There is truly no doubt that the smart home market has grown immensely. New companies, such as Xfinity and even Frontier Communications, have jumped on the smart home bandwagon and now offer these services to their current customers. Despite these progressive improvements, smart locks and smart homes are still considered by many to be a novel or a non-necessity. In the coming years, this could all change. Below, you’ll learn about the future of the smart lock market.
Number 1 Reason For Purchase
A recent survey by Business Insider concluded that 63% of smart home buyers make their purchases, due to a desire of increased security. The survey spoke with 1,300 individuals and 18% of those questioned revealed they intended to purchase a smart home product in the next year. Aside from security reasons, other top reasons for making the investment were property loss protection, energy management and indoor convenience.
Surprisingly 75% of respondents were not smart home owners yet! 47% of those that fit into this category admitted their homes were already save, so they felt no need for smart products. What would convince these individuals to make the investment?
- 46% said a break-in within their neighborhood
- 26% said moving into a new residence
- 14% said a home renovation
So, the mass majority of investors do so for security reasons.
The Future Of Smart Locks
With the smart home market set to bounce higher and higher, it is almost certain smart locks will follow in suit. The two do go hand-in-hand obviously. According to the report, 30 million households will add some type of smart home technology within the next 12 months. The mass majority will likely do so, because of security concerns. In all likelihood, this will enhance two key smart products, the connected camera and the smart lock.
Future Market Insights has just announced their Assessment of the Smart Locks Market. The group remains adamant that the growing popularity of smart technology and further smartphone penetration will help to drive the growth of the smart locks market globally. Another factor, which will undoubtedly play a role, will be the slowly decreasing costs of mobile broadband and the rapid growth of Cloud infrastructure.
According to Future Market Insights, startups and current smart lock manufacturers will need to focus extensively on security. They admit headline and publicity risk is immense within the early market. Although North America is currently the leading buyer of smart locks, the technology is expected to expand to the Asia-Pacific region is coming years. This will enhance these company’s revenue and the general popularity of smart locks enormously.
All in all, smart lock technology is here and it is here to stay. With 30 million new individuals becoming smart home product buyers and with the potential of spreading to other regions, the market is prime for the taking. With the current leaders, such as August, Schlage, UniKey Technologies, and Yale, be able to maintain at the top?
Or will another startup enter into the fold and surprise with something innovative? Only time will tell, but consumers will most likely benefit immensely from the increased competition.