According to Parks Associates, one in four U.S. broadband households intend to purchase a smart door lock in the next 12 months. Parks believes that those intentions will expand the demographics of product owners over the next several years into more early mass-market segments, including households with moderate incomes and smaller homes.
"Market dynamics are setting up the smart door lock market for growth," said Denise Ernst, vice president, Parks Associates. "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."
Many partnership opportunities exist in new construction and rental properties, Parks says.
"Many innovative builders are starting to include built-in smart home solutions in their models," Ernst said. "Smart door locks are an easy and obvious addition to new homes and multifamily constructions, so partnerships with homebuilders and real-estate developers will have significant implications in broadening the user base."
Other findings indicate:
- 35% of U.S. broadband households find smart door locks to be affordable.
- The average number of smart locks purchased in 2017 was 1.2 devices, with the majority purchasing just one device.
