Industry assessment provides in-depth analysis of smart door lock market

Research from Parks Associates’ latest market assessment, Smart Door Lock Market Assessment, finds that one in four U.S. broadband households intend to purchase a smart door lock in the next 12 months. These 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.”

Big players Schlage, Yale, and Kwikset dominate market share, but new entrants and smaller players such as Latch, LockState, and Hampton’s Array Door Lock can gain traction by creating a better user experience and added benefits and expanding compatibility with additional devices and providers. Many partnership opportunities exist in new construction and rental properties.

“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.”

Smart Door Lock Market Assessment provides a comprehensive analysis of a single smart door lock market. It addresses drivers of market growth, key players in the smart door lock market, consumer purchasing decisions, user experience, and new purchase models.

Additional research includes:

• 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.

For more information about Smart Door Lock Market Assessment, contact [email protected]. To schedule an interview with an analyst or to request specific research data, please contact Julia Homier at [email protected], 972-996-0202.

About Parks Associates: Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households.

The company's expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets.

Each year, Parks Associates brings thousands of leaders together for its webinars and annual events. The firm hosts the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. https://www.parksassociates.com
 

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