Godrej is planning to introduce Internet of Things (IOT)- based digital locks as part of its product portfolio within this year, said Shyam Motwani, Business Head, Godrej Locking Solutions and Systems.
“This year we are launching a few products that are AI, and IoT-based, which will harness big data and therefore ML and AI,” Mr. Motwani told The Hindu. Addressing concerns over data privacy in digital locks that use IOT, he said data collected will be stored in the cloud server within the country and the company would continue to develop encryption technologies to ensure privacy is not compromised. Mr. Motwani said RFID (Radio Frequency Identification) technology cards used for locks were clonable, but that Godrej has tried to make these cards non-clonable.
The company would like to expand in rural markets where using safety solution is not yet a trend, he said. In the urban market digital locks are witnessing growth with premiumisation and increased awareness about the use of safety solutions, he added.
The market share of digital locks however, is restricted to 5% mostly because the penetration of the product is low. In the coming years, mechanical locks’ share in the market will reduce, albeit continuing to hold the largest share in sales.
The firm’s profit growth was flat in Q1 FY25 from the year-earlier period due to extreme heat and General Elections slowing demand, Mr. Motwani said.
Published - August 15, 2024 10:53 pm IST
