Facial Recognition Door Lock Market Size to Reach USD 3,314.9 Million by 2030
Facial Recognition Door Lock Market Size in 2021 was USD 848.3 Million, Market Value set to reach USD 3,314.9 Million by year 2030 at 16.6% CAGR
Facial Recognition Door Lock Market Overview
Facial recognition door locks use advanced technology to identify and verify individuals attempting to access a secured area. The system captures an image of the person's face, compares it to a stored database, and determines if they are authorized to enter. If not authorized, the door remains locked. These door locks offer convenience for users and increased security compared to traditional key-based systems or passcodes. They can also be integrated with security cameras for added protection. Facial recognition door locks provide a secure and convenient way to control access and prevent unauthorized entry.
The facial recognition door lock market share has been witnessing an increased demand for advanced security systems in commercial as well as residential settings. These systems offer a convenient and secure way to control access to a secured area and protect against unauthorized entry. The facial recognition door lock market size is rapidly growing and has a strong outlook for the future. Market trends can change rapidly due to a variety of factors, such as technological developments, economic conditions, and shifts in consumer preferences.
Major tech companies such as Google and Amazon, along with smaller startups, have been offering services and products in the facial recognition door lock market, including standalone facial recognition door locks, integrated security systems, and cloud-based services for facial recognition.
Facial Recognition Door Lock Market Research Report Highlights and Statistics
- The global facial recognition door lock market size is set to touch a valuation of USD 3,314.9 Million by 2030, growing at a CAGR of 16.6% between 2022 and 2030.
- The dominant segment is noted as the residential segment in the market for facial recognition door lock.
- The North American region stands out as the largest market for facial recognition door locks, this is in line with the increasing demand for advanced security systems in the region and the growing adoption of biometric technologies.
- The popularity of smart home technologies along with integration of facial recognition door locks with smart home systems is expected to drive the growth of the market for facial recognition door locks.
- Market players include ASSA ABLOY, HID Global, Allegion, NEC Corporation, and ZKTeco.
Request for a sample of this premium research report@ https://www.acumenresearchandconsulting.com/request-sample/3108
Facial Recognition Door Lock Market Trends
- Popularity of biometric technologies such as facial recognition which offer better accuracy as well as accuracy and convenience.
- Reports suggest that biometric authentication could be the next big thing which would be accepted by our societies in the coming years, on par with the internet, smartphones and digital payments
- Rise of smart home systems: The integration of facial recognition door locks with smart home systems has become extremely popular in the past few years.
- Contactless solutions have been in demand since the outbreak of COVID-19 pandemic as people and companies have been looking for ways to reduce the risk of infection. This trend is likely to continue in the coming years, and facial recognition door locks, which do not require physical contact, are expected to benefit from this.
Facial Recognition Door Lock Market Dynamics
The market for facial recognition door locks is driven by a variety of factors including
- Rising demand for advanced security systems: Facial recognition door lock can be opened only by the person who’s facial data is configured into the unlocking system, which makes the commercial or residential building safer from burglary
- Growing adoption of biometric technologies: biometric technologies, such as facial recognition, can unlock easily with more accuracy and efficiency.
- Integration with Smart home systems: It enables users to control their door locks and access their homes using their smartphones and other smart devices.
- Since the COVID-19 pandemic unfolded, there has been a growing need for contactless solutions in the consumer industry as they reduce the risks of spreading infections normally caused by physical contact.
Growth Hampering Factors
- Privacy issues: the privacy issues may loom in the mindset of the consumer as with any technologically integrated device. These devices can be hacked or misused to track the user.
- Accuracy issues: There have been cases where facial recognition systems have failed to identify individuals. In such cases the user may get locked out of their own house or residential office causing inconvenience.
- Cost of installation: Premium and genuine facial recognition door locks may burn a hole in the consumer’s pocket leading them to reconsider purchasing the system. Additionally the cheaper system may have issues with quality and reliability deeming them unworthy of buying.
- Technological limitations: The system as with any other technological system comes with its own set of limitations. They may not last as long as desirable or slow down with time.
- Legal restrictions: Many countries have implemented legal restrictions on the usage of facial recognition technology due to concerns regarding hacking and data leakages leading to growth hampering in certain regions
Facial Recognition Door Lock Market Segmentation
- By type: Standalone locks are self-contained units that are installed on a door. Integrated locks are built into the door itself.
- By application: residential, commercial, and institutional etc.
- By end-user: individuals, businesses, and government agencies. Each of these end-user segments may have different needs and requirements when it comes to door locks, which could influence their decision to purchase a facial recognition lock.
- By mode of operation: Offline which does not need internet connection or online mode which does need internet.
- By application: access control, time and attendance tracking, and identity verification.
- By price range: Budget-friendly models, high-end models and premium systems.
Facial Recognition Door Lock Market Regional Overview
North America: The facial recognition door lock market share in the North American region is set for tremendous growth over the forecast period due to a tech savvy population. The USA is also home to many tech giants that are constantly innovating new products for home automation and security. The region also stands out as the largest in terms of revenue.
Asia Pacific: The facial recognition door lock market share in Asia Pacific is set to have the fastest growth due to the increasing adoption of advanced security systems in the region. China, due to its giant manufacturing base, is a major contributor to the growth of the market in the Asia Pacific region.
Europe: The facial recognition door lock market share in Europe is expected to grow at a moderate rate. The UK and Germany are major contributors to the growth of the European market
Facial Recognition Door Lock Market Key Players
- HID Global
- Bonwin Technology Co
- Brinks Home Security
- Corum Security
- Elecpro Group
- EPIC Systems
- Godrej Group
- MD Smart Touch
- Samsung Group
- Anviz Global
- ASSA ABLOY
- Bosch Security Systems
- NEC Corporation
- 3M Cogent
- Honeywell International Inc.
- Fujitsu Limited
Click here to buy the Premium Market Research report https://www.acumenresearchandconsulting.com/buy-now/0/3108
Receive our personalized services and customization by clicking here https://www.acumenresearchandconsulting.com/request-customization/3108
Mr. Frank Wilson
Acumen Research and Consulting