According to the latest Arizton's market research report, the digital lock market size to cross over USD 1,497.96 million by 2026, growing at a CAGR of 11.98% during the forecast period.
US Digital Lock Market Growth
The demand for Bluetooth smart locks is increasing rapidly in the US, which is driving the growth of the market. The smart city initiative by the US government and the rising focus on adopting smart technologies for a better standard of living provides enormous growth potential to digital lock vendors in the country. The demand for Wi-Fi-enabled smart locks is expected to witness the highest growth rate of 13.36% in the US. The continuous growth in the industrial and commercial sectors in the country is accelerating the demand for digital locks. Many commercial establishments such as hotels, hospitals, resorts, and shopping malls have tremendously contributed to the growth of the US smart lock market.
Interesting facts to know!
- Technological developments in the field of IoT and AI are strengthening opportunities for smart lock vendors.
- In 2020, the Bluetooth communication technology segment in the market generated the highest revenue of USD 273.86 million in the US.
- Co-working spaces are increasingly adopting smart locks as people from different companies work under one roof, thereby creating the need for safety and security.
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by component, lock type, communication technology, authentication method, end-user, and geography
- Competitive Landscape – 4 Key Company Profiles and 8 Other Prominent Vendors
US Digital Lock Market – Geography Analysis
The west region accounted for a significant share in the US digital lock market. The western region consists of developed and fast-growing states such as Utah, Washington, Colorado, and others, which are primary hubs for several end-use industries. The West accounts for the highest number of co-working spaces and California accounts for the maximum number of co-working spaces, followed by Colorado and Washington. Cities such as Los Angeles, San Francisco, and San Jose are some of the major contributors to the smart home in the state. Hence, the demand for smart locks is likely to be high in these cities. California’s large population, a large number of hotels, high disposable income, and a considerable number of smart homes are projected to keep the demand for digital locks high during the forecast period.
Strategies Adopted by the Players in US Digital Lock Market
The US digital lock market has a moderate number of large players and several small players. There are tremendous growth opportunities for new entrants that produce low-cost products to target the developing end markets. Vendors in the market must devote significant effort and resources to launch innovative and upgraded products that cater to consumer demands. The market competition will intensify further due to product line extensions and innovations. Many vendors are looking to expand their product portfolios using the latest technologies to widen their footprint in the market and cater to a growing customer base. Honeywell, Latch, and Master Lock are a few prominent players in the US digital lock market. Factors such as better connectivity infrastructure and high Internet usage provide tremendous growth opportunities to smart lock vendors in the country.
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