Digital Door Locks Systems Market to Gain Momentum amidst Rising Concerns over Security

Published By : 22 Mar 2016 | Published By : QYRESEARCH

The global digital door locks systems market is witnessing high demand, thanks to the increasing threat to the personal as well as organizational security. Europe has occupied the leading position in the global digital door lock systems market. In 2014, it acquired a share of 37.1% in the overall market.

In terms of revenue, the commercial and the residential sectors are the main contributors in the Europe digital door lock market. Apart from this, the presence of major market players in a large number is also driving the growth of this regional market.

Asia Pacific is likely to report the fastest growth in the worldwide digital door lock systems market. It is expected to expand at an exponential CAGR of 35.30% during the period from 2015 to 2023. In this region, digital door lock systems are mainly supplied through a number of distribution channels. However, the emerging trend of selling directly to end users is anticipated to bring in a paradigm shift in the trading techniques used in the Asia Pacific digital door lock systems.

Fingerprint Recognition Systems to Maintain Dominance in Biometrics Segment
Biometrics and keypad locks are the two main types of digital door lock systems available in the global market. Both the segments are exhibiting significant growth in their market shares. In the biometrics segment, the demand for fingerprint recognition systems was the highest in 2014, where it acquired a share of approximately 77%.

Fingerprint technology, being the most commonly-used form of biometrics, is likely to maintain its demand over the next few years, ensuring the dominance of the fingerprint recognition systems market in the near future.

Electromechanical Door Locks to Report Highest Demand in Keypad Locks Segment
In the keypad locks segment, electromechanical door locks reported the highest demand in 2014. It accounted for a share of 45.2% in the overall demand for keypad locks that year. Analysts anticipate this segment to maintain its leadership in the coming years.

Panasonic Corp., United Technologies Corp., Vivint Inc., Cisco Systems Inc., Siemens AG, Tyco International Ltd., Honeywell International Inc., Godrej & Boyce Manufacturing Co. Ltd., and Hitachi Ltd. are some of the major suppliers of digital door lock systems in the global arena.

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