The global market for digital door lock systems has been projected to be dominated by a handful of established players. Approximately 45.0% of the overall market share has been cumulatively accounted by the top five companies in the year 2016.
While the small scale, domestic, and regional companies held the remaining share of the global market in the same year, nearly 66.0% of the share in the market was accounted by the top ten companies in the global market. Adopting enhanced manufacturing capacities, putting in more investments towards achieving better technological advantage, and taking over smaller companies are considered to be among the most widely adopted strategies by the key players in the global digital door lock system market.
The global market for digital door lock systems generated a revenue worth US$1.1 bn in the year 2016. However, the growth of the market is being projected on a brighter side, with an estimated market valuation worth US$15.0 bn by the end of 2025.
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This growth of the global market for digital door lock system is expected to be achieved with the help of an impressive CAGR of 33.6% over the course of the given forecast period of 2017 to 2025. Depending on type of systems, the global market is expected to be dominated by the segment of biometrics, with it accounting for 73.0% of the overall market in previous year. In terms of geography, the global market is set to be dominated by North America, with the region projected to show a staggering CAGR of 34.0% over the course of the given forecast period.
Increasing Concerns over Burglaries and Home Invasions to Drive Market Growth
The overall demand for the digital lock systems has been on the rise due to several factors. One of the key aspect responsible for driving the growth of the market is the huge rise in the number of large, medium, and small sized enterprises across the globe. Yet, there are more chances and opportunities that can spur the development of the global market for digital door lock systems. The massive advent of industrialization of numerous services and operational units, and the regional expansion are also projected to drive the growth of the global market in the coming years of the forecast period of 2017 to 2025.
The ever-growing need for enhanced home security systems is also projected to be one of the important drivers of the global market in the residential segment. It is expected to gain more traction in the coming years due to growing concerns over the increasing rates of property crimes, home invasions, and burglaries among others. In the near future, the overall demand for the digital door lock systems is expected to continue its upward growth.
Lack of IT Literacy in Some Regional Markets to Slow Down Overall Growth
However, there are some factor which might impede the growth of the market and yet stop it from reaching its full potential. One of the key impeding factors for the growth of the global market for digital door lock systems is the high cost associated with these security services. In addition to this, the large scale adoption of the digital door lock systems could also be restricted by the lack of basic IT literacy in certain regional markets
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