September 20, 2022 18:15 ET | Source: Arizton Advisory and Intelligence Arizton Advisory and Intelligence
Chicago, Sept. 20, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, touchless door activation market is expected to grow at a CAGR of 7.4% during 2022-2027. Smart home is a residential space that relies on internet-connected devices for remote monitoring and management of appliances. The most used smart technological products include smart door and access control systems, smart lighting systems, smart security systems, and smart plugs. Thus, the growing demand for smart homes is expected to provide growth opportunities to touchless door activation vendors.
Touchless Door Activation Market Report Scope
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The global touchless door activation market is highly competitive with the presence of many public and private companies. Some of the major vendors include BEA, BBC Bircher, GEZE, Hotron, ASSA ABLOY, and dormakaba. These brands have a comprehensive product portfolio and a widespread presence in the global market. The major vendors are adopting innovative technologies to retain their strong market position. Many international players are expected to expand their reach worldwide during the forecast period, especially in the fast-developing countries across APAC, the Middle East & Africa, and Latin America to enhance their market share. Additionally, companies with better technical and financial resources can develop innovative products that could pose a threat to competitor products to render them non-competitive and even obsolete before they can recover their R&D and commercialization costs. Therefore, vendors must develop new technologies and stay abreast with upcoming innovations to have a competitive advantage over other vendors. The existing global players are increasing their investment in R&D facilities to ensure continuous customer-centric product innovation.
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