The Smart Lock market, similar to the smart home and home automation markets, are expected to boom in the next few years. And according to Technavio, it expects the market to grow 15-percent annually through 2022. Which is actually pretty impressive, as that is compound growth for the market. It also mentions that in 2017, about 59-percent of the market share of smart locks came from “the Americas”. Technavio is referring to North and South America here – though it is likely to be almost all the US and Canada that accounted for that high market share.
Technavio also states that the residential consumer accounted for a whopping 97-percent of the market share in 2017. This means those that are buying smart locks for their homes, and not office buildings or apartment buildings doing so. That is likely going to change in 2018 and moving forward, as many companies like Latch are offering solutions to bring smart locks into multi-family buildings and apartments. Technavio also believes that the big factor in accelerating this market is going to be when smart lock manufacturers begin to really partner up with delivery services like FedEx and UPS. There are already a few companies doing this, including Amazon, but once it becomes more mainstream it should really accelerate the market. As users will have more of a reason to buy a smart lock for their home or apartment.
Smart Locks are a pretty good option for adding to a smart home. It makes it super easy to unlock your door when you get home. Many smart locks offer features that will automatically unlock your door once you get within 50 feet of your home. This is very useful when carrying a lot of things inside. It also works really well for giving keys to other users, as you don’t need to give them physical keys. For instance, if you have someone watching your pets while you are on vacation, you could give them a key through the app and then revoke permission as soon as you get home. And not need to get the key back from them.
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