One in Four U.S Households to Purchase Smart Lock, Survey Says

One in four U.S broadband households intend to purchase a smart lock in the next year, according to a marketing assessment from Parks Associates. If the results of the survey are accurate, the demographics of smart lock owners will change, expanding to households with moderate incomes and smaller houses.

schlage-smart-lock
Schlage Smart Lock

Currently, the smart lock industry has not reached its potential, with larger companies like Schlage, Kwikset, and Yale dominating the market share. In order to gain more customers, the assessment found, companies will have to convince consumers of the value of smart locks, particularly for independent living. Including smart locks in the construction of homes could also be a great way for smart lock use to expand, the assessment found. For newer companies, focusing on the weaknesses of the more popular smart locks, like Internet connectivity issues, privacy concerns, and short batteries lives can lead to brand growth.

“Market dynamics are setting up the smart door lock market for growth…In addition to security, smart locks provide peace of mind and convenience through access control and notifications of use. These smart home solutions can also expand their capabilities by integrating with smart speakers with voice assistants, adding to the positive user experience,”

said Denise Ernst, Vice President of Parks Associates. The smart lock industry is still in its infancy and has a lot of potential to grow, she adds on.

Smaller companies are already working on superior smart locks. Latch, a startup founded in 2013, recently raised $70 million in Series B funding for its smart lock, which works via a magnetic key code or smartphone. Similarly, French startup HAVR has debuted the Lifi Smart Lock, which enables users to open their doors by flashing their phones as opposed to entering a passcode. Improving user experience and integrating smart locks into more homes and security systems will drive growth for smart locks.

Aliza Vigderman

Aliza Vigderman

Aliza is a journalist living in Brooklyn, New York. Throughout her career, her work has spanned many intersections within the tech industry. At SquareFoot, a New York-based real estate technology company, she wrote about the ways in which technology has changed the real estate industry, as well as the challenges that business owners face when they want to invest in property. At Degreed.com, an education technology website, Aliza created digital content for lifelong learners, exploring the ways in which technology has democratized education. Additionally, she has written articles for The Huffington Post as well as her own content on Medium, the online publishing platform. Aliza’s love of journalism and research stems from the excellent Journalism program at Brandeis University. At Brandeis, Aliza interned as a research assistant at the Schuster Institute for Investigative Journalism, a non-profit “news room without walls”. There, Aliza was paired with an investigative journalist and used academic databases to obtain data on everything from the suicide rates in Bhutan to local Boston court cases. Her last position was as an account executive at Yelp, educating business owners on the power of technology to increase revenue. Throughout, however, her heart remained with tech journalism, and she’s thrilled to be writing for Security Baron. When she’s not keeping afloat of the latest tech trends, Aliza likes to cook, read, and write. A former high school “Class Clown,” Aliza has completed two feature-length screenplays, a pilot, and countless comedic sketches. On her days off you can find her relaxing in Prospect Park, trying the latest flavors at Ample Hills Ice Cream, and spending time with friends and family.

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