Biometric Systems to Become Key Target Segment of Companies in Global Digital Door Lock System Market, Reports Tmr

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...