Selbyville, Delaware, July 22, 2020 (GLOBE NEWSWIRE) -- According to MarketStudyReport LLC, Global digital door lock system market was worth USD 3.7 billion in the year 2019 and to reach USD 25 billion by 2027, expanding with a CAGR of 27% over 2020-2027. Increasing number of smart home projects across the globe coupled with burgeoning demand for advanced security solutions are slated to add significant traction to global digital door lock system market.
The document assesses profiles of major companies operating in the global digital door lock system market and reveals data pertaining to revenues generated, recent developments, and products offered by them. The report also features the findings of Porter’s Five Force analysis and PEST analysis along with key trends of the market.
Notably, digital door lock system is useful in recognizing individuals and keeping track of their entry and exit. These systems offer affordable and easy to operate security solutions along with reliable access control where distribution of cards or keys is not feasible. The system utilizes biometric technology, like fingerprint and face identification, which is slated to make these systems more cost-effective.
As per stats published by European Union, 38.2 million homes in Europe and 29.7 million homes in North America were anticipated to implement smart home features by the end of 2019. Improving per capita income, rising trend of smart homes, and need to improve security are augmenting digital door lock system market outlook.
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COVID-19 impact:
The outbreak of novel coronavirus has negatively influenced the growth of global digital door lock system market as manufacturing operations are temporarily at standstill to curb the spread of the infection. Additionally, lack of awareness regarding benefits of digital door lock systems and their unreliability are impeding the market growth, claims the report.
Elaborating various market segmentations:
Based on type scope, global digital door lock system market is segmented into biometrics and key-pad locks. Speaking of the application spectrum, the market is divided into commercial, residential, industrial, and government.
Summarizing regional landscape:
Global digital door lock system market is categorized into North America, Latin America, Europe, Asia-Pacific, and Rest of the World. Among these, North America accounted for majority market share in the recent past, owing to increasing number of smart home projects complemented by presence of modern technology-based solution vendors.
Parallelly, Asia-Pacific market is slated to register notable growth rate over the study duration, due to multiplying small and medium businesses in the region coupled with widespread adoption of digital door lock system across residential sector.
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Global Digital Door Lock System Market Type Analysis (Revenue, USD Billion, 2017-2027)
- Key-pad Locks
- Biometrics
Global Digital Door Lock System Market Application Analysis (Revenue, USD Billion, 2017-2027)
- Commercial
- Residential
- Government
- Industrial
Global Digital Door Lock System Market Regional Analysis (Revenue, USD Billion, 2017-2027)
North America
- Canada
- United States
Asia-Pacific
- Japan
- India
- China
- South Korea
- Australia
- Rest of Asia-Pacific
Latin America
- Mexico
- Brazil
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Rest of the World
Global Digital Door Lock System Market Competitive Scenario Analysis (Revenue, USD Billion, 2017-2027)
- Hanman International Pte. Ltd.
- Godrej & Boyce Manufacturing Company Ltd.
- Hitachi Ltd.
- United Technologies Corporation
- Allegion plc
- NestWell Technologies
- Cisco Systems, Inc.
- Panasonic Corporation
- Wintec Electronic Tech Co. Ltd.
- Honeywell International Inc.
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion)
1.2.1. Digital Door Lock System Market, by Region, 2018-2027 (USD Billion)
1.2.2. Digital Door Lock System Market, by Type, 2018-2027 (USD Billion)
1.2.3. Digital Door Lock System Market, by Application, 2018-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Digital Door Lock System Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Digital Door Lock System Market Dynamics
3.1. Digital Door Lock System Market Impact Analysis (2018-2027)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Digital Door Lock System Market Industry Analysis
4.1. Porter’s 5 Force Model
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Digital Door Lock System Market, by Type
5.1. Market Snapshot
5.2. Global Digital Door Lock System Market by Type, Performance - Potential Analysis
5.3. Global Digital Door Lock System Market Estimates & Forecasts by Type 2017-2027 (USD Billion)
5.4. Digital Door Lock System Market, Sub Segment Analysis
5.4.1. Biometrics
5.4.2. Keypad Locks
Chapter 6. Global Digital Door Lock System Market, by Application
6.1. Market Snapshot
6.2. Global Digital Door Lock System Market by Application, Performance - Potential Analysis
6.3. Global Digital Door Lock System Market Estimates & Forecasts by Application 2017-2027 (USD Billion)
6.4. Digital Door Lock System Market, Sub Segment Analysis
6.4.1. Commercial
6.4.2. Industrial
6.4.3. Residential
6.4.4. Government
Chapter 7. Global Digital Door Lock System Market, Regional Analysis
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