With the rise of the Internet of Things (IoT) — everyday objects that are connected to the internet — physical security and cybersecurity are intersecting. Smart locks are a prime example of that. In the multifamily industry, IoT-enabled locks are joining properties’ list of amenities. Before your property trades in its traditional locks, take a look at the following statistics and consider whether smart locks would be an asset or a liability.
The Growth of IoT
1. IoT devices will generate up to $35.6 billion in revenue by 2028.
2. By 2025, there will be an estimated 75 billion IoT devices worldwide.
3. Approximately 127 new devices connect to the internet every second.
4. IoT household penetration is projected to increase from 7.7 percent in 2019 to 18.1 percent in 2023.
People’s Attitudes Toward Smart Locks
5. 65 percent of baby boomers and 86 percent of millennials would pay more for an apartment with intelligent upgrades, such as locks.
6. 61 percent of millennial renters look specifically for apartments with smart locks.
7. 72 percent of smart device owners say the technology makes them feel safer.
9. 43 percent of households experience internet outages at least monthly, which could affect smart lock effectiveness.
10. 64 percent of IoT networks in a study had unencrypted passwords traversing the network.
To help you in your decision about whether or not to implement smart locks, download our whitepaper “Are Smart Locks a Smart Move for Your Multifamily Property?”