Biometric locks to drive exponential US smart home market growth
The United States market for smart home products, with and without biometrics, is expected to reach $70.13 billion by 2026, according to a new report by Renub Research.
Considering its value of $23.7 billion in 2020, the estimated growth represents an almost threefold increase in just six years.
Biometrics providers are increasingly focussed on providing smart home technologies, and insurance companies are encouraging their adoption, meanwhile.
The report data also highlights a growing trend of physical crime and cyber-attack on smart home appliances, which in turn is causing U.S. citizens to invest in a variety of smart security systems, including smart locks, cameras, and speakers.
According to the Renub Research report, the companies driving this trend are Honeywell, various Acuity brands, Brink home Security, and Spectrum Brands Holdings.
Fingerprint Cards discusses benefits of biometric smart locks
Fingerprint Cards (FPC) has recently discussed the benefits of biometric door locks, both in an episode of their On the pulse webcast and in a blog post.
According to FPC, biometrics already play a relevant role when it comes to enabling smooth and secure access to individuals’ homes.
On the latest episode of On the Pulse, FPC Project Leader Marketing and Communications Aida Hosseini discussed smart locks with the company’s Global Marketing Manager Maria Pihlström and Sophie Iteney, EMEA Key Account Manager at FPC.
In the video, the Fingerprint Cards’ team highlighted three areas, in particular, where biometrics are especially useful with smart home applications: physical access, digital and logical access, and managing personal settings.
Pihlström has already analyzed the current state of biometrics in relation to smart locks in smart homes in a separate blog post.
In it, FPC’s Global Marketing Manager addressed the security issues hindering the adoption of internet of things (IoT) devices in smart homes, and how biometric smart locks can help in strengthening their security.
Pihlström mentioned fingerprint authentication, and how its easy integration within smart locks can help establish a more secure environment for smart home access.
Smart and biometric locks could impact home insurance rates
According to new data from Bankrate, the use of smart and biometric locks could help people save on insurance.
The financial publication claims that, while smart locks are generally more expensive than traditional ones, certain insurance companies offer discounts to install them.
In addition, a number of carriers also offer discounts for the installation of home security systems, including smart and biometric locks.
In terms of savings amount, Bankrate clarifies that it depends on the carrier itself and the type of security system installed.
This is connected with the fact that Insurance companies tend to offer more significant discounts for professionally installed and monitored home security systems.
However, the article adds, several companies also provide some sort of discount for DIY self-installed systems.