According to a new market report published by Transparency Market Research “Digital Door Lock Systems Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,” the global digital door lock systems market in terms of revenue was valued at US$ 731.9 Mn in 2014 and is forecast to grow at a CAGR of 31.8% during the period 2015 to 2023.
Growth of micro, small and medium enterprises (MSMEs) across the world and high industrial activity driving inclusive of commercial segment are the key factors driving the growth of the digital door lock systems market. In addition, enhanced security needs of customers are driving the adoption of security solutions in residential sectors and managed security solutions at affordable options is further expected to drive the growth of this market over the forecast period.
In the systems market, which entails keypads, access control and electromagnetic locks, this segment was the largest in 2014, accounting for 45.2% of the overall market. The increased demand for electromechanical products signifies with customers looking for total security solutions and flexible door environments with convenient digital and mobile technology. Manufacturers’ products aim at open standards to facilitate integration with the customer’s other security and administrative systems.
In terms of the end-user, commercial is the largest segment contributing to the Global Digital Door Lock Systems market. Residential segment is the second largest segment by end-user adoption. Home-based and small to mid-sized businesses are expected to be the target markets expected to drive the digital door lock systems market.
The largest, most demanding and dynamic customer segment is institutional and commercial customers. These include corporate workplaces, universities, hospitals, government agencies, airports, shopping malls, and buildings with high security requirements where many people and goods enter and exit daily.
Smart home applications are in demand and are supported by the increased usage of smart phones and tablets in the market. Residential security has become the major part of various smart home applications which people are adopting these days. Security has become the main feature of smart applications used for homes. People are opting for latest technologies and solutions available in the market for high level of security and automation in their home premises. Smart home applications are now including more advance features which includes advance security aspects like security alarms, sensors, electronic locks, cameras, etc. Consumers are also considering other smart features like extensive control over home living environment such as self-powered lighting, climate controls, fire alarms and power management. People are adopting advanced security features embedded in their smart home application and considering as a value added service for better quality of living.
From PR Newswire