The size of the face recognition door lock market worldwide in 2020 was USD 737.6 million. The impact of COVID-19 on the world has been unprecedented and staggering, and the pandemic has had a negative effect on demand for face recognition door locks in all regions. According to our analysis, the global market grew at a slower rate of 14.3% in 2020 than it did on average between 2017 and 2019. The market is anticipated to increase at a CAGR of 16.2% between 2021 and 2028, rising from USD 844.6 million in 2021 to USD 2,414.2 million in 2028. The rise in CAGR is attributable to this market’s demand and growth, which will return to pre-pandemic levels once the pandemic is over.
A smart security solution based on facial recognition technology and other gadgets like a camera is the face recognition door lock. The system uses facial recognition to provide real-time visitor information and includes features like friends and family information, the ability to add a visitor to a blacklist, and instant alerts sent to smartphones. The market is anticipated to grow as a result of the rising demand for smart security solutions, smart cities, and smart homes. Additionally, the solution providers offer extremely precise detection technology to lower security risk thanks to advanced technology integration. This is anticipated to increase demand for smart door lock systems that use facial recognition.
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DEMANDING INDUSTRY PLAYERS
To increase detection accuracy, major players like Samsung Group, Latchable, Inc., Xiaomi, Godrej Group, Honeywell International, Inc., Assa Abloy, and ZKTeco, among others, are heavily investing in facial recognition technology research and development. These businesses combine technologies like near-infrared technology and deep learning to increase security. The major players in smart door locks are strategically integrating facial ID-based solutions to provide high-security features. These players are acquiring and collaborating to achieve advanced door lock security solutions.
The companies that follow are a few of the major businesses 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)
Corum Security (Vancouver, Canada)
Electro Group (California, United States)
EPIC Systems (Korea)
Bonwin Technology Co (Changzhou, China)
igloo home 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)
The "Face Recognition Door Lock Market Report 2030" from Fortune Business Insights is an in-depth overview of the market that covers over 60 geographies and provides high-level market segmentation for each one. The market in each geography is examined, along with market size by region and country, in the section on regional and national breakdowns. Additionally, it assesses the market's past and anticipated growth and highlights important trends and corporate expansion tactics.
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SCOPE AND SEGMENTATION ASSOCIATED WITH THE REPORT
By Application:
Residential
Hospitality
Commercial
Government
Other (Critical Infrastructure, etc.)
By Region
(The United States and Canada)
Europe (the United Kingdom, Germany, France, Italy, and the rest of the continent)
Asia-Pacific (including Southeast Asia, China, India, Japan, and the rest of the region)
Latin America (including Brazil, Mexico, and the remainder of the region)
South Africa, the Gulf Cooperation Council, and the rest of the Middle East and Africa
The study examines several crucial elements to comprehend the market, such as the most recent market dynamics, growth potential, and development trends, as well as market challenges, development threats, and risk factors. The information is easy to understand thanks to this comprehensive market overview. In addition to offering both short- and long-term market forecasts, the study also provides an analytical stance on the pertinent global market sector.
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What insights does the Face Recognition Door Lock Market report provide to readers?
Face Recognition Door Lock Market Fragmentation Based on Product Type, End User, and Region
Comprehensive assessment of upstream starting materials, downstream demand, and the present market landscape.
Collaborations, R&D projects, acquisitions, and product launches of each Face Recognition Door Lock Market player
The various rules governments have placed on using the Face Recognition Door Lock Market are described in detail.
The inspirations for investing in this report
The research provides a detailed market overview by defining, describing, and classifying it.
The study includes the SWOT analysis and business plans of each vendor in the industry.
The report provides in-depth analyses of current market trends, trend forecasts, and growth drivers.
The study thoroughly analyzes the business's competitive landscape and significant market strategies.
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