Face recognition door lock Market to Reach USD 2,414.2 Million by 2028; Increasing Adoption of Modern Technology to Surge Demand: Fortune Business Insights™

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Pune, India, March 23, 2021 (GLOBE NEWSWIRE) — The global Face recognition door lock market size is expected to gain momentum by reaching USD 2,414.2 million by 2028. Fortune Business Insights in its latest report, titled, “Face Recognition Door Lock Market, 2021-2028.”, mentions that the market stood at USD 737.6 million in 2020 and is projected to exhibit a CAGR of 16.2% between 2021 and 2028. This is attributable to the increasing adoption of advanced technologies in the development of smart security systems worldwide.

Market to Exhibit 14.3% Growth in 2020

The manufacturing activities of several industries have suffered due to halted operations due to the global pandemic. Moreover, the companies are facing problems such as supply chain disruption, reduced workforce, and limited availability of resources. This has impacted the market to a certain extent. The market is expected to experience a slower growth by exhibiting a CAGR of 14.3% in 2020. However, proactive steps by several companies to restart the industrial operations post-pandemic are expected to bode well for the growth of the market.

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Market Segmentation:

We have divided the market based on application and region. On the basis of application, the market is segmented into residential, hospitality, commercial, government, other (critical infrastructure, etc.).

  • Based on application, the residential segment held a market share of about 32.7% in 2020 and is expected to showcase exponential growth during the forecast period. This is ascribable to factors such as the growing demand for smart home solutions on account of the increasing demand for smart homes across the globe.

Lastly, on the basis of region, the market is bifurcated into North America, the Middle East and Africa, Asia-Pacific, and South America.

What does the Report Include?

The global market for Face recognition door lock report highlights leading regions globally to offer a sound understanding to the user. Additionally, the report provides detailed insights into the latest industry growth trends and analyzes technologies that are deployed at a rapid pace. It further highlights some of the drivers and restraints, helping the reader to gain knowledge about the market by using several research methodologies.

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DRIVING FACTORS

Increasing Adoption of Advanced Technologies to Augment Growth

In February 2020, SensibleVision, a leading smart door lock provider, announced its partnership with Inuitive to enhance facial recognition-based smart door locks. The companies are adopting advanced technologies such as machine learning, artificial intelligence, and 3D imaging to boost the system’s accuracy rate. The increasing adoption of advanced technologies such as the internet of things (IoT) has led to the improved accuracy rate of the security system in detecting faces. Moreover, using these technologies the companies are developing advanced smart security systems that offer ease of utilization, security, and automation. This is expected to benefit the global Face recognition door lock market growth during the forecast period.

REGIONAL INSIGHTS

North America – The region stood at USD 351.6 million in 2020 and is expected to hold the largest global Face recognition door lock market share in terms of revenue during the forecast period. This is attributable to the increasing adoption of smart homes and advanced security solutions in the region.

Asia-Pacific – The region is expected to experience considerable growth backed by the presence of lucrative opportunities for the companies to establish their business due to huge growth potential in the countries such as India and Singapore between 2021 and 2028.

Europe – The market in this region is anticipated to experience significant growth backed by the increasing adoption of advanced technologies such as facial recognition, deep learning, and others that will boost the adoption of advanced Face recognition door lock systems.

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COMPETITIVE LANDSCAPE

Major Companies Focus on Product Launch to Strengthen Their Market Positions

The market is fragmented by prominent companies focusing on developing advanced security solutions to cater to the growing demand from residential and commercial sectors globally. Additionally, adoption of organic and inorganic strategies by other key players to maintain their presence is projected to bode well for the market growth during the forecast period.

Industry Development:

  • October 2020 – ZKTeco Co., Ltd. unveiled a new and advanced facial recognition technology. According to the company, the technology provides effective security by adopting deep unconstrained face verification and face anti-spoofing.

List of the Companies Operating in the Face Recognition Door lock Market:

  • MD Smart Touch (Melbourne, Australia)
  • Samsung Group (Seoul, South Korea)
  • Godrej Group (Mumbai, India)
  • iView (California, United States)
  • iCreation (Canada)
  • ZKTeco Co., Ltd. (Dongguan, China)
  • Corum Security (Vancouver, Canada)
  • Elecpro Group (California, United States)
  • EPIC Systems (Korea)
  • Bonwin Technology Co (Changzhou, China)
  • igloohome Smart Locks (Singapore)
  • Xiaozhu (China)
  • Brinks Home Security (Texas, United States)
  • Latchable, Inc. (New York, United States)
  • Nuke (Austria)
  • Xiaomi Group (Beijing, China)
  • Techlicious LLC. (New York, United States)
  • Kaadas (Australia)
  • Dessmann GmbH (Stuttgart, Germany)
  • Honeywell International, Inc. (North Carolina, United States)
  • Assa Abloy (Stockholm, Sweden)

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Detailed Table of Content

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Key Takeaways
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, and Opportunities
    • Emerging Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
    • Porter’s Five Force Analysis
    • Global Market Share Analysis and Matrix, 2020
  • Key Face Recognition Door Lock Market Insights and Strategic Recommendations
  • Profiles of Key Players (Provided for 10 players only)
    • Overview
      • Key Management
      • Headquarters etc.
    • Offerings/Business Segments
    • Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
      • Employee Size
      • Key Financials
        • Past and Current Revenue
        • Geographical Share
        • Business Segment Share
    • Recent Developments
  • Annexure / Appendix
    • Global Face Recognition Door Lock Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
      • By Application (Value)
        • Residential
        • Hospitality
        • Government
        • Other (Critical Infrastructure, etc.)
      • By Region (Value)
        • North America
        • South America
        • Europe
        • Middle East & Africa
        • Asia Pacific (Excluding China)

TOC Continued..

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