The India Smart Door Locks Market is majorly driven by the rise in the criminal activities, according to our research report.“India Smart Door Locks Market Outlook 2023”.The India smart door locks market is segmented into biometric data inputs such as face recognition, palm recognition keypad, iris recognition; voice recognition and finger print door recognition lock market. Among these segments, finger print lock market is expected to occupy the top position in the market. The demand of finger print lock door market is increasing on account of its higher degree of the security due to complexity and ingenuity.
The India smart door lock market is expected to register a 38.9% CAGR over the forecast period. Moreover, the market of smart door locks market was valued at USD 75.19 million in 2016. The market is expected to expand on the back of the rising absorption of smart door locks in the residential sector.
The market of non-mobile app based door locks is estimated to register a CAGR of 35.04% during the forecast period. Moreover, the market is expected to account for the largest share of revenue in the India. The shift of the customers from the mechanical doors to the digital locks and increasing demand on the back of the development of smart home in Tier-1 cities is contributing to the largest share of revenue in the Indian market.
Rapid Pace in Real Estate Growth
The real estate growth is primarily driven by the growth in the hospitality industry and the intense competition in order to provide better services to the customer would encourage the hotel room owners to adapt to the smart door locks. Moreover, the rising investment in the infrastructural facilities to increase the safety of the residential premises would increase the demand for the smart door locks market.
Technological Innovation in Smart Door Locks
The technological innovation is leading to the increased adoption of the smart door locks across the India region. The smart door locks can be operated via the digital technology with easy user interface. Moreover, the availability of the technologically advanced smart door locks is further propelling the demand for the growth of the market. The introduction of the hybrid smart door locks with multiple unlock mechanism is further driving the growth of the market.
Although the poor quality of the smart door locks, rising hacking incidents and less trust on application based smart locks market population are some of the factors that are likely to inhibit the growth of the smart door locks market in the near future.
The report titled “India Smart Door Locks Market Outlook 2023” delivers detailed overview of the India Smart Door Locks Market in terms of market segmentation by product type, by biometric data input, by unlock mechanism and end user.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the India Smart Door Locks Market which includes company profiling of Samsung, Yale, Godrej industries, Kwikset, Lockitron, Haven, Schlage, Sentrilock, August. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the India Smart Door Locks Market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.