When I invested in this, I also looked at Allegion (to decide which one to invest in). I used to own Allegion at one point, having received it as a spin-off from Ingersoll-Rand, but I sold it off quite soon after.
Allegion is a major competitor to Assa Abloy, and reviewing it was interesting in that the figures for both companies were pretty much “in the same ballpark.” It says something about the industry and its dynamics that there is enough profitable business for multiple companies.
My guess is that one big moat in the industry is that locking systems are highly specific and local. The installed lock base provides a good competitive advantage. That is why competing companies can succeed at the same time, as the products are not “commodities.”