The size of the face recognition door lock market worldwide in 2020 was USD 737.6 million. Face recognition door locks have seen a decline in demand across all regions due to the pandemic, which is an unprecedented and staggering result of COVID-19. According to our analysis, the global market experienced a growth of 14.3% less in 2020 than it did on average from 2017 to 2019. 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. 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.
Based on facial recognition technology and other gadgets like a camera, the face recognition door lock is a clever security solution. The system provides instant alerts on smartphones and offers a variety of features like friends and family data, blacklist options, and real-time information about the visitor by detecting the face. It is anticipated that the market will grow in response to the rising demand for smart security systems, smart cities, and smart homes. The solution providers also provide highly accurate detection technology to lower security risk through advanced technology integration. The demand for a smart door lock system that uses facial recognition is anticipated to increase as a result.
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Which company dominates the Global 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)
What are the factors driving the growth of the Face Recognition Door Lock Market?
One of the essential kinds of smart security solutions is a smart door lock system. The demand for smart security solutions for personal and industrial applications is increased by the high internet penetration, clusters of connected devices, and adoption of smart technology. Due to their accuracy and precision in recognizing facial expressions, technologies like artificial intelligence, deep learning, and the Internet of Things are being used more and more, which further increases the demand for smart security solutions.
A growing number of people are integrating biometrics like fingerprint, iris, and facial recognition with face recognition door lock systems as a result of technological advancements in biometric solutions. Facial recognition-based security solutions are expected to become more popular as a result of the high accuracy and capabilities of facial recognition technology. One company, Nuki, based in Austria, integrated facial recognition technology into its smart door lock systems. Its facial recognition system reduces the use of silicone masks, photos, videos, and other fake facial prototypes by offering live face detection. The accuracy of detection is increased by using 3D facial ID solutions and advanced technology. The market for face-recognition door locks is anticipated to grow as a result.
What are the geographical insights of the Face Recognition Door Lock Market?
The market has been examined regionally across five key areas: North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
During the forecast period, North America is anticipated to control a large portion of the market. Market expansion in the region is probably being driven by the rising uptake of smart security and homes. Due to the growing popularity of face-recognition door-locking technologies in the region, the United States is anticipated to experience significant growth. The market is also anticipated to grow as a result of significant investments in cutting-edge technology like facial recognition.
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An overview of the report
- The report comprehensively analyzes recent and anticipated market trends to help investors find investment opportunities.
- Market predictions through 2028, starting from estimated market values
- Market trends that are significant across industries, regions, and countries
- Market strategies and significant developments observed
- Market dynamics like drivers, obstacles, opportunities, and other trends require
- comprehensive company profiles of significant players, both established and emerging
- Emerging economies are anticipated to grow through 2028.
Analysts have segmented the "Face Recognition Door Lock Market" into application, type, and regional segments to aid market participants in better understanding the market. Each element clearly demonstrates the variables that are most likely to have an impact on it and the variables that are anticipated to have a limit. The reader can access specific market updates thanks to the segmented explanation. The market research report on Face Recognition Door Lock Market Trends also discusses evolving environmental concerns, shifting political environments, and various government approaches to regulatory reforms.
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