Digital Door Lock System Market 2019 |Global Industry Analysis by Trends

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Digital Door Lock System Market 2019 |Global Industry Analysis by Trends

Digital Door Lock System Industry 2019 Global Market research report presents you analysis of market size, share, and growth, trends, and cost structure, statistical and comprehensive data of the global market.bluetooth based door lock system
Rising development of smart home across nations is a key factor anticipated to drive the global digital door lock system market, says Fortune Business Insights in a report, titled “Digital Door Lock System Market Size, Share and Global Trend By Applications (Electromechanical Door Locks, Magnetic Stripe Locks, Biometric Access Systems), By End-User Types (Residential, Commercial, Industrial, Government) and Geography Forecast till 2025.” As per the National Smart Home Org., in 2018 the global smart home was valued at US$ 40 billion. The global smart home market is likely to expand considerably in the coming years, which in turn will create growth opportunities for the digital door lock system market.

In terms of region, Europe held a considerable share in the global market in 2017. The regional market is further expected to remain dominant throughout the course of the forecast period. The governments in Europe have implemented technology such as continuum application in digital door locks and Tele-cloud computing. The increasing implementation of this technology is anticipated to encourage the adoption of the digital door lock system. The Asia Pacific digital door lock system market is expected to progress at the highest CAGR during 2018-2023. Developing nations such as India, China, Japan, and others are investing in certain business events to initiate rapid urbanization and facilitate the adoption of the digital door lock system.

Rising security concerns among people and increasing cases of theft and robbery are a few factors expected to drive the global market during the forecast period. Additionally, technological upgrades in the digital door lock system is a major factor likely to fuel the demand in the market. For instance, ASSA ABLOY Inc. introduced Power over Ethernet (PoE) locks system integrated with Electrolynx AI system in 2018. The system is capable of NFC mobile access, real-time door status monitoring, and same real-time communication as traditional access control.

Digital lock system offers various benefits such as connectivity with phones over WI-FI or Bluetooth and hybrid sensors. Such advantages are expected to contribute towards adoption of high security enabled digital door lock system.