However, the issues related to high R&D costs are expected to challenge the growth of the market. In addition, the surging adoption of inexpensive electromechanical door locks that provide enhanced security as compared to the customary mechanical locks is expected to pose challenge to the industry growth.
Further key findings from the report suggest:
The hospitality segment is projected to grow at an estimated CAGR of over 80% from 2016 to 2024 with the increasing usage of smart locks owing to increasing security-related concerns among customers during their stay at foreign locations
The increasing crime rate globally has fueled the adoption of these devices in the enterprise segment. The demand across residential segment is considerably low and is limited to urban users requiring convenience and multiple user access.
At present, products available in the market are more or less similar and manufacturers are increasingly focusing on innovations to gain a competitive edge.Currently, installation of locks poses a challenge.Companies are increasingly developing new products so as to overcome the challenge and ensure easy installation and incorporation withinthe present mechanical door locks.
Asia Pacific is anticipated to witness substantial growth at an estimated CAGR of close to 70% from 2016 to 2024. The regional growth prospects can be attributed to the significant increase in new commercial as well as residential infrastructure projects across countries such as India, China, and Korea. North America is expected to emerge as a predominant region over the forecast period.
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