Global Digital Door Lock System Market to Reach $17.9 Billion by 2027
Amid the COVID-19 crisis, the global market for Digital Door Lock System estimated at US$3.3 Billion in the year 2020, is projected to reach a revised size of US$17.9 Billion by 2027, growing at aCAGR of 27.5% over the period 2020-2027. Biometrics, one of the segments analyzed in the report, is projected to record 28.7% CAGR and reach US$13.8 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Keypad Locks segment is readjusted to a revised 24.1% CAGR for the next 7-year period.
The U.S. Market is Estimated at $983.6 Million, While China is Forecast to Grow at 26.7% CAGR
The Digital Door Lock System market in the U.S. is estimated at US$983.6 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$3.1 Billion by the year 2027 trailing a CAGR of 26.7% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 24.7% and 23.4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 19.2% CAGR.We bring years of research experience to this 8th edition of our report. The 142-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.Competitors identified in this market include, among others,
- ADT Inc. (dba ADT Security Services, Inc.)
- Allegion PLC
- Assa Abloy AB
- August Home
- Cisco Systems, Inc.
- Godrej & Boyce Manufacturing Co., Ltd.
- Honeywell International, Inc.
- Johnson Controls, Inc.
- Onity, Inc.
- Panasonic Corporation
- Vivint, Inc.