Digital Door Lock System Market Size, Growth, Share 2022 Global Market Trends, Top Manufacturers, Competition Strategies, Revenue Analysis, Regional Analysis Forecast to 2031

Kenneth Research, in its repository of market research reports, have recently added a report on Digital Door Lock System Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Digital Door Lock System Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Digital Door Lock System Market products.

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Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2025.

The Digital Door Lock System Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2025, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Global Digital Door Lock System Market was valued at USD 1.5 Billion in the year 2017. Global Digital Door Lock System Market Report is further estimated to grow at a CAGR of 32.1% from 2019 to reach USD 14.71 Billion by the year 2025. The North America region holds the highest Market share in 2017 and Europe is considered the fastest growing Market in the forecasted period. At the country level, China and India are projected to grow strongly in the coming years due to rising population and improved technology.

Major market players in Digital Door Lock System Market are Hanman, Nestwell Co., Godrej, Cisco Systems, Allegion plc, Panasonic Corp., Hitachi Ltd., Wintec Electronic Tech Co. Ltd, Assa Abloy, Xeeder Technology Co Ltd., and brief information of 11 companies is provided in the report.

SWOT Analysis of Digital Door Lock System Market
Strength:

Growing demand for enhanced security solutions
Increased popularity of advanced security solutions. For e.g., face recognition.
Increase in the rate of burglaries, property crimes etc.
Weakness:
Expensive and not so cost friendly
Opportunities:
Investment by R&D Department
Upsurge in industrialization and expansion of business
Threats:
Intense competition among the producers

The Global Digital Door Lock System Market is segmented as By Type, End user, Application and Technology and Region. The Type segment is segmented as biometrics, keypad and multiple functions. Biometrics contributes to the highest Market share due to wide-scale deployment of fingerprint recognition devices across commercial and residential sectors. The End-Use segment is divided as residential, industrial, and commercial and government in which the commercial sector has the highest share in the Market.

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Digital Door Lock System Market Segmentation:
By End Use

*Residential
*Industrial
*Commercial
*Government

By Type
*Biometrics
*Keypad
*Multiple functions

By Technology
*Manual
*Automatic
*Access Control

By Application
*Residential
*Non residential

By Region

North America
*USA
*Canada
Europe
*Germany
*U.K.
*France
*Italy
*Rest of Europe
APAC
*China
*India
*Japan
*Rest of Asia-Pacific
RoW
*Latin America
*Middle East & Africa

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