SecurityWorldMarket

18/08/2021

Global digital locking market predicted to grow by $6 billion by 2025

London, UK

The digital door locks market is set to post an incremental growth of $ 6.67 bn, accelerating at a CAGR of over 22.05% during the forecast period from 2021 through to 2025.

The latest market information comes from Technavio, whose analysts have investigated the key markets and the factors that are likely to boost growth along with the challenges that need to be surpassed to promote success in the market. The report also provides an analysis of key segments and offers competitive benchmarking of the key market players and their product portfolios.

In terms of geography, it is the APAC countries that the research suggests will maintain a strong lead on market growth during the forecast period for the digital door locks market. The region is projected to contribute 55% of the market growth during the forecast period.

One of the key drivers that is likely to contribute towards market growth is the growing and diversified applications for digital door locks. The analysts provide a detailed analysis of all the trends that are likely to influence the growth of individual segments within the market as well as the overall market. Technavio researchers suggest that these insights will equip relevant companies with all the information they need to plan for Covid-19 recovery and growth strategies.

The report segements the market by product (biometric digital locks and keypad locks) and by geographical location (APAC, North America, Europe, MEA, and South America).

Allegion, Assa Abloy, ADT, Dormakaba, Godrej & Boyce Manufacturing, Honeywell, Napco, Salto, Samsung, and Spectrum.are some of the major market participants cited by the researchers.

The market is fragmented, and the growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.


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