facial-recognition-market.html

Iris Recognition Market- https://www.transparencymarketresearch.com/iris-recognition-market.html

Optical Character Recognition Market- https://www.transparencymarketresearch.com/optical-character-recognition-market.html

SME Big Data Market- https://www.transparencymarketresearch.com/sme-big-data-market.html

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