How many U.S. homes still have traditional keyed locks as opposed to state-of-the-art smart locks? It is hard to say. However, we do know that the North American smart lock market is already worth hundreds of millions of dollars. It is projected to continue growing over the next 5 to 10 years.
Curious minds want to know what the appeal is. Why are so many homeowners opting to ditch keyed locks in favor of smart locks that require batteries and mobile apps? Vivint Smart Home, a company that sells smart locks along with a complete range of home automation equipment, says there isn’t just one reason. There are many.
Nearly 12% Growth
If you are not convinced, just look at the numbers. An Insight Partners market research report released in May 2021 shows that the smart lock market in North America was worth in excess of $529 million in 2019. It is expected to be worth more than $1.2 billion by 2027. That represents a compound annual growth rate (CAGR) of nearly 12%.
Just about any industry would love to see that kind of growth. Some industries are lucky to grow enough to keep up with inflation. Exceeding inflation many times over is a good way to turn revenues into profit. But again, what is the deal? Why do so many people find smart locks appealing?
No More Keys
Right off the bat, one of the most attractive features of the smart lock is keyless entry. Your typical lock has an electronic keypad. You walk up to the door, type in your code, and walk in. There is no fumbling with your keys in bad weather or in the dark.
Keyless entry is appealing to parents whose children get home from school while they are still at work. Not having to carry keys means not losing them at school. Parents also don’t have to worry about keys being stolen and copied. But what if kids forget the code? That leads to the second reason people love smart locks.
Remote Locking and Unlocking
The modern smart lock comes with a companion mobile app. Or, if you get your locks as part of a complete home automation package from a company like Vivint Smart Home, you get a single app to control everything. At any rate, the app allows you to lock and unlock your doors remotely.
Maybe one of your children suffers a brain freeze and can’t remember the code to get in. A simple text message to you solves the problem. You pull out your phone, open the app, and unlock the door from work. Your child gets safely inside and that’s that.
Remote operation is also a big deal when you are having guests in from out of town. There is no need to leave a key under the doormat in anticipation of their arrival. They need only call you when they get there. You can unlock the door remotely for them.
A Code for Everyone
Yet another advantage of the smart lock is that you can assign different entry codes as needed. Those out-of-town guests can be given their own code allowing them to freely come and go during their visit. When they finally go home, just remove the code from the system.
There is a lot more about smart locks that this post could discuss. But for lack of space, we will stop here. The point is that there is plenty to love about the smart lock. Apparently, a lot of people agree. And a lot more are projected to get on board in the coming years.