Growth Factors of Face Recognition Door Lock Market
The global face recognition door lock market is experiencing significant growth, driven by advancements in biometric technology, increasing security concerns, and the rising adoption of smart home solutions. According to a report by Fortune Business Insights, the market was valued at USD 737.6 million in 2020 and is projected to reach USD 2,414.2 million by 2028, growing at a compound annual growth rate (CAGR) of 16.2% during the forecast period. fortunebusinessinsights.com
Market Dynamics
Drivers:
1. Advancements in Biometric Technology: Continuous improvements in facial recognition algorithms have enhanced the accuracy and reliability of face recognition systems, making them more appealing for security applications.
2. Increasing Security Concerns: With the rise in security breaches and unauthorized access incidents, there is a growing demand for advanced security solutions like face recognition door locks to ensure safety and privacy.
3. Integration with Smart Home Systems: The seamless integration of face recognition locks with other smart home devices offers convenience and enhanced security, driving their adoption among homeowners and businesses.
Restraints:
1. High Initial Costs: The installation and maintenance costs associated with face recognition door locks can be prohibitive for some consumers and small businesses.
2. Privacy Concerns: The collection and storage of biometric data raise privacy issues, leading to regulatory challenges and consumer apprehension.
3. Technical Limitations: Environmental factors such as lighting conditions and camera quality can affect the performance of face recognition systems, leading to potential inaccuracies.
Regional Insights
North America held the largest market share of 47.67% in 2020, owing to the early adoption of advanced security technologies and the presence of key market players. The Asia-Pacific region is expected to witness the highest growth rate during the forecast period, driven by increasing urbanization, smart city initiatives, and rising disposable incomes.fortunebusinessinsights.com
Competitive Landscape
Key players in the face recognition door lock market include:
Samsung Electronics Co., Ltd.
Assa Abloy Group
Honeywell International Inc.
ZKTeco Inc.
Allegion plc
These companies are focusing on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position.
Conclusion
The face recognition door lock market is poised for substantial growth, fueled by technological advancements and the increasing need for enhanced security solutions. However, addressing challenges related to cost, privacy, and technical limitations will be crucial for sustained market expansion. As the demand for smart security solutions continues to rise, stakeholders must navigate these challenges to capitalize on the opportunities in this evolving market.
ATTRIBUTE DETAILS
Study Period 2017-2028
Base Year 2020
Forecast Period 2021-2028
Historical Period 2017-2019
Unit Value (USD Million)
Segmentation Application; and Geography
By Application
Residential
Hospitality
Commercial
Government
Other (Critical Infrastructure, etc.)
By Region North America
United States (By Application)
Canada (By Application)
Mexico (By Application)
South America
Brazil (By Application)
Argentina (By Application)
Rest of South America
Europe
U.K. (By Application)
Germany (By Application)
France (By Application)
Italy (By Application)
Spain (By Application)
Russia (By Application)
Benelux (By Application)
Nordics (By Application)
Rest of Europe
The Middle East & Africa
Turkey (By Application)
Israel (By Application)
GCC (By Application)
North Africa (By Application)
South Africa (By Application)
Rest of the Middle East & Africa
Asia Pacific
Japan (By Application)
India (By Application)
South Korea (By Application)
ASEAN (By Application)
Oceania (By Application)
Rest of Asia Pacific
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- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Key Takeaways
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, and Opportunities
- 3.3. Emerging Trends
- 3.4. Impact of COVID-19
- 3.4.1. Short-term Impact
- 3.4.2. Long-term Impact
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Porter’s Five Force Analysis
- 4.4. Global Market Share Analysis and Matrix, 2020
- 5. Key Face Recognition Door Lock Market Insights and Strategic Recommendations
- 6. Profiles of Key Players (Provided for 10 players only)
- 6.1. Overview
- 6.1.1. Key Management
- 6.1.2. Headquarters etc.
- 6.2. Offerings/Business Segments
- 6.3. Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- 6.3.1. Employee Size
- 6.3.2. Key Financials
- 6.3.2.1. Past and Current Revenue
- 6.3.2.2. Geographical Share
- 6.3.2.3. Business Segment Share
- 6.4. Recent Developments
- 7. Annexure / Appendix
- 7.1. Global Face Recognition Door Lock Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- 7.1.1. By Application (Value)
- 7.1.1.1. Residential
- 7.1.1.2. Hospitality
- 7.1.1.3. Government
- 7.1.1.4. Other (Critical Infrastructure, etc.)
