Godrej is planning to introduce Web of Issues (IOT)- based mostly digital locks as a part of its product portfolio inside this yr, mentioned Shyam Motwani, Enterprise Head, Godrej Locking Options and Programs.
“This yr we’re launching just a few merchandise which are AI, and IoT-based, which is able to harness large knowledge and subsequently ML and AI,” Mr. Motwani advised The Hindu. Addressing issues over knowledge privateness in digital locks that use IOT, he mentioned knowledge collected might be saved within the cloud server inside the nation and the corporate would proceed to develop encryption applied sciences to make sure privateness will not be compromised. Mr. Motwani mentioned RFID (Radio Frequency Identification) know-how playing cards used for locks have been clonable, however that Godrej has tried to make these playing cards non-clonable.
The corporate wish to increase in rural markets the place utilizing security resolution will not be but a pattern, he mentioned. Within the city market digital locks are witnessing development with premiumisation and elevated consciousness about using security options, he added.
The market share of digital locks nevertheless, is restricted to five% largely as a result of the penetration of the product is low. Within the coming years, mechanical locks’ share out there will cut back, albeit persevering with to carry the most important share in gross sales.
The agency’s revenue development was flat in Q1 FY25 from the year-earlier interval as a consequence of excessive warmth and Basic Elections slowing demand, Mr. Motwani mentioned.
