LONDON--(BUSINESS WIRE)--Technavio has been monitoring the digital door locks market and it is poised to grow by USD 10.08 bn during 2020-2024, progressing at a CAGR of over 28% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Napco Security Technologies Inc., Salto Systems SL, Samsung Electronics Co. Ltd., Spectrum Brands Holdings Inc. and United Technologies Corp. are some of the major market participants. Although the diversified applications of digital door locks will offer immense growth opportunities, high cost of digital door locks will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Diversified applications of digital door locks have been instrumental in driving the growth of the market. However, high cost of digital door locks might hamper market growth. Request a free sample report
Digital Door Locks Market 2020-2024: Segmentation
Digital Door Locks Market is segmented as below:
- Biometric Digital Locks
- Keypad Locks
- North America
- South America
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Digital Door Locks Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our digital door locks market report covers the following areas:
- Digital Door Locks Market Size
- Digital Door Locks Market Trends
- Digital Door Locks Market Industry Analysis
This study identifies growing emphasis on smart locks as one of the prime reasons driving the digital door locks market growth during the next few years.
Digital Door Locks Market 2020-2024: Vendor Analysis
We provide a detailed analysis of around 25 vendors operating in the digital door locks market, including some of the vendors such as Napco Security Technologies Inc., Salto Systems SL, Samsung Electronics Co. Ltd., Spectrum Brands Holdings Inc. and United Technologies Corp. Backed with competitive intelligence and benchmarking, our research reports on the digital door locks market are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.
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Digital Door Locks Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist digital door locks market growth during the next five years
- Estimation of the digital door locks market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behaviour
- The growth of the digital door locks market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of digital door locks market vendors
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