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The South Korea smart locks market is expected to grow at a CAGR of about 15.7% in the forecast period of 2023-2028. 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.
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.
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:
By application, the smart locks market of South Korea can be divided into:
By technology, the South Korea smart locks market can be bifurcated into:
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.
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:
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.
|Scope of the Report||
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Product||
|Breakup by Technology||
|Breakup by Application||
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Industry Opportunities and Challenges
8 South Korea Smart Locks Market Analysis
8.1 Key Industry Highlights
8.2 South Korea Smart Locks Historical Market (2018-2022)
8.3 South Korea Smart Locks Market Forecast (2023-2028)
8.4 South Korea Smart Locks Market by Product
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2018-2022)
188.8.131.52 Forecast Trend (2023-2028)
8.4.2 Lever Handles
184.108.40.206 Market Share
220.127.116.11 Historical Trend (2018-2022)
18.104.22.168 Forecast Trend (2023-2028)
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2018-2022)
188.8.131.52 Forecast Trend (2023-2028)
8.5 South Korea Smart Locks Market by Technology
184.108.40.206 Market Share
220.127.116.11 Historical Trend (2018-2022)
18.104.22.168 Forecast Trend (2023-2028)
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2018-2022)
188.8.131.52 Forecast Trend (2023-2028)
8.6 South Korea Smart Locks Market by Application
184.108.40.206 Market Share
220.127.116.11 Historical Trend (2018-2022)
18.104.22.168 Forecast Trend (2023-2028)
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2018-2022)
188.8.131.52 Forecast Trend (2023-2028)
184.108.40.206 Market Share
220.127.116.11 Historical Trend (2018-2022)
18.104.22.168 Forecast Trend (2023-2028)
8.6.4 Critical Infrastructure
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2018-2022)
188.8.131.52 Forecast Trend (2023-2028)
9 Market Dynamics
9.1 SWOT Analysis
9.2 Porter’s Five Forces Analysis
9.2.1 Supplier’s Power
9.2.2 Buyer’s Power
9.2.3 Threat of New Entrants
9.2.4 Degree of Rivalry
9.2.5 Threat of Substitutes
9.3 Key Indicators for Demand
9.4 Key Indicators for Price
10 Competitive Landscape
10.1 Market Structure
10.2 Company Profiles
10.2.1 Samsung SDS Co., Ltd.
10.2.1.1 Company Overview
10.2.1.2 Product Portfolio
10.2.1.3 Demographic Reach and Achievements
10.2.2 Assa Abloy Group (Gateman)
10.2.2.1 Company Overview
10.2.2.2 Product Portfolio
10.2.2.3 Demographic Reach and Achievements
10.2.3 HIONE Plus
10.2.3.1 Company Overview
10.2.3.2 Product Portfolio
10.2.3.3 Demographic Reach and Achievements
10.2.4 Frontiertek Holdings (LOCPRO)
10.2.4.1 Company Overview
10.2.4.2 Product Portfolio
10.2.4.3 Demographic Reach and Achievements
10.2.5 Lumi United Technology Co., Ltd. (Aqara)
10.2.5.1 Company Overview
10.2.5.2 Product Portfolio
10.2.5.3 Demographic Reach and Achievements
10.2.6 SOLITY Co., Ltd.
10.2.6.1 Company Overview
10.2.6.2 Product Portfolio
10.2.6.3 Demographic Reach and Achievements
11 Industry Events and Developments
List of Key Figures and Tables
1. South Korea Smart Locks Market: Key Industry Highlights, 2017 and 2021
2. South Korea Smart Locks Historical Market: Breakup by Product (USD Million), 2018-2022
3. South Korea Smart Locks Market Forecast: Breakup by Product (USD Million), 2023-2028
4. South Korea Smart Locks Historical Market: Breakup by Technology (USD Million), 2018-2022
5. South Korea Smart Locks Market Forecast: Breakup by Technology (USD Million), 2023-2028
6. South Korea Smart Locks Historical Market: Breakup by Application (USD Million), 2018-2022
7. South Korea Smart Locks Market Forecast: Breakup by Application (USD Million), 2023-2028
8. South Korea Ice Cream Historical Market: Breakup by Province (USD Million), 2018-2022
9. South Korea Ice Cream Market Forecast: Breakup by Province (USD Million), 2023-2028
10. South Korea Smart Locks Market Structure
The market is projected to grow at a CAGR of 15.7% between 2023 and 2028.
Growing inclination towards smart homes, technological advancements, tourism and easy connectivity, are the major drivers of the South Korea smart locks market.
New networking technologies and internet penetration are the key industry trends.
The dominant type of smart locks in the industry are Deadbolts, Level Handles, and Padlocks, among others.
Smart locks enable a homeowner to enter their home or grant access to others without the need for a standard key in a smart home. Instead, the user wirelessly verifies and mechanically unlocks the door with a smartphone or a key fob.
Depending on the type and quality, digital locks can last for 5–6 years on average.
The major players in the South Korea smart locks industry are Samsung SDS Co., Ltd., Assa Abloy Group (Gateman), HIONE Plus, Frontiertek Holdings (LOCPRO), Lumi United Technology Co., Ltd. (Aqara), and SOLITY Co., Ltd., among others.
The South Korea locks market is driven by the rising prevalence of artificial intelligence (AI) and network penetration. Aided by the growing technological advancements, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 15.7%.
EMR’s precise research methodology delves deep into the market, covering the macro and micro components of the industry. Based on products, the South Korea smart locks market can be segmented into deadbolts, level handles, padlocks, among others. On the basis of application, the South Korea smart locks market can be bifurcated into residential, enterprise, hospitality, critical infrastructure, among others. Based on technology, the market is classified into Wi-Fi, and bluetooth, among others. The key players in the above market include Samsung SDS Co., Ltd., Assa Abloy Group (Gateman), HIONE Plus, Frontiertek Holdings (LOCPRO), Lumi United Technology Co., Ltd. (Aqara), and SOLITY Co., Ltd., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are detailed accurate, applicative, and help them remain ahead of their competition.
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