Press release
The Impact of COVID-19 on the Digital Door Lock System Industry's in 2020
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Local Vendors Eating into the Shares of Global Players
Besides providing figurative analysis into the lucrativeness of different segments of digital door lock system, and revealing demand-potential of important regions and countries, the report has a featured section on vendor landscape. The analyst of this business study has detected a highly competitive scenario, attributing it to the low entry barriers of the market. There is strong presence of domestic and country-wide players as the technology is now quite accessible.
These players are expected to continue eating a significant chunk of shares in the digital door locking system market in the near future. That being said, a few well-established and global companies do hold a position of moderate strength over regional and localized players, providing for a diverse portfolio and top-notch technology. The report profiles quite a few prominent companies operating in the global digital door lock system market, including Honeywell International, Inc., Siemens AG, the ASSA Abloy Group, Hitachi Ltd., Cisco Systems, Inc., and Godrej & Boyce.
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Going forward, acquisition of promising smaller players is expected to be a key strategy of the market leaders to increase their shares, as it helps them strengthen their supply chain as well as enhances their product portfolio. Pioneering advancements to leverage cloud-based and Bluetooth technologies is also anticipated to be a mode of carving a niche in the market for the financially stronger players.
On the basis of product type, the report segments the market for digital door lock system into keypad lock including magnetic stripe, electric strike, and electromechanical door, and biometrics, which has been further sub-segmented into the recognition of fingerprint, voice, face, signature, iris, and palm. Based on end-users, the digital door locking systems market has been bifurcated into residential, commercial, industrial, and government. Geographically, North America and Europe are currently providing for the most prominent chunk of demand. However, the region of Asia Pacific is primed to generate demand at an above-average CAGR during the forecast period of 2017 to 2024.
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Mushrooming SMEs Driving Demand
Growth of small and medium enterprises (SMEs) across the world, particularly in the BRICS nations, is the primary driver of the global digital door lock system market. These systems enables SMEs to allow grant controlled access to their labor force, which goes a long way towards achieving greater efficiencies. In addition to the mushrooming of SMEs in the commercial sector, the global digital door locking system market is gaining traction from government emphasis on building smart cities. Building and construction companies are now equipping their apartments with modern locking systems to lure newer customers. As the awareness regarding the benefits offered by these system spreads, the market is expected to prosper. On the other hand, high cost of these systems is the most prominent restraint that is holding the market from flourishing.
Key Takeaways:
Global digital door locking system market is estimated to be worth US$11,230.0 mn by the end of 2024
A few players are mildly ahead of the curve in a highly fragmented competitive landscape.
Innovation and strategic acquisition is foreseen as the key modes for greater shares.
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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 insights to 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 analyse 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.
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