DUBLIN, June 25, 2021 /PRNewswire/ — The “U.S. Smart Lock Market – Industry Outlook & Forecast 2021-2026” report has been added to ResearchAndMarkets.com’s offering.
The U.S. smart lock market by revenue is expected to grow at a CAGR of approx. 12% during the period 2020-2026.
Increasing safety concerns, growing home automation, rising awareness of IoT, and growing industrial and commercial sectors will boost the U.S. smart lock market growth. Millennials in the United States are highly inclined toward home automation and are willing to pay a premium for advanced products.
With the increased internet and smartphone penetration, the smart lock market is likely to observe considerable growth during the forecast period due to the high adoption of these intelligent technologies in several end-users such as educational institutions, hospitals, government offices.
Moreover, to prevent invasion and unauthorized access, the market is likely to observe a substantial expansion in demand from households. Smart city initiatives by the US government and the growing focus on adopting intelligent technology for better living standards, provide huge growth potential to innovative lock vendors.
U.S. SMART LOCK MARKET SEGMENTATION
The U.S. smart lock market research report includes a detailed segmentation by lock type, communication technology, authentication method, component, end-user. Due to the high convenience, the deadbolt segment expects to emerge as the leading revenue contributor in the U.S. smart lock market. It is likely to grow significantly during the forecast period.
However, lever handle locks expect to grow at a CAGR of 10.76% due to the growth of the commercial sector and the growing adoption of inner doors in hotels and residential houses. The market expects to face certain hindrances as they are comparatively challenging to install, thereby hampering its share in the market. Growing concerns over safety and security due to the rising number of theft and burglary cases in both residential and industrial sectors lead to the demand for smart padlocks. The US padlock market expects to reach USD 376.46 million by 2026.
Bluetooth intelligent locks, holding a share of over 36%, leading the US smart lock market, followed by Wi-Fi smart locks with a share of approx. 30%. The high revenue share of Bluetooth technology is attributed to the longer battery life than Wi-Fi and high-energy efficiency. The market for Wi-Fi-controlled locking systems expects to grow faster than others. High smartphone penetration, increased adoption of new technology, increasing technological advancement such as the Internet of Things (IoT), machine learning, and other benefits are likely to lead to the demand for Bluetooth locking systems in the US.
The U.S. smart lock market by component can be segregated into hardware, software, and services. Hardware is the physical component of smart locks and consists of microcontroller units, Bluetooth transmitters, and smartphones. The increased application of smart devices in new construction projects and the growing penetration of smartphones are likely to drive the growth of the hardware segment. Exponential growth observed in intelligent machines with the advent of IoT is likely to disrupt the software intelligent lock market. Smart devices show a strong inclination toward interconnected software solutions to increase convenience and adoption in the population.
In terms of authentication methods, PIN/Code smart locks are leading the market in the US, holding a share of over 47%. The high demand for biometric, PIN/Code and RFID-based locking systems comes from the residential sector and followed by the commercial sector. The RFID card is the fastest-growing segment and is expected to grow at the CARG of over 14% during the forecast period 2021-2026. The high adoption of IoT, machine learning, and artificial intelligence technology in the US and continuous innovations for unlocking the door generate better opportunities for the market’s growth.
Most of the US population is working professionals and mostly stay in the office, leading to the rising demand for smart keyless locks. All intelligent lock functions subject to substantial risks. A certain number of people are doubtful with respect to the reliability of smart door locks. Privacy and hacking challenges associated with these systems are likely to pose challenges to the growth of the market, thereby hampering the overall smart lock market.
Continuous growth in the residential sector in several US states is pushing the demand for smart locks. The growing real estate sector is adding to the demand for smart locks. The demand for single-family homes is growing, leading to rapid growth in the construction of a new single-family home in the US. The demand for Wi-Fi locking systems is growing rapidly in the residential sector due to their convenience in terms of accessibility.
INSIGHTS BY GEOGRAPHY
The adoption of smart technology in the US remains high. The increasing safety concern regarding home leads to the rise in demand for intelligent locks as they help prevent unauthorized access. The hospitality industry provides promising growth opportunities to smart lock vendors as most premium hotels deploy intelligent locks to provide convenience and safety to customers.
Government initiatives toward smart cities influence and drive people toward technology-driven products, thereby leading to the high demand for internet-based solutions. WI-FI-enabled locking systems are popular in the US population as they offer several benefits, including convenience. Hence, the demand for Wi-Fi systems expects to grow during the forecast period.
Premium hotels are the primary users of these systems to provide safety and security to their guests. The increasing number of hotels in the US offers high growth opportunities to vendors in the market. The COVID-19 pandemic has a major impact on the market as most smart lock technology companies are situated in the US.
INSIGHTS BY VENDORS
The US has a moderate number of large players and several small players operating in the smart lock market. Honeywell, Latch, and Master Lock are a few major players in the market. The players are increasingly focusing on developing innovative products and expanding their product portfolios by making huge investments in R&D.
Although established players dominate the market, growth opportunities for other new entrants also exist as they target the developing end-markets or cities by producing low-cost products. The competitive intensity of the market is higher in Western and Southern parts of the US due to the large number of smart homes boosting the demand for smart locks.
- Master Lock
Other Prominent Vendors
- Altro Smart
- Baldwin Hardware
- Gate Labs
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of The Study
4.4 Market Segments
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7.2 Components of Smart Lock
7.3 Vendor Analysis
7.4 Industry FAQ
7.4.1 How will the US smart lock market perform in the coming years?
7.4.2 Which is the fastest-growing and most preferred communication technology segment in the market?
7.4.3 Which smart lock type segment has the highest revenue share and fastest growth in the market?
7.4.4 Which end-user segment generates the highest revenue for smart lock vendors operating in the US?
7.4.5 Which authentication method has the highest demand in the market?
7.5 Impact Of COVID-19
8 Market Opportunities & Trends
8.1 Increasing Number of Smart Homes
8.2 Growth in Commercial and Industrial Sector
8.3 Emergence of New Technologies (IoT& AI/ML)
9 Market Growth Enablers
9.1 Growing Adoption Of 5G And Smartphone Penetration
9.2 High Disposable Income
9.3 Increasing Demand For Safety And Convenience
10 Market Restraints
10.1 Perception of Unreliability
10.2 Vulnerable to Security Issues
11 Market Landscape
11.1 Market Overview
11.2 Demand Insights
11.3 Market Size & Forecast
11.4 Five Forces Analysis
12.1 Market Overview
12.3.1 Market Overview
12.3.2 Visitor Management
12.3.3 Security Management
13 Lock Type
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.4 Lever Handle
14 Communication Technology
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.5 Zigbee And Z-Wave
14.6 Other Communication Technology
14.6.1 NFC (Near Field Communication): Market Overview
14.6.2 Thread : Market Overview
14.6.3 Market Size & Forecast
14.6.4 Market By Geography
15 Authentication Method
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.5 RFID Card
16.1 Market Snapshot & Growth Engine
16.2 Market Overview
16.4.1 Market Overview
16.5 Institution and Government
For more information about this report visit https://www.researchandmarkets.com/r/n60qgn
Research and Markets
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