South Korea Digital Locks Market Outlook to 2027

South Korea Digital Locks Market Outlook to 2027
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.

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.

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