The global digital
door lock system market features the dominance of few large
companies, with the top five vendors collectively accounting for a
nearly 45% of the overall market in 2016, observed Transparency
Market Research in a recent report. In the same year, the market had
the leading ten companies collectively accounting for a massive 66%
of the global market, with domestic, regional, and small-scale
vendors holding the rest of the market.
Obtain Report
Details @
Some of the most
popular growth strategies adopted by leading players, including ASSA
ABLOY, Onity, Inc., Honeywell International, Inc., and Panasonic
Corporation, are strategic acquisitions, introduction of
technologically advanced products, diverting investment towards the
pursuit of technological excellence and optimized manufacturing
capabilities. ASSA ABLOY, for instance has been continuously involved
in various strategic acquisitions and has completed over 120
acquisitions since 2006. The company now boasts a huge range of
products in its portfolio. Onity, Inc., in its pursuit of
technological advancement, is deploying new cloud-based and Bluetooth
technologies to its new door lock systems.
Demand from
Enterprise and Domestic Sectors in Asia Pacific Market to Drive
Growth
In terms of type,
the segment of biometric door lock systems dominated, accounting for
a massive 67% in the global market in 2016. The segment is expected
to account for nearly 73% of the global market by the end of the
forecast period. The strong growth of the segment is expected to be
driven on the back of the vast demand for systems such as fingerprint
recognition across the residential as well as enterprise sectors.
In terms of
geography, the market is expected to witness promising growth
opportunities across developed economies in regions such as Europe
and North America throughout the forecast period. Strong adoption of
digital door lock system across the end-use industries including
residential, industrial, government, and commercial sectors in these
regions will be the key driving force. The Asia Pacific market,
however, is expected to lead in terms of growth rate over the
forecast period. The thriving enterprise and residential construction
sectors in the Asia Pacific region will drive demand.
Transparency Market
Research estimates that the global digital door lock system market
had a valuation of US$1,161.7 mn in 2016. The market is anticipated
to exhibit an exponential CAGR of 33.6% from 2017 to 2025, reaching
US$15,065.0 mn by the end of forecast period.
Rising Concerns
Regarding Personal Safety to Fuel Demand for Effective Digital Door
Lock Systems
Over the past few
years, factors such as the geographical expansion, rapid
industrialization of services and operations units, and the vast rise
in number of large enterprises-, small-, medium-sized enterprises
across the globe have fuelled the global demand for digital door lock
systems. Moreover, the rising rates of burglaries, property crimes,
and home invasions have demonstrated the pressing need for improved
home security solutions across the residential sector. Therefore, the
demand for digital door lock system across the residential sector has
continued to unceasingly increase, expected to fuel the growth of the
digital door lock systems market in forthcoming years.
Fill the form for
an exclusive sample of this report @
High Costs to
Limit Adoption to Certain Extent
However, low IT
literacy hampering large-scale acceptance across certain regional
markets is a key concern restraining the market. Similarly, high
costs of security solutions, restricting the potential customer-base,
is also limiting the growth of the digital door lock system market.
Nevertheless, there have been rapid developments in technologies,
costs have substantially declined, the consumer across emerging
economies, especially in India, China, and the Southeast Asian
countries, is becoming increasingly aware about the benefits of
advanced security solutions. These factors are anticipated to offer
lucrative opportunities to the global digital door lock system market
in the near future.
About Us :
Transparency Market
Research (TMR) is a global market intelligence company providing
business information reports and services. The company’s exclusive
blend of quantitative forecasting and trend analysis provides
forward-looking insight for thousands of decision makers. TMR’s
experienced team of analysts, researchers, and consultants use
proprietary data sources and various tools and techniques to gather
and analyze information.
TMR’s data
repository is continuously updated and revised by a team of research
experts so that it always reflects the latest trends and information.
With extensive research and analysis capabilities, Transparency
Market Research employs rigorous primary and secondary research
techniques to develop distinctive data sets and research material for
business reports.
No comments:
Post a Comment