The global market for digital door lock systems features a highly competitive and
fragmented competitive landscape, with low entry barriers for new ventures and
intense price pressures owing to the dominance of local players across several
regional markets, states TMR in a recent report. However, the high
concentration of buyers in key regional markets is expected to lead to sustainable
growth opportunities for established as well as new vendors in the market in
the next few years. Low initial investment required for venturing into the
field is expected to attract many new companies, especially in emerging
economies. Some of the key vendors operating in the global market presently are
Godrej & Boyce, Assa Abloy Group, Allegion PLC, and Siemens AG.
Transparency
Market Research states that the global digital door lock system will exhibit an
excellent 32.8% CAGR over the period between 2016 and 2024. Expanding at this
pace, the market is expected to rise from a valuation of US$920.7 mn in 2015 to
US$11.23 bn by 2024. The volume-wise growth of the market is expected to
surpass market’s revenue-wise growth, with the former expected to remain more
than 52% CAGR over the period between 2016 and 2024.
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Biometric Systems to Remain
Most Preferred Product Category
Of the
key varieties of digital door lock systems, the ones with biometric door
locking capabilities are presently the dominant product segment, accounting for
nearly two-thirds of the overall market in 2015. The segment is also expected
to remain the dominant product variety in the global market over the near
future as well, chiefly owing to the high rate of deployment of biometric
verification modalities such as fingerprint recognition globally. On the basis
of geography, Europe is presently the dominant regional market but is expected
to lose prominence to Asia Pacific, which will exhibit expansion at the fastest
pace, from 2016 through 2024.
Vast
Rise in MSMEs and Rapid Industrialization across Emerging Economies to Drive
Market
It is
estimated that there are more than 120 mn micro-, small-, and medium-sized
enterprises across the globe, with nearly 89 mn of these operating in emerging
economies such as China, India, and other Southeast Asian countries. The
density of MSMEs is growing in low and middle-income countries at a faster pace
than high-income or developed economies. In the next few years, the rising
numbers of MSMEs will lead to vast rise in demand for efficient and low-cost
digital door security solutions for workplaces.
Along
with this factor, the fast-paced industrialization in emerging economies is
also a key factor driving the overall global demand for digital door lock
systems. Geographic expansion of industries such as banking, IT, and ITes is
leading to the need for new office spaces, presenting immense growth
opportunities for digital door lock security systems market.
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High Cost of Advanced Digital
Door Security Systems to Restrict Potential Consumer Base
The
relatively higher costs of product varieties manufactured by well-known brands
and that incorporate advanced technologies as compared to the products
manufactured by newer brands or with elementary technologies are limiting the
potential consumer base of the market to a certain extent. Moreover, the high
costs required for timely maintenance, troubleshooting, and repairs makes the
use of digital door lock systems a costly affair. The high costs of digital
door lock systems are especially limiting their mass adoption across emerging
economies and low-capital companies.
This review is based on a new market research report by
Transparency Market Research, titled “Digital Door Lock System
Market - Global Industry Analysis, Size, Share, Growth, Trends and
Forecast 2016 - 2024.”
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