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“India Smart Door Locks Market: Market Analysis & Opportunity Outlook 2023”Based on biometric identities, the India Smart Door Locks market has been segmented into face recognition, palm recognition, iris recognition, voice recognition and fingerprint recognition. In terms of market share, the fingerprint biometric recognition has garnered highest share of 94.7% followed by face recognition with share of 3.9 % in 2016. In terms of distribution channel, the offline distribution channel generated the market share of USD 67.7 Million in 2016 and is anticipated to reach USD 550 Million by the end of 2023 expanding at a CAGR of 34%. The online distribution channel is estimated to expand at a CAGR of 45% during forecast period. Further, on the basis of segmentation by end-use industry, the contribution of hotels and hospitals are anticipated to generate business of USD 128 Million in year 2023 as compared to USD 14.3 Million in 2016 whereas the commercial facilities segment is anticipated to expand at a CAGR of 33.95 %. This factor is envisioned to strengthen the growth of smart door lock market in India.
The India Smart Door Locks market is expected to flourish at a CAGR of 36% by the end of forecast period 2023. Factors such as rising sense of security, ease of operating and comfort in using the electromagnetic locks are anticipated to drive the demand for India’s smart door lock market. Further, in terms of revenue, the increasing demand for improved and advanced digital door locks with e-keys that can be operated by smart electronic gadgets is estimated to boom smart door lock market of India by USD 652 Million by the end of 2023 as compared to USD 75 Million in 2016
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Security Concerns to Hone Growing Demand for Smart Door Lock Market
In India, 1.79 Million crimes (burglaries, larceny-thefts and motor vehicle thefts were reported by national crime reports bureau in 2015. This has raised high concern for security equipped smart door locks with provision of e-keys which are gaining the popularity of home monitoring cameras and smart door locks. These factors are anticipated to foster the growth of India Smart Door Locks market by the end of 2023. However, issues such as increased rate of cybercrime in the country, less trust among consumers due to risk of hacking and poor quality of smart door locks available in the market combined with factors such as high cost and availability of modular and attractive door locks might deter the growth of India Smart Door Locks market.
The report titled “India Smart Door Locks Market: Market Analysis & Opportunity Outlook 2023 ” delivers detailed overview of the India Smart Door Locks market in terms of market segmentation by technology, by biometric, by unlock mechanism, by end user 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.
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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, Sentrilock, Kwikset, Lockitron, Schlage, Haven Locks 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 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.
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