Project report for Digital Safe Locker

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The Indian safety locker market is experiencing significant growth, and is expected to grow considerably in the next few years. A digital locker or cyber locker is an online file or digital media storage service. Files stored include music, videos, movies, games and other media. The term was used by Microsoft as a part of its Windows Marketplace in 2004. By storing files in a digital locker, users are able to access them anywhere they can find internet connections. Most digital locker services require a user to register. Prices range from free to paid, divided according to the complications and strength of the lock. A safe is a secure lockable box used for securing valuable objects against theft or damage from fire. A safe is usually a hollow cuboid or cylinder, with one face being removable or hinged to form a door. The body and door may be cast from metal (such as steel) or formed out of plastic through blow molding. Bank teller safes typically are secured to the counter, have a slit opening for dropping valuables into the safe without opening it, and a time-delay combination lock to foil robbers or thieves. One significant distinction between types of safes is whether the safe is secured to a wall or structure or if it can be moved around. A less secure version (only suitable for petty cash) is usually called a cash-box. It works on keypad number entry and is based on the combination of locks. The Digital lockers automatically go into locking mode if left idle for more than a preprogrammed time period.

Market potential & Strategy

The global smart lock market size was valued at INR 10, 200 Crores in 2020. The demand was recorded at 8.9 million units and is expected to expand at a compound annual growth rate (CAGR) of 21.4% from 2021 to 2028. The rising Internet of Things (IoT) penetration along with the advent of technologies such as Machine Learning (ML) and Artificial Intelligence (AI) are expected to accelerate the mass adoption of smart locks over the forecast period. Furthermore, the growing consumer awareness regarding the benefits and convenience offered by these locks is responsible for their increasing demand, especially across the residential and hospitality sectors globally.

The global home improvement market includes maintenance, repair, and remodeling projects undertaken by residential consumers. The growth of the home improvement market has contributed to the replacement of mechanical lockers in various parts of the house with more secure and specialized safety lockers. For instance, most bedroom furniture includes electronic home safes for securing valuables. However, furniture used elsewhere in the house is usually replaced with furniture with non-electronic lockers due to their lower cost. Thus, the growth of the home improvement market also drives the consumption of security products such as safety lockers. With the increasing rate of crime and thefts across the globe, manufacturers are now innovating and adding new features to their safes to provide more safety and security to customers. Safety lockers with mechanical locks contain a series of pins and wheels to engage a metal bolt that passes through the door and a slot to close and open the door. In electronic safes, a digital keypad is used for engaging or releasing the bolt.

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