International. The digital door locks market is set to record incremental growth of US$6.67 billion, accelerating at a CAGR of more than 22.05% during the forecast period from 2021 to 2025.
The latest market insights come from Technavio, whose analysts have researched the key markets and factors that are likely to drive growth along with the challenges that need to be overcome to promote success in the market. The report also provides an analysis of key segments and offers a 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 advantage in the 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 to the growth of the market is the growth and diversification of applications for digital door locks. 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 market as a whole. Technavio researchers suggest that this insights will provide relevant companies with all the information they need to plan Covid-19 recovery and growth strategies.
The report segments 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. They are some of the main market participants cited by the researchers.
The market is fragmented and the growth of the players depends on various 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.
