DALLAS, Aug. 1, 2017 /PRNewswire/ — Parks Associates today revealed new research showing that annual unit sales of smart door locks will reach 1.68 million by 2021. The IoT research firm’s Smart Home Tracker: Market Sizing and Trends also reveals that annual sales revenue from smart door locks will exceed $357 million in the same year, up from $207 million in 2017.

“Adoption of smart door locks continues to increase, with annual unit sales projected to increase by more than 75% from 2017 to 2021,” said Brad Russell, Research Analyst, Parks Associates. “The increase in adoption will lead to a $150 million increase in annual sales revenues during that period.”

Parks Associates notes a major barrier to the mass adoption of smart door locks remains the high upfront costs. According to the firm, many consumers cannot justify the disparity in prices between connected and unconnected models.

“One-half of consumers view smart door locks and smart video door bells as unaffordable,” Russell said. “This is a significant challenge for the smart home market. The average price of a smart door lock is $220 while traditional non-connected door locks can be purchased for $80-$100. Innovators and early adopters clearly recognize the value of smart home products, but the early majority of U.S. consumers sees only marginal value, which is insufficient to justify the premium price for smart products.”

Russell notes that consumers may also have concerns over the security of wirelessly connected locks. The constant stream of online and device security breaches fuels consumers’ fears that these devices can be hacked, especially some of the less-expensive Bluetooth locks on the market, which would leave their homes and personal data vulnerable.

Parks Associates’ Smart Home Tracker also reveals:

• 34% of U.S. broadband households report problems with smart home devices.
• 31% of Amazon Echo owners regularly use the personal assistant to control smart home devices.
• 47% of smart home device owners find a service that resolves technical support with their devices to be highly appealing.
• One fifth of U.S. broadband households express a desire for a smart appliance, though adoption is still below 5%.

Smart Home Tracker provides a market sizing summary of 16 devices and services, including smart home controls, security, access control, and energy, lighting, and water devices. The research also provides industry insights and analysis on artificial intelligence, cloud services, data analytics, interoperability solutions and networking, product innovation, user interface innovation, and more.

For more information about the Smart Home Tracker, contact sales@parksassociates.com. To schedule an interview with an analyst or to request specific research data, please contact Julia Homier at julia.homier@parksassociates.com, 972-996-0202.

About Parks Associates

Parks Associates is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates creates research capital for companies ranging from Fortune 500 to small start-ups through market reports, primary studies, consumer research, custom research, workshops, executive conferences, and annual service subscriptions.

The company’s expertise includes digital media and platforms, entertainment and gaming, home networks, Internet and television services, digital health, mobile applications and services, support services, consumer apps, advanced advertising, consumer electronics, energy management, and home control systems and security.

Each year, Parks Associates hosts industry webcasts, the CONNECTIONS™ Conference Series, Connected Health Summit: Engaging Consumers, and Smart Energy Summit: Engaging the Consumer. http://www.parksassociates.com

Julia Homier
Parks Associates
972.996.0214
170485@email4pr.com

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SOURCE Parks Associates