ELECTRONIC CYLINDER LOCK CREDENTIALS MARKET ANALYSIS

Market Challenges And Opportunities

Global Electronic Cylinder Lock Credentials Market Drivers:

High growth of construction and real estate industries is expected to drive growth of the global electronic cylinder lock credentials market during the forecast period

Robust growth of real estate and construction sectors has increased the adoption of electronic cylinder lock significantly. Real estate developers are focused on providing high-end security solutions in buildings as their unique selling point, in order to attract potential customers.

Increasing demand for enhanced security solutions in residential sector is expected to propel the global electronic cylinder lock credentials market growth over the forecast period

Increasing incidences of property crimes, burglaries, and home invasions in the recent past have increased the demand for advanced home security solutions. Moreover, growing awareness regarding enhanced security solutions and increasing concern regarding safety of their property and family have increased the adoption of high-end security solutions that are readily available in the market. Hence, increasing demand for enhanced security solutions is expected to support the market growth over the forecast period.

Global Electronic Cylinder Lock Credentials Opportunities:

Increasing expansion of IT and BFSI sector is expected to pose lucrative business opportunity

Growing expansion of BFSI and IT sector is expected to increase the adoption of digital door lock security solutions. This, in turn, will present lucrative business opportunities for market players, in order to capitalize on untapped market. Certain emerging regions such as Latin America has low adoption of electronic door lock systems. Consumers can offer novel and affordable products, in order to expand their revenue generation and gain competitive edge in the market

Increased expenditure capacity in developed regions is expected to present significant growth opportunity.           

Better living standards, high purchase parity, and a sense of awareness towards security and safety have increased the adoption of electronic cylinder locks. Consumers are demanding novel security solutions with incorporation high-end technology, which in turn, is expected to pose lucrative business opportunity for market players over the forecast period.

Global Electronic Cylinder Lock Credentials Market Restraints:

High initial installation cost of security systems is expected to restrain growth of the global electronic cylinder lock credentials market over the forecast period

Initial cost of electronic locks is significantly higher than mechanical locks. The global digital door lock systems market is dominated by a few established brands that offer reliable and better security assurance. These factors are expected to hinder its adoption and thereby restrain the global electronic cylinder lock credentials market growth over the forecast period.        

Low literacy of IT applications hampering large-scale adoption and is expected to hinder the global electronic cylinder locks credentials market growth over the forecast period

Although global awareness regarding benefits of electronic locks is increasing, they have little to no knowledge regarding latest equipment and reliable companies that offer satisfactory services. Low IT literacy among population in emerging economies is a major factor hindering adoption of electronic cylinder lock. IT literacy is essential in choosing best product according to need and available options. Furthermore, low proliferation of high-speed internet and limited IT interaction globally have resulted in limited awareness related to electronic locks, which in turn, is expected to hamper the market growth over the forecast period.