The global market for digital door lock systems features a highly competitive and fragmented competitive landscape, with low entry barriers for new ventures and intense price pressures owing to the dominance of local players across several regional markets, states TMR in a recent report. However, the high concentration of buyers in key regional markets is expected to lead to sustainable growth opportunities for established as well as new vendors in the market in the next few years. Low initial investment required for venturing into the field is expected to attract many new companies, especially in emerging economies. Some of the key vendors operating in the global market presently are Godrej & Boyce, Assa Abloy Group, Allegion PLC, and Siemens AG. Transparency Market Research states that the global digital door lock system will exhibit an excellent 32.8% CAGR over the period between 2016 and 2024. Expanding at this pace, the market is expected to rise from a valuation of US$920.7 mn in 2015 to US$11.23 bn by 2024.
The volume-wise growth of the market is expected to surpass market’s revenue-wise growth, with the former expected to remain more than 52% CAGR over the period between 2016 and 2024. Biometric Systems to Remain Most Preferred Product Category Of the key varieties of digital door lock systems, the ones with biometric door locking capabilities are presently the dominant product segment, accounting for nearly two-thirds of the overall market in 2015. The segment is also expected to remain the dominant product variety in the global market over the near future as well, chiefly owing to the high rate of deployment of biometric verification modalities such as fingerprint recognition globally. On the basis of geography, Europe is presently the dominant regional market but is expected to lose prominence to Asia Pacific, which will exhibit expansion at the fastest pace, from 2016 through 2024. Vast Rise in MSMEs and Rapid Industrialization across Emerging Economies to Drive Market
It is estimated that there are more than 120 mn micro-, small-, and medium-sized enterprises across the globe, with nearly 89 mn of these operating in emerging economies such as China, India, and other Southeast Asian countries. The density of MSMEs is growing in low and middle-income countries at a faster pace than high-income or developed economies. In the next few years, the rising numbers of MSMEs will lead to vast rise in demand for efficient and low-cost digital door security solutions for workplaces. Along with this factor, the fast-paced industrialization in emerging economies is also a key factor driving the overall global demand for digital door lock systems. Geographic expansion of industries such as banking, IT, and ITes is leading to the need for new office spaces, presenting immense growth opportunities for digital door lock security systems market. High Cost of Advanced Digital Door Security Systems to Restrict Potential Consumer Base The relatively higher costs of product varieties manufactured by well-known brands and that incorporate advanced technologies as compared to the products manufactured by newer brands or with elementary technologies are limiting the potential consumer base of the market to a certain extent.
Moreover, the high costs required for timely maintenance, troubleshooting, and repairs makes the use of digital door lock systems a costly affair. The high costs of digital door lock systems are especially limiting their mass adoption across emerging economies and low-capital companies. This review is based on a new market research report by Transparency Market Research, titled “Digital Door Lock System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.” For this study, the market has been segmented as follows: Digital Door Lock System Market, by Type Digital Door Lock System Market, by End-use Adoption Digital Door Lock System Market, by Geography Australasia (Australia, New Zealand Middle East & Africa (MEA) Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers.
TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge. Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement. 90 State Street, Suite 700 USA - Canada Toll Free: 866-552-3453 A Secure Life's top priority is to provide the info you need to live a more secure life. In order to keep this valuable service completely free of charge, we accept affiliate commissions through various links on our site.
Because we take pride in our reviews, affiliate compensation does not affect the ratings, rankings, or inclusion of companies. Read our complete disclosure for more. Home Security Systems Reviews & Awards Want free monthly security tips & reviews? How To Spot a Fake Website: Protect Your Wallet and Your Identity300 CommentsHow Good of a Home Security Provider is AT&T Digital Life?142 CommentsBest Password Manager: Dashlane vs LastPass vs 1Password vs RoboForm vs KeePass140 Comments What Factor is Most Important to You in a Home Security System?The Power of Biometric Fingerprint Locks The future of Fingerprint Door Lock security is here today! With the New TRINITY-788 Version 2. The only key you need is your finger. It’s been a few years since Adel Trinity-788 got an update, but this new version is finally here. Adel and Shieldlab engineering research developed the new version two Trainty-788-V2 lock. The fingerprint scanner is redesigned.
It’s multispectral imaging to capture superior fingerprint images quick and accurate. We also changed sensor activation by infrared to activation by touch for faster response time. Therefore, it will not be affected by direct sunlight anymore. The other disadvantage of version one was the handle spring breaking. Now with Strong, Durable, Lightweight material we’ve resolved that issue. How often do you see someone forget or, worst case scenario, lose his office keys, while everyone is waiting for him to unlock the door? Not to mention the fact that it will cost and replaced. Fingerprint door locks are the solution The Adel Trinity 788 Version 2 combines the strength, simplicity and reliability of our industry leading Fingerprint password locks with the enhanced features and convenience of electronic access control. Fingerprint access eliminates the cost and problems of issuing and managing keys or cards. And more importantly no PIN to forget, or give away. You will no longer need to collect or change credentials each time there is a user change or a credential is lost or stolen.
Adel Trinity-788-V2 door lock incorporates the proven technology. Fingerprint reader scanning is the most mature and tested type of biometric technology. Recent studies on biometrics have shown that compared to the hand method, fingerprint is more accurate and cost-effective. The duplication of biometric fingerprint technology is virtually impossible, only one in one billionth of a chance. Biometric security guarantees a positive method of user identification with something that cannot be lost, replicated or stolen. The Adel Trinity 788 Version 2 is for residential and commercial use, this reliable lock has a 99 fingerprint memory capacity. That means instant and controlled access for multiple users, including children. For maximum flexibility and emergency situations, this handle/lock combination has a Failsafe 3-in-1 access that includes fingerprint, password and emergency key. It is low maintenance, requiring only 4 AA (double-A) batteries to operate and it's adjustable to fit interior doors.
How does Biometric Technology Work? To gain entry with a biometric fingerprint door lock, your fingerprint is scanned by sensors that identify the specific mapping of your fingerprint, which have already been pre-programmed and marked by computer algorithms and stored in a database. Once your fingerprint is scanned, access is granted within seconds. Therefore, only the people pre-authorized can successfully pass a biometric reader. That's the magic of it all! There is no key, key card, or number sequence to deal with which can all be passed around or easily stolen. Do I Really Need a Biometric Fingerprint Lock? Why yes, of course! First, there is convenience. A keyless entry gets rid of having to fumble around to look for your keys. No more looking for the right key either. With a simple fingerprint you can gain instant access to your home. Second, the fingerprint lock also allows access for multiple users, including your children. Young children have little fingers which may have trouble opening a lock.