Lucintel Forecasts Digital Door Lock System Market to grow at a CAGR of 34% from 2019 to 2024

According to the recent study the Digital Door Lock System Market is projected to grow at a CAGR of 34% from 2019 to 2024. Growth in this market is primarily driven by increasing demand for advanced, efficient and cost-effective digital door security systems and solutions, and enhanced home security solutions.

Browse XX figures / charts and XX tables in this 150 -page report to understand trends, opportunities and forecast in digital door lock system market by product type (biometrics (face recognition, iris recognition, palm recognition, voice recognition, signature recognition, and fingerprint recognition), keypad locks (magnetic stripe locks, electromechanical door locks, and electric strike locks), end-use (residential and commercial (healthcare, education, hospitality, retail, office, and other), and region (North America, Europe, Asia Pacific, and Rest of the World).

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“Biometrics market is expected to remain the largest segment during the forecast period.”

Based on product type, the digital door lock system market is segmented into biometrics (face recognition, iris recognition, palm recognition, voice recognition, signature recognition, and fingerprint recognition), keypad locks (magnetic stripe locks, electromechanical door locks, and electric strike locks). Lucintel forecasts that the biometrics market is expected to remain the largest segment due to the wide scale deployment of fingerprint recognition devices across residential and commercial sectors.

“North America will dominate the digital door lock system market in near future”

North America will remain the largest market over the forecast period due to technological advancements and increased adoption of safety and security measures. Use of smartphones and other smart devices supported the demand of smart security solutions in the region.

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Major players of digital door lock system market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Godrej and Boyce, Nestwell, Hanman, Cisco, Panasonic, Assa Abloy, Vivint, Allegion, Wintec, Honeywell, Hitachi, United Technologies, Tyco, Siemens, and Xeeder are among the major digital door lock system providers.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/digital-door-lock-system-market.aspx or helpdesk@lucintel.com