United States Smart Lock Market Insights Forecasts to 2032
- The United States Smart Lock Market Size was valued at USD XX Billion in 2022.
- The Market Size is Growing at a CAGR of 11.5% from 2022 to 2032.
- The United States Smart Lock Market Size is expected to reach XX Billion by 2032.
- The United States is Expected To Grow the fastest during the forecast period.
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The United States Smart Lock Market Size is expected to reach USD XX Billion by 2032, at a CAGR of 11.5% during the forecast period 2022 to 2032.
A smart lock is a type of electromechanical lock designed to perform locking and unlocking operations on a door after receiving instructions from an authorized smart device. The locking and unlocking process in the smart lock is carried out using a wireless protocol and a cryptographic key. A smart lock device has built-in Wi-Fi or Bluetooth and allows users to unlock their devices remotely. Smart locks also have improved security features and a plethora of customization options. Smart locks have several features that ensure their high security. The smart locks are linked to phones via the internet and can display real-time data for smart lock opening and closing. The smart locks also monitor who enters and exits your home while you are away. The most recent smart locks include features such as voice activation, geofencing, and auto-locking.
This research report categorizes the market for the United States Smart Lock Market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the United States Smart Lock Market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the United States smart lock market.
United States Smart Lock Market Report Coverage
|Market Size in 2022:||USD XX Billion|
|Forecast Period 2022-2032 CAGR:||11.5%|
|2032 Value Projection:||USD XX Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||110|
|Segments covered:||By Type, By Communication Technology, By Authentication Method, By End-User, and COVID-19 Impact Analysis.|
|Companies Covered:||Spectrum Brands, Inc, Honeywell International Inc., Vivint, Inc, RemoteLock, Onity, Master Lock Company LLC., SentriLock, HavenLock, Inc., Anviz Global Inc., CANDY HOUSE, Inc., Gate Video Smart Lock, and Other Key Vendors.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The primary factor driving the rising popularity of smart locks is the growing security concern. Since its launch, smart locks have grown to provide efficient and user-friendly services. Furthermore, because so many people want to use the same facility, new smart lock launches designed for enterprises and office spaces have tremendous potential for expansion. The need for increased security has prompted management to simplify the process of unlocking doors for authorized individuals.As a result of the growing adoption of smart home technology and products, the United States is the most important which helped to grow the smart lock market during the forecast period. According to the National Council for Home Safety and Security, more than 3 in five Americans consider security to be the most important benefit of owning a smart home. Furthermore, more than 57% of Americans believe that smart home technology can save them an average of 30 minutes per day.
Smart locks have a high switching cost, making them less demanding by consumers. The possibility of hackers further erodes consumers' trust in the reliability of smart locks. If smart locks are not regularly updated, they may become vulnerable to hackers. Because they are electrical devices, they can be halted by cyber attackers who use smartphones to generate bogus access codes. Because many smart lock models rely on batteries or electricity, a power outage could disrupt their operation and expose them to risk.
- In 2022, the deadbolt segment is expected to hold the largest share of the United States smart lock market during the forecast period.
Based on the type, the United States smart lock market is classified into deadbolts, lever handles, padlocks, and others. Among these, the deadbolt segment is expected to hold the largest share of the United States Smart Lock market during the forecast period. This expansion can be attributed to the product's increasing adoption across multiple industries, as well as its simple installation method. Low installation costs, high durability, and adequate security measures all contribute to the United States lock market's growth. Furthermore, companies are concentrating on expanding their product portfolio. Kwikset, for example, created a line of revolutionary deadbolts with built-in features such as single-touch locks, low battery warnings, and unique user codes, which drew a large number of customers.
- In 2022, the Bluetooth segment accounted for the largest revenue share over the forecast period.
Based on communication technology, the United States smart lock market is segmented into Bluetooth, Wi-Fi, ZigBee & z-wave, and others. Among these, the Bluetooth segment has the largest revenue share over the forecast period. In light of the limited 300-foot range of Bluetooth smart locks, users can use their locks when they are close to their homes. It is a useful technology that can be used for a variety of purposes, including asset security, jewelry storage, and access control. It is a low-cost and inexpensive smart lock setup that offers consumers convenience and security. This factor will drive the growth of the United States smart locks market during the forecast period
- In 2022, the residential segment is expected to hold the largest share of the United States smart lock market during the forecast period.
Based on the End-Use, the United States smart lock market is classified into residential, commercial, institution & government, industrial, and others. Among these, the residential segment is expected to hold the largest share of the United States smart lock market during the forecast period. Continuous residential growth in several US states is driving up demand for smart locks. The expanding real estate sector is driving up demand for smart locks. The demand for single-family homes is increasing, resulting in a rapid increase in the construction of new single-family homes in the United States. Because of their ease of use, Wi-Fi locking systems are becoming increasingly popular in the residential sector.
The report offers the appropriate analysis of the key organizations/companies involved within the United States smart lock market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Spectrum Brands, Inc
- Honeywell International Inc.
- Vivint, Inc
- Master Lock Company LLC.
- HavenLock, Inc.
- Anviz Global Inc.
- CANDY HOUSE, Inc.
- Gate Video Smart Lock
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In April 2021, Linus Smart Lock was introduced by Yale with the ability to connect with leading smart home systems, voice assistants, and home share platforms for simple door control and access management.
- In February 2023, Yale Home worked with Pantone, an American limited liability company, to bring PANTONE Viva Magenta, a Pantone color, to a Yale Assure Lock 2 model without sacrificing the simplicity or security of a smart lock.
This study forecasts revenue at global, regional, and country levels from 2021 to 2032. Spherical Insights has segmented the United States smart lock market based on the below-mentioned segments:
United States Smart Lock Market, By Type
- Lever Handle
United States Smart Lock Market, By Communication Technology
- Zigbee & Z-wave
United States Smart Lock Market, By Authentication Method
- Fingerprint sensor
- Face recognition
- Iris scanner
- RFID Cards
United States Smart Lock Market, By End-User
- Institution & Government
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