TMR report finds biometrics-based systems leading digital door lock market
Transparency Market Research published a new research report that found that biometrics-based door lock systems dominated the overall digital door lock system market, accounting for 67 percent of the US$1.16 billion global market in 2016.
The report is titled “Digital Door Lock Systems Market (Type – Biometrics (Face Recognition, Iris Recognition, Palm Recognition, Voice Recognition, Signature Recognition and Fingerprint Recognition) and Keypad (Magnetic Stripe Locks, Electromechanical Door Locks and Electric Strike Locks); End-use Industry – Government, Commercial, Industrial, and Residential) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015-2025.”
The total global market is projected to undergo a CAGR of 33.6 percent from 2017 to 2025, reaching US$15.07 billion by the end of forecast period.
The biometric door lock systems segment is expected to increase to nearly 73 percent of the global market by 2025, driven by the demand for systems such as fingerprint recognition across the residential and enterprise sectors, the report said.
In terms of geography, the market is expected to see potential growth opportunities across developed economies in regions such as Europe and North America throughout the forecast period.
The driving factor is the strong adoption of digital door lock system across the end-use industries including residential, industrial, government, and commercial sectors in these regions.
The Asia Pacific market is expected to have the highest growth rate over the forecast period, with thriving enterprise and residential construction sectors in region driving demand.
Over the past few years, the market has been driven by factors such as the geographical expansion, rapid industrialization of services and operations units, and the rise in number of large enterprises-, small-, medium-sized enterprises across the globe.
In addition, the increasing rates of burglaries, property crimes, and home invasions have shown an inherent need for improved home security solutions across the residential sector.
As a result, the demand for digital door lock system across the residential sector has continued to increase, and is expected to drive market growth in the coming years.
Low IT literacy hindering large-scale acceptance across certain regional markets and high costs of security solutions is also limiting the growth of the digital door lock system market.
On the other hand, rapid developments in technologies, costs have significantly declined, the consumer across emerging economies, will provide lucrative opportunities to the global digital door lock system market in the near future.
Last month, Transparency Market Research (TMR) published a research report on the global military biometrics market, which forecasts the market will grow at a CAGR of 7.4 percent between 2017 and 2025.