Market Trends of United States Smart Lock Industry
This section covers the major market trends shaping the US Smart Lock Market according to our research experts:
Commercial Segment is Expected to Grow Significantly
- Commercial spaces considered under the scope of the study include the hospitality industry, hospitals, corporate offices, schools, and rental spaces. The adoption of smart locks in these spaces is expected to grow significantly during the forecast period.
- Factors such as secure and easy management of various entry points through remote access and the ability to track the security of the premises have enabled the growth of smart lock adoption in these spaces, thus, propelling various stakeholders to invest significant amounts.
- According to the data from the non-profit Gun Violence Archive (GVA), there were a total of 417 mass shootings in the United States by the end of 2019. In 2020, gun violence killed nearly 20,000 Americans, according to data from the Gun Violence Archive, which is more than any other year in at least two decades. Such statistics highlight the need for organizations in these spaces (mainly schools and churches) to seek the highest security level possible in the age of mass shootings in public places.
- Also, the increasing penetration of smartphones is augmenting the growth of connected devices, which enable users to remotely access their door locks and unlock the doors using various connected mobile apps.
- Customer service and customer experience play a vital role in the hospitality industry. Hotel management is ensuring that customers’ stay at their place is pleasant. In the process, various hotels are planning to adopt Bluetooth-enabled or Wi-Fi-enabled locks in place of RFID locks accessible by IC cards for their hotels to improve the security of their premises.
Understand The Key Trends Shaping This Market
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Increasing Smart Home Adoption, Increase of Home break-ins, Thereby Aiding in the Market Growth for Residential Segment
- The United States is the prominent market in the North American region, owing to the growing adoption of smart home technology and products. According to the National Council For Home Safety and Security (Alarms.org) study, more than 3 in five Americans claim security is the top benefit for owning a smart home. Also, 57% of Americans stated that smart home technology products could save them an average of 30 minutes per day.
- In the coming years, smart home security choices for smart locks and security cameras from big names such as ADT, Bosch, and Honeywell would open up for consumers in the country.
- In August 2020, ADT, a security and smart home solution provider, and Google announced they are entering into a long-term partnership to develop the next generation of smart home security offerings. The partnership would combine Nest’s award-winning hardware and services powered by Google’s machine learning (ML) technology with ADT’s installation and professional monitoring network to create a more helpful smart home and integrated experience for customers across the United States.
- Smart locks adoption is continuously witnessing increasing interest in the country. It is expected that many US broadband households are purchasing the smart lock. The reason for the same has been predicted to account for nearly 35% of US broadband households considering smart locks to be affordable. Some households that intend to purchase smart locks stated they would purchase standalone devices. But the majority expected to purchase smart locks as part of home security or home control system.
- New product additions to the portfolio by vendors would further drive the market’s growth. For instance, the US-based Kwikset added to its family of Wi-Fi enabled Smart Locks with its latest addition, Halo Touch Wi-Fi Smart lock.
- Also, Hugolog, an innovator in smart lock technology, has product offerings that have homeowners interested in bringing their front door online, safe, and secure, with unprecedented sophistication.
