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Digital Door Lock Systems Market Growth Opportunities Report 2025
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The global digital door lock systems market, according to TMR, could record an overpowering CAGR of 33.6% during the forecast timeframe 2017-2025. By the end of 2025, the market has been anticipated to post a revenue of US$15.0 bn after earning an only US$1.1 bn in 2016. On the basis of type, the biometrics segment could secure a leading share of 73.0% by the concluding forecast year. Predicted to parade a CAGR of 34.0%, North America could be a high-growth region of the market.
Residential Property Thefts, Security Concerns Increase Adoption
The demand for digital door lock systems has been prognosticated to be positively influenced by the preeminence of certain aspects such as the massive increase in the number of small and medium and large-sized enterprises across the world. Yet, there could be more influences augmenting the demand in the world digital door lock systems market. The aggressive industrialization of operations and services units and regional expansion have been foreseen to set the tone for a significant growth in the market.
The unbending requirement of enhanced home security could be a chief growth driver of the world digital door lock systems market in the residential sector. It could gain strength due to the rising concerns over the mounting rates of home invasions, property crimes, and burglaries. In the forthcoming years, the demand for digital door lock systems has been foretold to continue to swell interminably.
Exorbitant Prices of Security Offerings, Unfamiliarity with IT Impede Growth
The potential customer base for digital door lock systems has been envisaged to be restricted by the extortionate costs of security solutions. Furthermore, the large-scale acceptance of digital door lock systems could be hampered by low IT literacy in certain regional markets. While these could be a matter of concern for players operating in the international digital door lock systems market, they have been projected to be pampered by impressive growth opportunities created with the rapid advancement of different technologies in emerging regions such as Asia Pacific. Southeast Asian countries, China, and India have gradually become aware of the advantages of using unconventional security solutions. Moreover, costs have considerably dropped in a few developing countries.
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End-use industries such as commercial, government, industrial, and residential have been forecast to increase the adoption of digital door lock systems, much to the benefit of the international market. The prospering residential and enterprise construction industries in Asia Pacific could open up new avenues in the market.
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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 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.
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