(MENAFN- America News Hour) Credible Factors Augmenting the Growth of the
India Smart Door Lock Market
According to a study conducted by August Home, around 60% of
the guests would pay more for the rental services if they are equipped with
smart lock technology.
Samsung launched its alliance program to help business to
accelerate mobile strategies through next generation solutions using Samsung's
innovative products. This alliance program further enables the mobility
solutions to the consumers.
Market Overview and
Growth Highlights
The growing population and increasing crime rate in India is
driving majority of the people towards adopting better security systems. The
rising security concern along with ongoing technological advancements in the
smart door lock industry is shifting many people towards electromechanical
locks from mechanical locks. Further, 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 with a CAGR of 36.15%
over the period 2016-2023.
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Riding on the back of rapid infrastructural development &
expansion in corporate sector, 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.
Additionally, a huge demand from private realtors and housing
companies in metro cities such as Delhi, Kolkata, Bangalore and others is
expected to promote the sales of smart door locks. The adoption of smart
security systems and rising demand for home automation systems for better
security in houses are expected to accelerate the growth of the India smart
door locks market during the forecast period.
Market Segmentation
Synopsis
By Unlock Mechanism
The India smart door lock market is segmented by unlock
mechanism into keypad door locks, hybrid/integrated door locks, mobile
application-based door locks and touch to open locks. The keypad door locks
provide ease to the user by locking and unlocking the door without using a key.
The PIN or password set up by the user helps the house owners to keep the
premises safe and secure. In case of owner's absence, the password feature also
allows the home owner to give entry to others. These keypad locks are easy to
install and have less complexities related to other smart door locks with
advanced technology. Further, the keypad segment is estimated to continue its
dominance in upcoming years and is predicted to witness Y-o-Y growth rate of
34.49% in 2023.
Moreover, the rising popularity of mobile app based smart
door locks is expected to boost the market share of locks being operated
through mobile phones. The growing use of smart phones in India and rising use
of mobile apps is driving the consumers towards the adoption of mobile app
based smart door locks.
By Application
The India smart door lock market has been segmented by
application into mobile application based door locks and non-mobile application
based door locks, out of which, the non-mobile app based locks segment has
dominated the overall smart door locks market in India and is expected to
maintain its dominance in near future. The reason behind this is the consumer
behavior towards new technology combined with apprehension related to security
concerns in mobile app based smart door locks. However, with rising use of
mobile phones, internet and other smart devices, more people are shifting
towards mobile app based door locks.
By Biometric Type
In India smart door lock market, the biometric smart door
locks are gaining traction among the population living in metro cities such as
Delhi, Mumbai, Bangalore, Kolkata and others. The biometric type segment in
India smart door lock market is further segmented into face recognition, palm
recoginition, iris recognition, voice and fingerprints recognition, out of
which, the smart door locks based on Iris technology are among one of the
fastest growing trends in the Indian market owing to rising criminal activities
in urban cities of India. Further, the quick response combined with ease of
availability and installation services for fingerprint recognition are some of
the main reasons behind the dominance of the fingerprint recognition segment in
the biometric type section.
By End-User
The India smart door lock market is divided by end-users into
government facilities, commercial facilities (excluding hotels &
hospitals), hotels & hospitals, industrial facilities and residential
facilities. Among these facilities, the residential facilities segment held the
dominant share during 2016 and is believed to expand with dominant growth over
the forecast period. This can be attributed to the robust growth in smart
residential facilities in metro cities, adoption of smart security systems and
rising popularity of home automation in urban regions.
Furthermore, residential sector is estimated to be the
biggest cash cow (with market size of around USD 380 Million in 2023) followed
by hotels and hospitals segment (with market size of around USD 120 Million in
2023). The robust growth in the hotel industry is witnessed on the back of
rising tourism industry which is further expected to increase the number of
hotels and installed security systems. In addition to that, the up-gradation of
security systems in well-established hotels are projected to allow a burgeoned
demand for electric strike and magnetic strip locks along with mobile app based
features.
By Distribution Channel
The India smart door lock market is segmented by distribution
channel into online and offline stores. According to the figure below, the
offline distribution channel segment is anticipated to be the most attractive
distribution channel for new entrants looking to enter in the market, existing
players looking for business expansion and investors seeking investment
opportunities over the period 2016-2023. The growing sales of the smart door
locks through offline distribution channels such as home décor shops, hardware
stores and others is the major factor behind the flourishing market of smart
door locks in India. On the other hand, online channel segment would support
the sales number for market players and could become one of the major factors
for growth if provided with installation services for locks bought though
online portals.
The study further analysis the Y-O-Y Growth, demand &
supply and forecast future opportunity in North America (United States,
Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe
(U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands,
Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of
Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia,
Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East
and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman),
North Africa, South Africa, Rest of Middle East and Africa).
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Market Drivers & Challenges
Growth Indicators
The India smart door lock market is thriving on the back of
increasing crime rate in India which is forcing people to move towards better
security facilities and technologically advanced security devices. The growing
trend of electronic security systems on the back of rising theft and criminal
activities is expected to boost the demand for the smart door locks. Further,
the market is heavily impacted by the rising concern towards security of
premises in hospitality sector. Rapid increase in the India crime rate will
swell the demand of better security facilities across India.
Additionally, mounting security concerns due to transaction
and identity frauds have led to an increase in the installation and adoption of
smart door locks which is also believed to aid the India smart door lock market
to grow in near future.
Barriers
There is a long run for the market of smart or digital locks
in India even though majority of the consumers are reluctant towards smart door
locks. The security and quality concerns along with low internet connectivity
in many areas, reluctance to complexities related to change of batteries
related to smart door locks' working and complexities related to installation
are some of the major other factors restricting the demand for the smart door
locks in India.
Competitive Landscape
Some of the affluent industry leaders in the India smart door
lock market are Samsung Smart Homes, Yale, Godrej, Kwikset, Lockitron, Haven,
Schlage, Sentrilock and August.
Moreover, other key and niche players are working towards the
expansion of product portfolio along with investing in high quality R & D to
develop highly secure and innovative smart door locks in order to gain
competitive edge in the India smart door lock market.
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Eli
Eli is a freelance writer and possess double graduation degree in physics and chemistry. She is an intense writer covering everything for Science and Tech to Business, Entertainment, Sports and Lifestyle.
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