DUBLIN--(BUSINESS WIRE)--The "U.S. Smart Locks Market - Focused Insights 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The U.S. Smart Locks Market was valued at USD 999.12 million in 2023, and is expected to reach USD 2.33 billion by 2029, rising at a CAGR of 15.16%.
The emergence of new technologies plays a crucial role in the U.S. smart locks market due to the presence of various emerging technologies such as Machine Learning (ML), Artificial Intelligence (AI), cloud computing, and the Internet of Things (IoT). A.I. can potentially increase the importance of smart locks by offering features like enhanced convenience and adaptive security.
The U.S. smart locks market report contains exclusive data on 28 vendors. The companies constantly add new features like voice control, remote access functionalities, and biometric authentication to differentiate themselves. The manufacturer offers smart locks more compatible with smart home platforms like Google Assistant, Amazon Alexa, Apple HomeKit, etc., which is a major selling point.
They are focusing on more advanced products that can operate through voice control. Companies are selling their products through various distribution channels, including home improvement stores, online retailers, and directly through their websites. The companies are focusing on acquisitions and mergers. Leading companies are Allegion plc, Carrier Global, Chamberlain Group, Fortune Brands Innovations, Hampton Products International Corp., HONEYWELL, LATCH, Lockly, SimpliSafe, Inc., and Spectrum Brands Holdings, Inc.
The western region accounted for a major U.S. smart locks market share. The Western segment dominates the U.S. smart locks market due to high disposable income, high acceptance of technologically advanced products, increasing smart homes, growth potential in various end-user industries, and rising security concerns. This region comprises fast-growing and developed states like Washington, Colorado, Utah, California, etc. The rising adoption of various technologies, such as AI, machine learning, and IoT, increases demand for smart products. This region is known for its higher concentration of tech-savvy residents. Thus, they are more familiar with smart home ecosystems, helping the market grow.
Around every 15-20 seconds, burglaries in homes occur in the U.S. AI-powered locks could unlock doors automatically and anticipate the user's needs, integrating with smart home systems and giving a better experience. It can analyze user patterns and adjust parameters. It helps to detect the fraudulent activities. The U.S. people spend a lot of time doing various data transmission activities in the backend, such as instructions, user I.D.s, usernames, patterns, time tracking, etc. Advancements in biometric technology are improving reliability and accuracy, making it a more attractive option for consumers.
The IoT architecture includes a sensor, edge, and application layer. The demand for IoT-based systems for home automation is growing significantly in the U.S. With IoT's help, the lock can be used through voice commands or by just pushing a button. The increasing demand for smart home technologies and products creates an opportunity for smart lock companies to offer advanced technology-based smart locks in the U.S. market. The demand for smart locks with new technologies is rising in hospitals, educational institutions, government offices, etc. Around 3 in 5 U.S. people is expected to adopt smart home solutions in coming years. The demand for smart locks in the U.S. market will increase during the forecast period.
Growing Popularity of Bluetooth-enabled & Wi-Fi-enabled Smart Locks
The growing popularity of Bluetooth-enabled & Wi-Fi-enabled smart locks is a major trend in the U.S. market due to their convenience, lower cost, battery efficiency, smart home integration, and remote access. The U.S. has a diverse range of consumers with various budgets and needs. Wi-Fi locks cater to remote control capabilities & advanced features, and Bluetooth locks cater to the requirement of affordability & convenience. Bluetooth offers an unlocking experience without the usage of a key. The Bluetooth locks do not require complex wiring and are known for easy installation to existing doors.
In smart locks, Bluetooth Low Energy technology saves battery life. Wi-Fi connectivity helps to unlock or lock doors from anywhere with the help of an internet connection. Some Wi-Fi locks integrate with smart home systems like Google Assistant or Amazon Alexa for automation and voice control. It offers various features to the user, such as lock history, remote guest access, and access logs management. The advancement in Bluetooth & Wi-Fi will help to increase the battery life and improve reliability and performance. As per the Federal Communications Commission, over 99% of the U.S. people use at least one internet connection. It will drive the demand for smart locks in the U.S. market during the forecast period.
Increasing Demand for Safety and Convenience
The demand for safety and convenience is increasing significantly in the U.S. due to various factors, including peace of mind, enhanced protection, real-time monitoring, remote access, keyless entry, and smart home integration. Safety is one of the major concerns in the U.S. market. Smart locks can be easily programmed to lock doors automatically when a homeowner leaves. It can integrate with smart home devices to trigger measures when triggered by alarms. Smart locks offer a wider sense of security than traditional locks.
