DUBLIN–(BUSINESS WIRE)–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.
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/lkockg