South Korea Smart Locks Market Report and Forecast 2024-2032

South Korea Smart Locks Market Outlook

The South Korea smart locks market is expected to grow at a CAGR of about 15.7% in the forecast period of 2024-2032. Technological advancements like machine learning and artificial intelligence are expected to majorly drive the growth of the smart locks market in South Korea during the given forecast period.

Increasing Prevalence of New Networking Technologies are Augmenting the Smart Locks Market Growth

The growing acceptance of cutting-edge connecting technologies  like 5-G, Bluetooth, Z-wave, Zigbee, and others is one the major factors affecting the market for smart door locks. These technologies are being used by businesses to create smart locks for both residential and commercial use. These technologies provide improved and sophisticated network connectivity and security features. During the COVID-19 pandemic, smart locks have become very popular. Since the locksing and unlocksing processes can be completed using voice recognition and smartphones/smart gadgets, minimizing the need to touch the devices physically, the market is anticipated to see a wide range of opportunities because of increased hygiene management and social distancing concerns. These technologies give manufacturers the ability to meet consumer expectations for contactless platforms to sell their products, giving them an edge in these difficult times. The two significant methods that the majority of industry companies are anticipated to use over the next few years to increase their consumer base are the development of new products and the integration of cutting-edge/touchless technologies.

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Market Segmentation

A smart locks is a lock that has a keypad, fob installed, wireless, and biometric along with other advanced technological functions are called smart locks. These locks are more sophisticated, safe and trendy. They can be managed remotely via smartphone or a computer interface.

By product, the South Korea smart locks market can be segmented into:

• Deadbolts

• Level Handles

• Padlocks

• Others

By application, the smart locks market of South Korea can be divided into:

• Residential

• Enterprise

• Hospitality

• Critical infrastructure

• Others

By technology, the South Korea smart locks market can be bifurcated into:

• WiFi

• Bluetooth

• Others

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Increasing Trend of Smart Homes and Technological Advancements Bolstering the Smart Locks Market in South Korea

With the increasing demand of smart homes and smart interior across the country, which include features like voice control, remote access, and easy connectivity is propelling the smart locks market in South Korea. At present, many brands are installing encryption technology in the smart locks which eliminates the scope of cloning and unauthorized access.

Smart locks are used by the government, forensic authorities, and several organisations for personnel authentication and controlling sensitive information, among others. In order to provide strong authentication processes and security, commercial sectors, particularly financial sectors, use smart locks technology for numerous applications, including physical access and computer access. South Korea is the most wired country in the world, with an internet penetration rate of 96%.  It is among the countries with the highest smartphone ownership. The South Korean government invests heavily in artificial intelligence (AI), making them one of the top contenders in the whole world. This is encouraging smart locks companies to invest more in research and development.

The country is known for its cutting-edge information and communication technology, many stores in country are fully automated . Smart locks provide advanced security features across the various end-users like commercial and corporate buildings, homes, educational and research institutions, and government buildings. In the hospitality industry, customer service and customer satisfaction are critical. There is a huge growth opportunity for the smart locks which are installed at office spaces as many people access the same facility with id card or biometrics.

Technological advancements and product launches that mainly target hotels, businesses, and office spaces are expected to augment the sales of smart locks further in the given forecast period. Hotel management ensures that guests have a comfortable stay, and various hotels are proposing to replace RFID locks  accessed via IC cards with Bluetooth or Wi-Fi-enabled locks as part of the process to ease as well as strengthen the security of their facilities. Moreover, the Korean entertainment industry, with its movies, dramas, and K-pop, collectively known as "Hallyu," is influencing a lot of foreign fans to visit Korea. So, with increased tourism, the hotel industry is also booming, which is positively impacting the South Korea smart locks market.

After the COVID-19 pandemic, touchless locks technologies have gained a lot of traction, and as a result, major manufacturers are providing solutions that require very little human interaction. Furthermore, smart home penetration has increased significantly across the nation, which is playing an essential role in raising awareness about innovative devices and technologies helping the smart locks market growth.

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Key Players

The report gives a detailed analysis of the following key players in the South Korea smart locks market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
 

• Samsung SDS Co., Ltd.

• Assa Abloy Group (Gateman)

• HIONE Plus

• Frontiertek Holdings (LOCPRO)

• Lumi United Technology Co., Ltd. (Aqara)

• SOLITY Co., Ltd.

• Others

The comprehensive EMR report provides an in-depth assessment of the smart locks market based on the Porter's five forces model along with a SWOT analysis.

Key Highlights of the Report