Global Digital Door Locks Market 2020-2024 | 28% CAGR Projection Over the Next Five Years | Technavio

LONDON--(BUSINESS WIRE)--Jan 13, 2020--

The global digital door locks market size is poised to grow at a CAGR of over 28% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report

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Technavio has announced its latest market research report titled global digital door locks market 2020-2024 (Graphic: Business Wire)

Digital door locks are increasingly being deployed across government offices, corporate offices, warehouses, hotels, educational institutions, shopping malls, retails shops, and residential properties. They are extensively used across organizations for the purpose of capturing attendance. Corporate offices and government offices use biometric digital locks wherein fingerprints, retina, and facial recognition of an individual is utilized for enhanced security. Digital door locks in the form of keypads and swipe cards are also used in hotels, warehouses, retail shops, and shopping malls. Moreover, the availability of smart locks at a lower price is contributing to the growing adoption of digital door locks. Therefore, the diversified applications of digital door locks will drive the growth of the market during the forecast period.

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As per Technavio, the growing emphasis on smart locks will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Digital Door Locks Market: Growing Emphasis on Smart Locks

The growing emphasis on safety, security, and privacy by consumers and the rising demand for luxury product installation in the residential sector has encouraged companies to offer smart locks. Smart locks provide high security and convenience as they eliminate the need to carry keys for they can be unlocked or operated through smartphones. ASSA ABLOY is one of the prominent vendors that offers smart locks across industries. Hence, the growing emphasis on smart locks is expected to drive the growth of the digital door locks market during the forecast period.

“Other factors such as the rising number of mergers and acquisitions (M&A), and the increasing technological innovations in products will have a significant impact on the growth of the digital door locks market value during the forecast period,” says a senior analyst at Technavio.

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Digital Door Locks Market: Segmentation Analysis

This market research report segments the digital door locks market by product (biometric digital locks, and keypad locks) and geography (APAC, North America, Europe, South America, and MEA).

The APAC region led the market in 2019, followed by North America, Europe, MEA, and South America respectively. The growth of the digital door locks market share in APAC can be attributed to several factors such as a rise in the number of commercial offices and the growing emphasis on technologically advanced residential living solutions, in China and India.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

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Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at [email protected].

View source version on businesswire.com:https://www.businesswire.com/news/home/20200113005345/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD:

INDUSTRY KEYWORD: RETAIL HOME GOODS

SOURCE: Technavio Research

Copyright Business Wire 2020.

PUB: 01/13/2020 04:30 AM/DISC: 01/13/2020 04:30 AM

http://www.businesswire.com/news/home/20200113005345/en

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