- 7.1.2. By Region (Value)
- 7.1.2.1. North America
- 7.1.2.2. South America
- 7.1.2.3. Europe
- 7.1.2.4. Middle East & Africa
- 7.1.2.5. Asia Pacific (Excluding China)
- 7.2. North America Face Recognition Door Lock Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- 7.2.1. By Application (Value)
- 7.2.1.1. Residential
- 7.2.1.2. Hospitality
- 7.2.1.3. Government
- 7.2.1.4. Other (Critical Infrastructure, etc.)
- 7.2.2. By Country (Value)
- 7.2.2.1. United States
- 7.2.2.1.1. By Application
- 7.2.2.2. Canada
- 7.2.2.2.1. By Application
- 7.2.2.3. Mexico
- 7.2.2.3.1. By Application
- 7.3. South America Face Recognition Door Lock Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- 7.3.1. By Application (Value)
- 7.3.1.1. Residential
- 7.3.1.2. Hospitality
- 7.3.1.3. Government
- 7.3.1.4. Other (Critical Infrastructure, etc.)
- 7.3.2. By Country (Value)
- 7.3.2.1. Brazil
- 7.3.2.1.1. By Application
- 7.3.2.2. Argentina
- 7.3.2.2.1. By Application
- 7.3.2.3. Rest of South America
- 7.4. Europe Face Recognition Door Lock Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- 7.4.1. By Application (Value)
- 7.4.1.1. Residential
- 7.4.1.2. Hospitality
- 7.4.1.3. Government
- 7.4.1.4. Other (Critical Infrastructure, etc.)
- 7.4.2. By Country (Value)
- 7.4.2.1. United Kingdom
- 7.4.2.1.1. By Application
- 7.4.2.2. Germany
- 7.4.2.2.1. By Application
- 7.4.2.3. France
- 7.4.2.3.1. By Application
- 7.4.2.4. Italy
- 7.4.2.4.1. By Application
- 7.4.2.5. Spain
- 7.4.2.5.1. By Application
- 7.4.2.6. Russia
- 7.4.2.6.1. By Application
- 7.4.2.7. Benelux
- 7.4.2.7.1. By Application
- 7.4.2.8. Nordics
- 7.4.2.8.1. By Application
- 7.4.2.9. Rest of Europe
- 7.5. Middle East and Africa Face Recognition Door Lock Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- 7.5.1. By Application (Value)
- 7.5.1.1. Residential
- 7.5.1.2. Hospitality
- 7.5.1.3. Government
- 7.5.1.4. Other (Critical Infrastructure, etc.)
- 7.5.2. By Country (Value)
- 7.5.2.1. Turkey
- 7.5.2.1.1. By Application
- 7.5.2.2. Israel
- 7.5.2.2.1. By Application
- 7.5.2.3. GCC
- 7.5.2.3.1. By Application
- 7.5.2.4. North Africa
- 7.5.2.4.1. By Application
- 7.5.2.5. South Africa
- 7.5.2.5.1. By Application
- 7.5.2.6. Rest of MEA
- 7.6. Asia Pacific Face Recognition Door Lock Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- 7.6.1. By Application (Value)
- 7.6.1.1. Residential
- 7.6.1.2. Hospitality
- 7.6.1.3. Government
- 7.6.1.4. Other (Critical Infrastructure, etc.)
- 7.6.2. By Country (Value)
- 7.6.2.1. India
- 7.6.2.1.1. By Application
- 7.6.2.2. Japan
- 7.6.2.2.1. By Application
- 7.6.2.3. South Korea
- 7.6.2.3.1. By Application
- 7.6.2.4. ASEAN
- 7.6.2.4.1. By Application
- 7.6.2.5. Oceania
- 7.6.2.5.1. By Application
- 7.6.2.6. Rest of Asia Pacific
- 8. Companies Mentioned (In order to estimate the market size and/or understanding the market ecosystem) (Note that the purpose of the below list is to highlight the exhaustiveness of coverage. Only top 10 players are profiled in the scope. Additionally, we are open to profile additional company(s) on specific request)
- 8.1. MD Smart Touch
- 8.2. Samsung Group
- 8.3. Godrej Group
- 8.4. Assa Abloy AB
- 8.5. iView
- 8.6. iCreation
- 8.7. ZKTeco Co., Ltd.
- 8.8. Corum Security
- 8.9. Elecpro Group
- 8.10. EPIC Systems
- 8.11. Bonwin Technology Co
- 8.12. igloohome Smart Locks
- 8.13. Xiaozhu
- 8.14. Brinks Home Security
- 8.15. Latchable, Inc.
- 8.16. Nuke
- 8.17. Xiaomi Group
- 8.18. Techlicious LLC.
- 8.19. Kaadas
- 8.20. Dessmann GmbH
- 8.21. Honeywell International, Inc.
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