A closer look at the economic turmoil of Digital Door Lock Systems Market, with a focus on the recent COVID-19 pandemic disruptions.
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The global Covid-19 Impact on Digital Door Lock Systems Market is projected to witness a rapid growth during the forecast period owing to increase in the emergence of cloud-based technologies and increasing demand for safety and security solutions. Moreover, the growth of internet of things is another major factor driving the growth of Covid-19 Impact on Digital Door Lock Systems Market. Moreover, increasing demand for digital door lock systems across various industry verticals such as retail, IT & telecommunications and others is driving the growth of the global market.
The global Covid-19 Impact on Digital Door Lock Systems Market by geography is segmented into North America, Europe, Asia Pacific, and Rest of the World. The North America market is expected to witness a significant growth and holds the largest share of the global market during the forecast period. The U.S. and Canada are anticipated to drive the growth of the Covid-19 Impact on Digital Door Lock Systems Market in North America region owing to the presence of a large number of established key players such as Cisco Systems, Inc., United Technologies Corporation, Vivint, Inc., and Honeywell International Inc. in this region. Due to the sustainable and well-established economies in the region, the market is likely to show immense growth in the coming future. Additionally, North America also has a well-established infrastructure, which allows a higher penetration of devices and ultimately provides better connectivity. The growth in the market is also attributed to increasing focus of business organizations towards digitization and growing adoption of digital door lock systems by residential and corporate sectors. In the global Covid-19 Impact on Digital Door Lock Systems Market, Asia Pacific is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to the growing focus on the security of people and increasing implementation of digital solutions across different countries in the region.
The global Covid-19 Impact on Digital Door Lock Systems Market is projected to reach USD 14 billion at a CAGR of over 33% by the end of the forecast period, 2017-2023.
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Covid-19 Impact on Digital Door Lock Systems Market Segmentation
The global Covid-19 Impact on Digital Door Lock Systems Market is segmented on the basis of type and end user. The type segment is classified into biometrics and keypad. The biometrics sub-segment is further classified into face recognition, iris recognition, palm recognition, voice recognition, signature recognition and fingerprint recognition. However, the biometrics segment is expected to hold the largest market share of the Covid-19 Impact on Digital Door Lock Systems Market and is also expected to grow at the highest rate across the globe over the forecast period. This is owing to the increasing demand for high-level security solutions at workplaces and houses.
Some of the prominent players in the global Covid-19 Impact on Digital Door Lock Systems Market: Hanman International Pte Ltd. (Singapore), Nestwell Technologies (India), Godrej & Boyce Manufacturing Company Ltd. (India), Cisco Systems, Inc. (U.S.), Allegion PLC (Republic of Ireland), Panasonic Corporation (Japan), Hitachi Ltd. (Japan), Wintec Electronic Tech Co. Ltd. (China), Assa Abloy Group (Sweden), Xeeder Technology Co. Ltd. (China), United Technologies Corporation (U.S.), Vivint, Inc. (U.S.), Honeywell International Inc. (U.S.), Siemens AG (Germany), and Tyco International Ltd. (Republic of Ireland) among others.
Market Research Analysis
North America is estimated to account for the largest share of the market, whereas Europe market is projected to grow at the fastest rate during the forecast period. The North American market is witnessing a rapid growth due to technological advancements and increasing demand for high-level security solutions across different industry verticals in this region. The U.S. holds the majority of market share both in terms of revenue as well as the growing demand for efficient safety and security solutions