India Smart Door Lock Market:Industry Insights By Growth, Emerging Trends And Forecast By 2023

"India Smart Door Lock Market: Industry Demand Analysis & Opportunity Assessment 2016-2023"

Smart door locks are more secure and convenient in comparison to the conventional mechanical locks. The rising security concerns owing to increasing crime rate in India is driving the inclination of consumers towards the use of more secure and hi-tech system locks which is expected to fuel the demand for smart door locks in India with a CAGR of 36.15% over the period 2016-2023.

Further, rapid infrastructural development & expansion in corporate sector, the smart door locks market in India is experiencing a remarkable growth and is further predicted to reach USD 652.04 Million by 2023, rising its way up from USD 75.19 Million in 2016. Furthermore, up surging urbanization, personal disposable income and real estate industry are some of the factors to supplement the growth of the India smart door lock market.

The India smart door lock market is segmented by biometric type into face recognition, palm recoginition, iris recognition, voice and fingerprints recognition, out of which, the fingerprints recognition segment is believed to dominate the market by holding more than 80% of the total market share in 2023.

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This can be attributed to their quick response along with ease of availability and installations services. The fingerprint recognition door locks have established importance in overall smart door locks market owing to its low cost as compared to other smart door locks. The absence of complexities related to lock and unlock along with personal identification security feature are the key factors which are fostering the demand for fingerprint recognition smart door locks in India. Further, the diversity in fingerprint recognition smart door locks and introduction of advanced smart door locks by various smart door locks companies such as Samsung, Godrej, Yale and others are likely to bolster the demand for fingerprint recognition smart door locks during the period 2016-2023.

Rising Penetration of Internet and Smart Phone Users to Escalate the Demand for Smart Door Locks in Future

The India smart door lock market is thriving on the back of growing tech savvy population in India along with availability of high-speed internet services and enhanced connectivity through advanced servers.

Rising Crime Activities - The increasing crime rate (burglaries, larceny-thefts, motor vehicle thefts etc.) in India is forcing people to adopt better security systems.

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Rapid Growth in Real Estate - Rapid growth in urbanization and construction of smart infrastructure to build smart cities and a fierce competition in providing better services are believed to encourage more consumers to adopt the smart door lock technology, which in-turn is likely to propel the smart door lock market in India.

Technological Innovation in Smart Door Locks - The digitization wave is creating enormous potential for smart security, connected door opening solutions, and access management and control in homes and workplaces.

Industry Players are Progressing towards Minimizing the Barriers faced by the India Smart Door Lock Market

According to Research Nester, an average cost of smart door lock is an expensive affair. High cost associated with the smart door locks is expected to dampen the demand in upcoming years. However, quality developers in real estate sector are creating a benchmark by providing state of the art residential apartments that in-turn would support the demand for smart door locks in near future.

The report titled ""India Smart Door Lock Market: Industry Demand Analysis & Opportunity Assessment 2016-2023" delivers detailed overview of the India smart door lock market in terms of market segmentation by application, end-user, distribution channel, biometric type, by unlock mechanism and by region.

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 lock market which includes company profiling of Samsung Smart Homes, Yale, Godrej, Kwikset, Lockitron, Haven, Schlage, Sentrilock and 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 lock 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.

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This release was published on openPR.