The Indian Smart Lock is anticipated to grow at a CAGR 11.1% during the forecast period. Technological and healthcare services are the major source of economic growth of the country due to the large English-speaking population, which in turn, becomes a chief exporter of IT services, outsourcing services, and software workers across the globe. India is regarded as one of the fastest growing economy across the globe; therefore, it contributes a large share in the Indian smart lock market.
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Furthermore, increasing internet penetration in India has been another major factor driving the growth of the market. According to the statistics provided by the Internet Society, in 2016, the total number of internet user was estimated to 451 million and is expected to reach 604 million by 2020. Increasing digitalization and government policies such as “Digital India” are significantly contributing in the internet penetration in the country. Digital India campaign is at full swing with several cities in India, such as Mumbai and Bangalore are significantly involved in the infrastructure development along with the augmentation of smart facilities in their homes.
The smart homes are one of the major parts of smart cities. The smart home features smart living conditions of the people in the city. Furthermore, the awareness can be created in the minds of people by the building constructors, which in turn, boost the technology and in hand, the growth of the Indian smart lock market.
Indian Smart Lock Market Segmentation
By Communication Protocol
- Bluetooth
- Wi-Fi
- Others
By Application
- Residential
- Government
- Commercial
By Type
- PadLocks
- Lever Handles
- Deadbolts
- Others
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Company Profiles
- Assay Abloy AB
- August Home
- Be-Tech Asia LTD.
- odrej
- Kwikset
- Oakter
- Panasonic Corp.
- SAMSUNG ELECTRONICS CO.LTD
- Schlage
- Shenzhen Vians Electric Lock Co., Ltd.
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