Global Digital Door Lock Systems Market to expand at a CAGR of 30.25% from 2018 to 2026

According to a new market report published by Transparency Market Research titled “Digital Door Lock Systems Market–Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,” the global digital door lock systems market was valued at US$ 1,059.5 Mn in 2017 and is expected to expand at a CAGR of 30.25% from 2018 to 2026, reaching US$ 14,877.6 Mn by the end of the forecast period.

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Growth of micro, small and medium enterprises (MSMEs) across the world to influence the expansion of the market worldwide

Although digital door lock systems have a higher penetration in developed economies as compared to developing economies, projections from International Monetary Fund (IMF) indicate the growth rate of developing economies to be higher than the world average in the coming years. Rapid expansion of micro, small and medium enterprises (MSMEs) especially in developing economies is expected to be one of the major drivers of market growth.