The high-tech nature of today’s world means nothing, including the locks on our doors, can be too smart. However, intelligence comes with risks, and companies have worked hard to address end-user concerns. By improving safety and security, user confidence in smart locks is helping to drive market growth.
In fact, a recent report by Research and Markets shows that the smart lock market is rapidly growing. The market is expected to reach US$2.7 billion by 2023 from $1.3 billion in 2017, at a CAGR of 13.1 percent during the projected period. Market growth is attributed to the rising adoption of smartphones and other connected devices. Additional growth drivers include growing concerns regarding security and safety, as well as enhanced features compared to traditional lock systems.
When smart locks first came out security was a main concern; however, smart lock technology has advanced and so has its security protocols. Users, though, are still weary of security vulnerabilities. Locks, by nature, are meant to keep out unwanted intruders, so if a smart lock were to be hacked, the whole purpose of the lock is moot.
Residential consumers in particular have concerns with the ability to use alternative ways to open smart locks, for example, if they do not have their smartphones available, according to Todd Graves, SVP of Engineering and Technology at Allegion.
Omer Sagi, Business Development Director at ASSA ABLOY EMEA, noted that the biggest concern users have relate to the security and reliability of a smart door lock. “We often field questions such as: What happens if I forget to replace the batteries? Or how can you be sure both the mechanical side and the electronics in your lock are secure?” he said.
“ASSA ABLOY’s smart door lock range is built around our most secure mechanical cylinders — many of which are already deployed in homes and sensitive commercial premises all over the world. Furthermore, we test all our ‘smart’ products internally, and also hire external experts to perform rigorous independent checks. All our smart devices meet or exceed local and global security standards — and we’re always investing to make them even better,” Sagi said.
While security is a key concern, cost, particularly among commercial users, is also a hurdle. “Commercial end users are sometimes initially concerned about the higher acquisition cost of the lock itself compared to a simple mechanical lock,” said Graves. “But once they see the life cycle cost benefits of smart locks, and the operating efficiencies they provide, these concerns usually go away.”