Market Research Reports Search Engine (MRRSE) has added a new research report to its vast compilation of consumer goods markets. The report is titled, “Digital Door Lock Systems Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,” and it portrays the key events that have transpired in this market over the recent past, while additionally applying industry-proven analyses methodologies to assess the forecast pattern that this market is likely to follow.
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According to the report, the global digital door lock systems market is expanding at a CAGR of 31.8% within a forecast period from 2015 to 2023. The market was valued at US$731.9 mn in 2014 and is expected to follow the outlined growth pattern as specified in the report.
The key driver as stated in the report is the increasing number of micro, small, and medium enterprises across the world. They are contributing to a higher degree of activity in multiple industrial and commercial sectors. The security needs of these MSMEs and residential consumers is currently providing a rapid growth rate to the global digital door lock systems market.
Another driver of the global digital door lock systems market is the adoption of cost-efficient technology that allows for the creation of a larger consumer base within the residential consumers segment.
The report segments the global digital door lock systems market according to end-user sector, type, and geography.
In terms of type, the global digital door lock systems market is segmented broadly into biometrics and keypad locks. Of these, the market was dominated by keypad locks in 2014, largely due to its sub-segment of electromechanical door locks, which held 45.2% of the market at the time. This sub-segment enjoyed a market lead due to the high demand for convenience as well as security in terms of using mobile technology and flexible door environments.
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The commercial sector was the largest end-user segment in the global digital door lock systems market for 2014, followed closely by the residential sector. The current growth rate of the global digital door lock systems market is largely owed to the demand from home and mid-sized businesses. The commercial sector is still expected to hold the dominant share through the report’s forecast period, as it includes locations where a large number of people pass by each day.
The key players in the global digital door lock systems market are Tyco International Ltd., Hitachi, Ltd., Hanman International Pte Ltd., Nestwell Technologies, Vivint, Inc., Panasonic Corporation, United Technologies Corporation, Cisco Systems, Inc., Siemens AG, Assa Abloy Group, Godrej & Boyce Manufacturing Company Ltd., and Honeywell International Inc.
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