The Pressure is On: Manufacturers Must Keep Innovating Smart Door Locks

The smart door lock market could benefit by re-evaluating its market structure and exploring ways to re-align industry relationships to drive the next wave of innovation at scale. Whether established market leaders or start-ups, smart access control product and system manufacturers are under constant pressure to keep innovating. Not only have formerly innovative features become standard, but in some access control categories, prices are falling.

Parks Associates research reveals that the average selling price of a smart door lock in the US was $101 in Q4 2021, down from $133 just two years prior. Video doorbells, smart thermostats, and other smart home products are witnessing similar pricing trends. Manufacturers seek features that demand premium pricing and services that can create recurring revenue streams. Maintaining an edge with innovative technology and ability to integrate with future solutions are important differentiators in a highly competitive market.

Download Parks Associates' new whitepaper "Smart Locks and Access Control Supply Chain: Scaling Innovation" in collaboration with Passivebolt to examine how manufacturers, including those in the smart door lock and smart access control markets, are undergoing organizational transformation to deliver on the promises—and requirements—of making and supporting connected solutions.?????