Rising Security Concerns to Propel Sales of Digital Door Lock Systems amongst MSMEs, says TMR

The roadmap for the future of players in the global digital door lock systems market indicates attaining a focus on advanced and automated locking systems, finds a new report by Transparency Market Research (TMR). Currently, the competition is moderately fragmented and includes just a few players. Strategic partnering to acquire the valuable knowledge base and efforts to improve product portfolio is also seen to be a key trend in the competitive landscape. The leading players operating in the overall market are ASSA ABLOY, Onity, Inc., Panasonic Corporation, and Honeywell International, Inc in 2014. On the other hand, the emerging players identified in this market are Nestwell Technologies and Hanman International Pte Ltd.

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MSMEs Account for High Consumption of Digital Door Lock Systems

The spurt of micro, small, and medium enterprises (MSMEs) in every corner of the world is the prime force behind the bright future of digital door lock systems. The protection and security solutions required to safeguard the employees, data, and equipment deployed for operating these MSMEs will result in a stupendous demand for digital door lock systems.

The greatest demand for these locks will stem from emerging economies of India, China, and other Southeast Asian countries as statistics show that more than 89 million MSMEs are operating these places out of more than 120 million spread across the globe.

The breakneck pace of IT revolution and its adoption in sectors such as banking and the IT industry is also expected to boost the sale of digital door locking systems between 2015 and 2023. AS knowledge-based and financial institutions expand their geographical reach, it is becoming increasingly important for them to budget for security concerns, which is proving to be a fertile ground for these high-tech locking systems. TMR analyst says, “However, the high cost of installing these security systems is a huge restraint for the growth of this market. Furthermore, costs incurred on maintaining these systems or troubleshooting makes them an added expenditure, which is seen as a cost worth avoiding by small-time startups.”

Smarter Technologies to Offer Brighter Opportunities

However, if players work around this restraint and develop cost-effective solutions that come with affordable managed services costs, it could present a new avenue for growth. To improve market attraction, players could also emphasize on delivering interoperability that is achieved with advanced convergence. For instance, allowing smartphones to act as a single point of control for enabling and disabling locks could bring down massive overheads, thereby paving the way for lucrative opportunities.

TMR report states that the opportunity in the global digital door lock systems market was worth US$731.9 mn in 2014 and with favorable growth drivers, this market will reach a valuation of US$8,363.1 mn by 2023. During the forecast period of 2015 and 2023, this market is expected to expand at a whopping CAGR of 31.8%. The commercial segment is the largest end-user segment and is anticipated to leap ahead at a pace of 33.5% CAGR in the same forecast period.

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This release was published on openPR.