A swell of smart door locks

New research from Parks Associates suggests that smart door locks are here to stay -- and then some.

According to the research firm, annual unit sales of smart door locks will reach 1.68 million by 2021. That's an increase of more than 75% between now and then.

Additionally, 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."

The only thing that might slow this progress are the high upfront costs. As of right now, a lot of consumers are still put off by the large disparity in price between connected and unconnected models. Additionally, many consumers have lingering concerns about wireless security breaches.

"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."