South Korea Digital Locks Market Outlook to 2027
Driven by Government Initiatives, Growing Tourism, and E-Commerce Industries
Region:Asia
Author(s):Grantha Banerjee and Sayantan Chakraborty
Product Code:KR1323
June 2023
76
About the Report
The report provides a comprehensive analysis of the potential of the digital locks industry in South Korea. The report covers an overview and genesis of the industry, and market size in terms of revenue.
Its market segmentations include by Mode of Purchase, by end users, by mode of technology, type of locks; growth enablers and drivers; challenges and bottlenecks; trends driving adoption trends; regulatory framework; end-user analysis, industry analysis, competitive landscape including competition scenario and market shares of major players. The report concludes with future market projections of each market segmentation and analyst recommendations.
Market Overview:
According to Ken Research estimates, the South Korea Digital Locks Market –has been growing at a CAGR of 3.1% from 2017 to 2022, owing to Government Initiatives, Growing Tourism, and E-Commerce Industries.
- South Korea has a consolidated market with 5 major players covering 94.0% of the digital locks market.
- South Korean digital lock manufacturers are using advanced technologies like AI and ML to improve the functionality and security of their products. Gateman is using AI and ML in Gateman V100 that can recognize and learn user behavior patterns, and adjust its security settings accordingly.
Key Trends by Market Segment:
By Type of Digital Locks: As of 2022, Push-pull digital locks offer a combination of ease of use and advanced security features, which have made them popular in the South Korean market.
By Mode of Purchase: In 2022, Offline mode (direct sales- showrooms, wholesalers and dealers’ network, and retailers) contributed the highest market share in South Korea Digital Locks Market.
Competitive Landscape
Future Outlook
The South Korea Digital Locks Market witnessed significant growth during the period 2017-2021, Online mode of purchase in the digital locks market is expected to become popular in the future due to the widespread use of the internet and smartphones in South Korea. Commercial use-digital locks will continue to dominate the market in terms of the number of sales and revenue.
Scope of the Report
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South Korea Digital Locks Market Segmentation |
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By Type of Digital Locks |
Push Pull Lock Mortise Lock Pad Lock Others |
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By Mode of Purchase |
Online Direct Sales- Showroom Wholesalers & Dealers Network Retailers |
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By Mode of Technology |
RF-ID Pin Fingerprint Wi-Fi Bluetooth Others |
Products
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Investors
- Technology and IT Companies
- Government and Institutions
- Aeronautical Companies
- Farming Associations
- Existing Digital Locks Companies
- Venture Capitalist
- New Market Entrants
- Real Estate Agencies
Time Period Captured in the Report
- Historical Period: 2017-2022
- Base Period: 2022
- Forecast Period: 2022-2027
Companies
Major Players Mentioned in the Report
- Solity
- Zigbang
- Gatemen - Assa Abloy
- Evernet
- Milre, Allegion
Table of Contents
1. Executive Summary
1.1 Executive Summary
2. Country Overview
2.1 Country Demographics,2022
2.2 Cross Comparison of the Security Devices Market amongst the Southern and Eastern Asian Countries
3. Sector Overview
3.1 Number of Commercial and Residential Buildings by Use in South Korea, 2022
3.2 Smart Home Data for South Korea, 2022
3.3 Security Segment Statistics of South Korea
4. Market Overview of South Korea Digital Locks Market
4.1 Business Model Canvas
4.2 Revenue Streams in South Korean Digital Locks Market
4.3 Supply Side Ecosystem of South Korea Digital Locks
4.4 Demand Side Ecosystem of South Korea Digital Locks Market
4.5 Value Chain Analysis of the South Korean Digital Locks Market
5. Market Sizing and Segmentation of South Korea Digital Locks Market, 2017-2022
5.1 TAM, SAM and SOM (B2C)
5.2 Market Sizing Analysis of South Korea Digital Locks Market, 2017-2022
5.3 Market Segmentation by Mode of Purchase, 2022
