Global Digital Door Lock Market to Reach USD 3.8 Bn by 2020, Informs Research Nester in Its In-demand Report Published at MarketPublishers.com08 Nov 2016 • by Natalie Aster
LONDON – Nowadays, smart locks are gaining popularity worldwide, superseding conventional metallic locks. Today, the smart locks are in strong demand not only due to high security they provide, but also due to convenience of use. At present, modern digital door locks are able to provide valuable information on premises safety and could be controlled via smart phone or Bluetooth at a distance.
The world’s smart lock market is set to amount to USD 3.8 billion by 2020. The Americas are likely to hold a lion’s share (55%) of the whole market for smart door locks. The Bluetooth-based smart lock sector is anticipated to rank first regarding size, accounting for 60% of the total market up till late 2020.
Through 2020, APAC is set to grow at the highest rate, registering a 34% CAGR. Considerable demand is also expected to come from both the North American and European smart lock markets in the next 5 years. Currently, there are more than 1 million homes in North America, where some kind of smart locks is applied.
Robust growth in the world’s digital door lock market is propelled by such factors as ongoing technological advancements, escalating urbanization, increased demand for residential properties, rising disposable incomes, increasing crime rates worldwide, among others. In the years to come, the demand for digital locks is likely to keep on growing owing to their keyless features; however, several factors like high prices for mechanisms and their installation, poor government regulations and existence of counterfeit low-cost devices from China, could restrain the demand growth.
Comprehensive research report “Global Digital Door Lock Market Demand & Opportunity Outlook 2021” prepared by Research Nester Pvt. Ltd. is a great source of valuable information on the current situation in the world’s smart door locks, gives historical insights, highlights the market dynamics, covers the main market growth challenges and drivers, and also outlines lucrative future growth opportunities and emerging trends. Moreover, the report presents a detailed market segmentation analysis on the basis of biometrics, country, region and end-use industry. In addition, the study comprises Porter’s five forces analysis, includes an overview of the competitive scenario and offers profiles of the top companies. Projections for the global smart door locks market up till 2021 are provided here.
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