Digital Door Lock System Market to be worth US$11,230.0 mn by 2024 - TMR
An up to date intelligence report compiled at the headquarters of Transparency Market Research (TMR) has projected the demand in the global digital door lock system market to augment at a remarkable CAGR of 34.7% during the forecast period of 2017 to 2024. In terms of value, the digital door locking systems market is estimated to be worth US$11,230.0 mn by 2024, mounting rapidly from its evaluated valuation of US$1,481.8 mn as of 2017. Volume-wise, a demand for 258,101 units of digital door lock systems is foreseen by the end of 2024.
Local Vendors Eating into the Shares of Global Players
Besides providing figurative analysis into the lucrativeness of different segments of digital door lock system, and revealing demand-potential of important regions and countries, the report has a featured section on vendor landscape. The analyst of this business study has detected a highly competitive scenario, attributing it to the low entry barriers of the market. There is strong presence of domestic and country-wide players as the technology is now quite accessible. These players are expected to continue eating a significant chunk of shares in the digital door locking system market in the near future. That being said, a few well-established and global companies do hold a position of moderate strength over regional and localized players, providing for a diverse portfolio and top-notch technology. The report profiles quite a few prominent companies operating in the global digital door lock system market, including Honeywell International, Inc., Siemens AG, the ASSA Abloy Group, Hitachi Ltd., Cisco Systems, Inc., and Godrej & Boyce.