Commentary
Smart Door Lock Sales Heading To $357 Million
- by Chuck Martin , Staff Writer, August 1, 2017
There’s security relating to the Internet of Things and then there’s the other side of security, relating to someone’s physical home.
While some consumers are moving to smart devices inside their houses, they also are migrating to connected technology that enables someone to get in – or not get in – to that same house.
Despite the relatively high cost, 2 million smart door locks will be sold by 2021, according to a new study by Parks Associates.
Annual sales from the devices will increase from $207 million this year to pass $357 million within five years, with the adoption rate increasing more than 75% from this year.
However, half of consumers view smart door locks and smart video doorbells as too expensive, according to Parks Associates, pegging the average price of a smart door lock at $220 compared to non-connected locks for $80 to $100.
There also are the obvious concerns about the other security, relating to concerns that connected devices can be hacked, causing the defeat of the purpose of the lock.
A third (34%) of U.S. broadband households already report problems with smart home devices, according to the study.
While 20% of broadband households express a desire for a smart appliance, adoption is at only 5%.
The issue of security, whether involving door locks or other smart home devices, is front and center in the Internet of Things.
Chuck Martin is Editor of the AI & IoT Daily at MediaPost and writes the daily Connected Thinking column. He is a NY Times Business bestselling author and his latest book is “Digital Transformation 3.0” (The New Business-to-Consumer Connections of The Internet of Things.) He is CEO of Net Future Institute and a frequent keynote speaker internationally. Follow him on Twitter @chuckmartin and contact him at Chuck@MediaPost.com.
I work at a Window and Door company for the last 2 years in SW Virginia, have never had one request for a device lock. we barley sell any deadbolts with a touchpad code.
There really must be an alternate universe out there for the "projected" numbers of everything to be a 1/3 of a billion. Don't see it.
True, it is yet to be a mass market, Mark.
Interesting to read the comments already that you don't think there's a demand... I'm an avid user of places like Home Away and VRBO - and the places that work the best for me are the ones with the smart locks or remote apps to open it. For business when I travel, I actually prefer the Hilton because their app allows me to use their smart locks from my phone rather than getting a keycard. I use it at home through my security company which allows me to let in contractors when I'm not alone... So I guess the adaption rate really depends on where you're at in the market - but I was surprised the growth rates weren't higher primarily on the use of people renting out their places via the likes of VRBO-type agreements...
Point well taken, Michael. While not ye adopted by the masses, those who have smart locks, doorbells, etc., recognize the value, as per your personal experience.
I don't understand the fascination with opening a door by clicking a button on a phone. When I have a "real" deadbolt and lock on my house, and someone kicks in the door, we know immediately there has been a compromise, and there may be fingerprints and clues left behind. With All Things Invisible , Someone can hack your information and open your door, and you will never know who did it or when. "getting comfortable" with living your life with a "swipe" will prove to be a scary way to live and eventually will lead to DDS, "Device Dependency Syndrome" and when all your data has been compromised, you may have only one place to go, your "Safe Space"
That's one of the reasons not eveyone will go out and buy a smart door lock, Mark. Thad being said, there is interet on the new house building side to make new homes 'smart.'
Supplying windows and doors in the Vegas market for 30 years, I do know one thing about the "Wallstreet" Builders; LOW-BID is the winner everytime. I would have no confidence in their choices of devices, because they will seek out the cheapest . To me it's compromised from the onset. And as we know , whatever "name" brand is out there now, tomorrow there will be a cheap Chinese Knock-off. Oh wait, it's all made in China. Nevermind.