Digital Door Lock Systems Market Segmentation and Opportunity Assessment; 2027
As per the evaluation by Market Research Future Reports (MRFR), the global digital door lock systems market is projected to grow at a CAGR of 33% during the forecast period from 2017 to 2023. The surging demand for advanced security solutions is the most significant factor leading to the expansion of the global digital door lock systems market 2020. Moreover, the increasing popularity of developed security solutions such as fingerprint recognition and fingerprint recognition is another significant element propelling the expansion of global digital door lock systems market. In addition, the rising demand for efficient and pocket-friendly digital door security systems and solutions at homes and workplaces is another significant factor leading to market growth.
The geographical evaluation of Asia Pacific, North America, Europe, and Rest of the World (RoW) has been performed. As per the analysis by MRFR, the global market is estimated to be reigned by North America. The region is technically advanced, which gives an upper hand to the region. Also, the region consists of several developed nations like the US, Canada and many more, which play a significant role in developing the market.
The U.S. and Canada are projected to drive the regional market during the assessment period. Moreover, there has been a rise in the adoption of safety and security measures across several sectors which leads to market expansion. On the other hand, the APAC region is estimated to expand at the maximum CAGR during the assessment period. The emerging nations like India, Japan, and China are likely to play an important role in expanding the market. Besides, there is a rising concern towards the security of people which is augmenting the market. In addition, the rising implementation of digital solutions across various several APAC nations is further likely to augment the market.
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The notable players of the global digital door lock systems are Tyco International Ltd. (Republic of Ireland), Nestwell Technologies (India), Hanman International Pte Ltd. (Singapore), Godrej & Boyce Manufacturing Company Ltd. (India), Allegion PLC (Republic of Ireland), Cisco Systems, Inc. (U.S.), Panasonic Corporation (Japan), Hitachi Ltd. (Japan), Assa Abloy Group (Sweden), Wintec Electronic Tech Co. Ltd. (China), Xeeder Technology Co. Ltd. (China), Vivint, Inc. (U.S.), Honeywell International Inc. (U.S.), United Technologies Corporation (U.S.), Siemens AG (Germany), and a few others.