5.4 Market Segmentation by Mode of Technology, 2022
5.5 Market Segmentation by Type of Locks, 2022
6. Industry Analysis
6.1 SWOT Analysis
6.2 Growth Drivers
6.3 Key Issues and Challenges in the South Korean Digital Locks Market
6.4 Government Regulations
6.5 Certifications for operating in the South Korean Digital Locks Market
6.6 Key Trends of the South Korea Digital Locks Market
6.7 Recent Developments in the South Korean Digital Locks Market
7. Competition Scenario of South Korea Digital Locks Market, 2022
7.1 Market Share Analysis of major players
7.2 Cross Comparison of major players
7.3 Strengths and Weaknesses of major players
7.4 Gartner Matrix
7.5 Market Positioning
7.6 Competitive Analysis
8. End-User Analysis
8.1 Market Segmentation by Type of End Users, 2022
8.2 Cross Comparison of Different End-Users
8.3 Pain Points and Solutions of the Consumers
8.4 Decision-Making Parameters of End Users in the South Korea Digital Locks Market
9. Future Outlook of South Korea Digital Market, 2022-2027
9.1 Future Market Sizing Analysis of South Korea Digital Locks Market, 2022-2027
9.2 Future Market Segmentation by Mode of Purchase, 2027
9.3 Future Market Segmentation by Type of Locks and Mode of Technology, 2027
9.4 Emerging Technology in South Korean Digital Locks Market
9.5 Future Market Segmentation by End User, 2027
10. Market Opportunities and Analyst Recommendations
10.1 Case Study- Yale
10.2 Regions with Potential Demand for Digital Locks in South Korea
10.3 Marketing Strategies for Digital Locks Companies in South Korea
10.5 GTM Strategy
10.6How can Partnerships Benefit Digital Locks Companies in South Korea?
10.7 Inorganic Strategies in South Korean Digital Locks Market
10.8 Whitespace in South Korea Digital Locks Market
10.9 Product Innovations in Digital Locks in South Korea
11. Research Methodology
11.1 Market Definitions and Assumptions
11.2 Abbreviations
11.3 Market Sizing Approach
11.4 Consolidated Research Approach
11.5 Primary Research Approach
11.6 Sample Size Inclusion
11.7 Research Limitations and Future Conclusion
Disclaimer
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Research Methodology
Step 1: Identifying Key Variables:
Ecosystem creation for all the major entities and referring to multiple secondary and proprietary databases to perform desk research around the market to collate industry-level information.
Step 2: Market Building:
The list of South Korea Digital Lock companies with a presence in South Korea was compiled after extensive study. Exhaustive secondary research is done on the South Korean Digital Lock Market. Gathered information on this industry from several industry articles, company websites, blogs, and industry reports.
Step 3: Validating and Finalizing:
Building market hypothesis and conducting CATIs with industry experts belonging to different companies to validate statistics and seek operational and financial information from company representatives.
Step 4: Research output:
Our team then conducted mystery calls to the brand dealers operating in these sectors in South Korea to verify the information obtained from the interviews. The team also made an effort to comprehend their operational and financial data, including revenue, business models, geographical presence, focus areas, business verticals, and services offered among others.
Frequently Asked Questions
01 How big is South Korea Digital Locks Market?
The South Korea digital locks market reached USD 300 million in 2022.
02 Which type of locks have the highest market share in South Korea digital locks market 2022?
Push-Pull lock have the highest market share in 2022 in South Korea digital locks market.
03 Which are the major companies in South Korea digital locks market?
Gateman-ASSA Abloy, Zigbang, Evernet, Milre and Solity are the major companies in South Korea digital locks market.
04 Which factors are driving growth of South Korea digital locks market?
Rise in e-commerce industries, tourism and government initiatives are the factors that are fueling the growth of South Korea digital locks market.
05 What is the future outlook of South Korea digital locks market?
The South Korea digital locks market is expected to reach USD 530 million with a CAGR of 12.1% during the forecast period 2022-2027.
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