Smart Door Locks Market (Updated)

Elevation in the prevalence of IOT in India combined with the increasing number of smart homes purvey the growth in smart door lock market in India. Burgeoning penetration of Internet connectivity wireless and wired are expanding the demand of smart door locks in residential and corporate sector at CAGR of 35.60% during 2019-2025.

In addition, exponential swell from private realtors and housing companies in metro adjacent cities such as Noida, Bengaluru, Nagpur and Gurugram as well as other major cities such as Lucknow, Pune, Indore, Ranchi and Dehradun is expected to promote the higher demand from residential sector. The adoption of smart security systems and rising demand for home automation systems for better security in houses are expected to accelerate the demand for smart door locks in India during the forecast period i.e. 2019-2025.

At present a small section of the Indian population is using smart door locks on the account the higher cost associated when compared to conventional. However, rising personal disposable income, surging crime rates, expansion in tech savvy people would allow the smart door lock demand to go high in near future. The percentage share of people who would use the smart door lock is expected to increase for next 10 years and would pave the business opportunities for existing and new entrants in the market.

In 2017, non mobile app based smart door lock dominated the market; mobile app based smart lock accounted for only 14.85% of the total smart door lock market and remaining 85.15% went for non mobile app based (keypad based) smart door locks. Increased in the number of commercial building in the country contributes to the increase in non mobile app based smart door lock growth.

However, as the tech savvy population is on rise (especially in metro cities), the mobile app based smart door lock market is projected to reach USD 216.61 million in 2025 from USD 15.44 million in 2017, registering a growth rate of 39.79%. In addition to that, non mobile app (keypad based) smart door locks market touched USD 88.52 million in 2017 and projected to maintain its dominance in near future in India sub-continent by reaching USD 917.49 million in 2025.

If seen from the market point of view, non mobile app based smart door lock market is projected to be a larger market but with 34.73% compound annual growth rate (CAGR) during 2019-2025. On the other hand, mobile app based is estimated to be a smaller market but the growth (CAGR) is expected to be high at 34.73% during 2019-2025.

With USD 34.09 million in 2017, fingerprint based smart door lock had the highest demand followed by palm recognition smart door locks. Further, at present iris based smart lock is available in Indian market but it is anticipated to showcase a bleak demand but is emanating the burgeoning growth and might become successful in metro cities and areas that require heavily guarded security services.

Technology using RFID to unlock the door (37.64% share) is still the most popular and would remain up-ticked with 33.91% share in the total market in 2025.

Commercial market demand for smart locks grabbed 61.32% share in 2017 and by 2025 this demand from commercial sector is estimated to beg for 58.95% share in the total smart door lock market. After commercial sector residential sector to poise the second highest share of 41.05% in 2025 from 38.68% in 2017.