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.
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.