According to the research report titled ‘Global Digital Door Lock System Market Size study, by Type (Biometrics, Keypad Locks), by Application (Commercial, Industrial, Residential, Government) and Regional Forecasts 2020-2027’, available with Market Study Report, global digital door lock system market accumulated USD 3.7 billion in 2019 and is projected to reach USD 25 billion valuation by the end of the forecast period 2020-2027, registering massive 27% CAGR throughout. 
 

Mounting demand for advanced security solutions like fingerprint & face recognition, and rising smart home projects in developing and developed economies are the key factors propelling global digital door lock system market growth.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/2790710/
 

In the recent times, digital door lock systems have become an efficient tool for identifying individuals and maintaining a systematic record of their entry and exit. It provides a low-cost, easy-to-deploy security solution for buildings that have secure access control, when the delivery of keys or cards is impractical because of the number of people entering and leaving the building.
 

Technology with respect to biometric approaches, such as face and fingerprint recognition, is likely to reduce the expense of these systems and make them more accessible, augmenting worldwide digital door lock system industry share.
 

Coming to the constraints, lack of awareness, and doubts regarding digital door lock system are likely to hamper the industry expansion over the forecast timespan. In addition, outbreak of COVID-19 has adversely affected the digital door lock system industry as manufacturing activities were temporarily halted due to the lockdown, triggering a severe production decline.
 

Speaking of the geographical terrain, North America presently holds considerable portion of global digital door lock system market share, credited to presence of new technology-based, vendors and escalating number of smart home projects.
 

On the other hand, Asia Pacific digital door lock system industry is poised to gain momentum through 2027, attributable to growing acceptance among residential sector, and rising small & medium sized businesses.
 

Renowned companies in worldwide digital door lock system market sphere are Honeywell International Inc., United Technologies Corporation, Wintec Electronic Tech Co. Ltd., Hitachi Ltd., Panasonic Corporation, Allegion plc, Cisco Systems Inc., Godrej & Boyce Manufacturing Company Ltd., Nestwell Technologies, and Hanman International Pte Ltd.