The features like temporary access and remote access logs eliminate the need to care about copied or lost keys. Keyless entry eliminates the potential loss and hassle of carrying physical keys. Some smart locks integrate with the latest security cameras, allowing homeowners to keep track of their property & receive alerts remotely for suspicious activity. The smart locks can be integrated with other smart home devices, allowing users to create automated routines. It offers remote access to service providers, family, or friends, which gives them more convenience, especially for vacation homeowners or individuals. It will drive the demand for smart locks in the U.S. market during the forecast period.
Privacy and Hacking Challenges
Technological advancement drives the demand for smart home ecosystems in the U.S. Though smart products have many advantages, there are several limitations, including data security, potential for misuse, and vulnerability to hacking. The vulnerabilities of smart locks include remote attacks, smart door attacks, local attacks, etc. In this market, various hacking challenges have increased, including weak encryption, Wi-Fi vulnerability, zero-day exploits, and weak encryption.
As smart locks collect and store data of users, such as lock activity time and access logs, the security breach in data may expose the information publicly or to unauthorized individuals. Some smart locks might use weak encryption protocols, making them more vulnerable to attack from hackers by various combinations of access. The hackers can also target wireless protocols. During the forecast period, it may hinder the market growth for smart locks in the U.S.
SEGMENT INSIGHTS
INSIGHT BY PRODUCT
The U.S. smart locks market by product type is segmented into deadbolts, lever handles, and padlocks. The deadbolt segment dominates and has the largest U.S. market share. The segmental growth is due to its low installation costs, high durability, and adequate protection against intrusion. It is a more convenient lock type in the U.S. market and can be installed on existing deadbolt-prepped doors to reduce modifications. Using smart devices transforms them into smart locks.
Deadbolts are generally known for being more robust as compared to traditional locks. The demand for smart home ecosystems is growing significantly in the U.S. market. The lower installation cost appeals to adopt for budget-conscious people in the U.S. market. Deadbolt locks have various features, including one-touch unlocking and customizable user codes.
INSIGHT BY COMMUNICATION TECHNOLOGY
The U.S. smart locks market by communication technology type is categorized into Bluetooth, Wi-Fi, Zigbee & Z-wave, and others. The Bluetooth segment holds the most prominent share of the U.S. market in 2023. The segment advantages include widespread adoption, ease of use, security, and energy efficiency. Bluetooth connectivity is already present in almost all smartphones, which helps to eliminate the need for a separate internet connection, thereby making Bluetooth-based locks more convenient.
Many companies offer a wide variety of Bluetooth-based smart locks in the US, including Allegion plc, Carrier Global, Fortune Brands Innovations, HONEYWELL, Lockly, Spectrum Brands Holdings, Inc., Igloohome, Level, etc. During the forecast period, such factors drive the demand for Bluetooth-based smart locks in the US market.
INSIGHT BY AUTHENTICATION METHOD
Based on the authentication method, the PIN/code segment holds the largest share in the U.S. smart locks market. PIN code-based smart locks are less expensive than biometric locks, thus helping segmental growth. PIN/code-based smart locks have a keypad installed on the smart lock device to type the PIN to unlock the door. It allows users to share the PIN to give access to their families, friends, or workers.
PIN codes are easy to use and familiar to everyone. It is more convenient for all people, including tech-savvy people who are less comfortable with technology. Also, PIN codes can be complex, giving more secure options for offices, hospitals, government institutions, etc. Demand for PIN code-based smart is rising from homeowners as they give temporary access to dog walkers, house cleaners, etc.
INSIGHT BY END-USER
Based on end-user type, the institution & government segment shows significant growth, with the fastest-growing CAGR during the forecast period. The segment includes schools, colleges, public sector undertakings, government buildings & offices, etc. In the U.S., expanding existing school and college buildings and rising educational institutions contribute to the market's growth.
Government funding, increased security needs, and the focus on efficiency are the growth factors for smart locks in this segment. These are the prime targets for security breaches so that smart locks can control access. In schools & universities, smart locks secure restricted areas such as dorms, labs, or administrative offices. As smart locks can reduce the need for physical keys and offer streamlined access management, their demand is growing significantly in the U.S. market.
Key Vendors
- Allegion plc
- Carrier Global
- Chamberlain Group
- Fortune Brands Innovations
- Hampton Products International Corp.
- HONEYWELL
- LATCH
- Lockly
- SimpliSafe, Inc.
- Spectrum Brands Holdings, Inc.
Other Prominent Vendors
- Anker Innovations
- Avent Security
- dormakaba Holding AG
- LumiUnited Technology Co., Ltd.
- MIWA Lock Co.
- SALTO Systems, S.L.
- SentriLock LLC
- U-Tec
- ALTRO SMART
- Bosma
- Cansec Systems Ltd.
- Entegrity Smart Property Systems
- Gate Labs Inc.
- HavenLock, Inc.
- Igloohome Inc.
- Level
- LockState
- Thornton Westminster Locksmith
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