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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- 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
- 10.6 How 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
- Contact Us
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