The Face Recognition Door Lock Market Size worldwide in 2020 was USD 737.6 million. The impact of COVID-19 on the world has been unprecedented and overwhelming, and the epidemic has had a detrimental effect on the demand for facial recognition door locks in all regions. Our analysis shows that, compared to the average year-over-year growth during 2017–2019, the global market experienced a lower growth rate of 14.3% in 2020. According to projections, the market will increase at a CAGR of 16.2% from 2021 to 2028, rising from USD 844.6 million in 2021 to USD 2,414.2 million in 2028. This market's demand and expansion, which will resume to pre-pandemic levels once the pandemic is over, is what is responsible for the increase in CAGR.
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Information about the report:
- Forecast Timeframe: 2021-2028
- The starting year is 2020
- Market Size in 2020- USD 737.6 million
- The market size in 2028 will be USD 2,414.2 million
- CAGR - 16.2%
- Segments Included: according to deployment type, application, enterprise type, sector, and geographic region
The Face Recognition Door Lock Market is a large and growing sector that covers various aspects, such as market size, market share, market segment, and industry. The total amount of money that service providers make from offering their products to customers is referred to as the market size. The percentage of the market that is under the control of one provider, or a group of providers, is known as market share. The term market segment refers to the different categories of applications based on their functions, features, or target users. The term industry refers to the different sectors or domains that use applications for their business operations or activities.
Analyses of the worldwide Face Recognition Door Lock Market are conducted across regions, end-user industries, and material types. The study thoroughly examines segments and their sub-segments with the aid of tabular and graphic depictions. The segmentation can help investors and market participants create plans based on the report's list of the segments with the highest revenue growth rates.
By Application Type Analysis,
The market is divided into residential, hospitality, commercial, government, and other segments (such as critical infrastructure).
During the projected period, it is anticipated that the face recognition door lock system in residential applications will have significant growth. Similar to this, it is anticipated that urban areas' rising rates of burglaries and security risks will support the segment's growth. Similar to this, it is anticipated that the segment will experience growth due to the rising rates of burglaries and security risks in urban areas.
By Hospitality Segment Analysis,
During the forecast period, it is anticipated that the hospitality segment will experience significant growth. The market is likely to expand as a result of the rising demand for smart locking systems in hotel rooms and public spaces for travelers and guests.
By Commercial Segment Analysis,
Due to the growing demand for smart security solutions among providers of commercial buildings, the commercial segment is predicted to grow quickly during the forecast period. The adoption of smart city initiatives is anticipated to increase demand for these systems in commercial structures.
Due to the growing adoption of surveillance and security solutions in government buildings, the government segment is probably going to experience consistent growth.
By Key Industry Analysis,
The major players are heavily investing in the research and development of facial recognition technology to increase detection accuracy, including Samsung Group, Latchable, Inc., Xiaomi, Godrej Group, Honeywell International, Inc., Assa Abloy, and ZKTeco, among others. These businesses combine technologies like near-infrared technology and deep learning to increase security. To provide high-security features, the major players in smart door locks are strategically integrating facial ID-based solutions. To develop cutting-edge door lock security solutions, these players are acquiring and working together.
List of Key Companies Profiled:
- 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)
By Region,
North America, Europe, Asia Pacific, the Middle East & Africa, and South America are the five key geographic areas that have been examined in terms of the market.
During the projection period, North America is anticipated to hold the largest market share. The region's market is projected to rise as smart security and home technology are more adopted. Due to the growing popularity of facial recognition door-locking solutions in the region, the United States is anticipated to experience significant growth. Additionally, significant investment in cutting-edge technology like facial recognition is anticipated to boost market expansion.
The study report provides a thorough analysis of the size of the “Face Recognition Door Lock Market” globally, including regional and country-level market size analysis, CAGR estimation of market growth during the forecast period, revenue, key drivers, competitive background, and sales analysis of the payers. The paper also discusses the principal risks and challenges that will be encountered over the projected period. The Face Recognition Door Lock Market is divided into two categories: type and application. Players, stakeholders, and other participants in the global Face Recognition Door Lock Market industry will be able to gain the upper hand by using the study as a valuable resource.
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