South Korea Digital Locks Market Growth, Size, Trends, Revenue, Demand and Future Challenges
South Korea Digital Locks Market Size- By Access Type, By Lock Type, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Jun-2023 | Report ID: IACT23126 | Pages: 1 - 103 | Formats*: |
| Category : Information & Communications Technology | |||
South Korea Digital Locks Market Overview
According to SPER Market Research, the South Korea Digital Locks Market is estimated to reach USD XX billion by 2033 with a CAGR XX%.
Digital locks are electronic alternatives to traditional locks and keys. They utilize a keypad or touchpad interface for entering a numeric code or password to unlock doors. They provide keyless entry, multiple user codes, and the ability to generate temporary codes. Digital locks operate independently without requiring connectivity to other devices. They are usually battery-powered and incorporate basic security features like lockout functions. Some models offer a physical key backup. While lacking advanced features and connectivity of smart locks, digital locks offer a convenient, reliable, and cost-effective solution for securing access to properties.
Exploring the Growth Drivers of the South Korea Digital Locks Industry
The Digital Locks market in South Korea is experiencing significant growth due to several key drivers. Rising security concerns and the need for advanced access control systems are propelling the adoption of digital locks, which offer enhanced protection against unauthorized access. The thriving real estate sector, encompassing residential, commercial, and industrial segments, is generating increased demand for digital locks as modern and secure locking solutions. The growing popularity of smart homes and home automation systems is further driving the market, with digital locks providing convenient and connected access control features. Urbanization in South Korea is also contributing to the demand for efficient access control solutions, where digital locks offer a keyless and convenient alternative to traditional locks. These factors combined are expected to propel the growth of the digital locks market in South Korea.
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What challenges does the South Korea Digital Locks Market face?
The South Korea digital locks market faces challenges alongside its growth prospects. Security concerns need to be addressed to build consumer trust, despite digital locks offering advanced security features. Intense market competition requires companies to differentiate themselves and provide unique value propositions to attract customers. Integration of digital locks into existing infrastructure poses challenges, particularly in older buildings with incompatible door designs. Overcoming these challenges involves building trust in the security of digital locks, fostering innovation to stand out in a competitive market, and finding solutions for seamless integration without significant modifications or costs. Successfully addressing these challenges will contribute to the continued growth of the digital locks market in South Korea.
In what ways has the COVID-19 pandemic affected South Korea Digital Locks Market?
The COVID-19 pandemic has had a mixed impact on the South Korea digital locks market. On one hand, there has been an increased focus on hygiene and contactless solutions, making digital locks more appealing as they offer touchless access control. Additionally, the surge in adoption of smart home technologies during lockdowns has driven the demand for digital locks as part of home automation systems. On the other hand, the construction sector faced disruptions and delays, impacting the installation of digital locks in new projects. These delays have affected the market growth to some extent. Overall, the pandemic has accelerated certain aspects of the digital locks market while introducing challenges in the construction sector. As the situation improves, the market is expected to recover and witness continued growth driven by hygiene concerns and smart home adoption.
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Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Access Type, By Lock Type, By End User |
| Regions covered | North Gyeongsang, Gyeonggi, Gangwon, South Jeolla, Rest of South Korea |
| Companies Covered | Samsung SDS, Yale, Gateman, L.G., Others |
Key Target Audience
- Commercial Establishments
- Facility Managers and Security Professionals
- Residential Homeowners
- Small and Medium-sized Enterprises (SMEs)
- Smart Home Technology Enthusiasts
- Others
South Korea Digital Locks Market Segmentation:
1. By Access Type:
- South Korea Digital Locks Market Value Share and Forecast, By Access Type, 2023-2033
- Electric Strike
- Face
- Fingerprint
- Iris
- Keypad Locks
- Magnetic Strike
- Signature
- Vein & Palm
- Voice
- Other
2. By Lock Type:
- South Korea Digital Locks Market Value Share and Forecast, By Lock Type, 2023-2033
- Deadbolt
- Lever Handle
- Padlock
- Others
3. By End User:
- South Korea Digital Locks Market Value Share and Forecast, By End User, 2023-2033
- Commercial
- Government and Institutions
- Hotels & Hospitals
- Industrial
- Residential
- Others
4. By Region:
- Gangwon
- Gyeonggi
- North Gyeongsang
- South Jeolla
- Rest of South Korea
Key Topics Covered in the Report
- South Korea Digital Locks Market Size (FY’2023-FY’2033)
- Overview of South Korea Digital Locks Market
- Segmentation of South Korea Digital Locks Market By Access Type (Electric Strike, Face, Fingerprint, Iris, Keypad Locks, Magnetic Strike, Signature, Vein & Palm, Voice, Other)
- Segmentation of South Korea Digital Locks Market By Lock Type (Deadbolt, Lever Handle, Padlock, Others)
- Segmentation of South Korea Digital Locks Market By End User (Commercial, Government and Institutions, Hotels & Hospitals, Industrial, Residential, Others)
- Statistical Snap of South Korea Digital Locks Market
- Growth Analysis of South Korea Digital Locks Market
- Problems and Obstacles in South Korea Digital Locks Market
- Competitive Landscape in the South Korea Digital Locks Market
- Impact of COVID-19 and Demonetization on South Korea Digital Locks Market
- Details on Current Investment in South Korea Digital Locks Market
- Competitive Analysis of South Korea Digital Locks Market
- Prominent Players in the South Korea Digital Locks Market
- SWOT Analysis of South Korea Digital Locks Market
- South Korea Digital Locks Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges
4.2. COVID-19 Impacts of the South Korea Digital Locks Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. South Korea Digital Locks Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in South Korea Digital Locks Market
7. South Korea Digital Locks Market, By Access Type (USD Million)
7.1. South Korea Digital Locks Market Value Share and Forecast, By Access Type, 2023-20337.2. Electric Strike7.3. Face7.4. Fingerprint7.5. Iris7.6. Keypad Locks7.7. Magnetic Strike7.8. Signature7.9. Vein & Palm7.10. Voice
7.11. Other
8. South Korea Digital Locks Market, By Lock Type (USD Million)
8.1. South Korea Digital Locks Market Value Share and Forecast, By Lock Type, 2023-20338.2. Deadbolt8.3. Lever Handle8.4. Padlock8.5. Others
9. South Korea Digital Locks Market, By End User (USD Million)
9.1. South Korea Digital Locks Market Value Share and Forecast, By End User, 2023-20339.2. Commercial9.3. Government and Institutions9.4. Hotels & Hospitals9.5. Industrial9.6. Residential9.7. Others
10. South Korea Digital Locks Market Forecast, 2019-2033 (USD Million)
10.1. South Korea Digital Locks Market Size and Market Share
11. South Korea Digital Locks Market, By Access Type, 2019-2033 (USD Million)
11.1. South Korea Digital Locks Market Size and Market Share by Access Type (2019-2026)11.2. South Korea Digital Locks Market Size and Market Share by Access Type (2027-2033)
12. South Korea Digital Locks Market, By Lock Type, 2019-2033 (USD Million)
12.1. South Korea Digital Locks Market Size and Market Share by Lock Type (2019-2026)12.2. South Korea Digital Locks Market Size and Market Share by Lock Type (2027-2033)
13. South Korea Digital Locks Market, By End User, 2019-2033 (USD Million)
13.1. South Korea Digital Locks Market Size and Market Share by End User (2019-2026)13.2. South Korea Digital Locks Market Size and Market Share by End User (2027-2033)
14. South Korea Digital Locks Market, By Region, 2019-2033 (USD Million)
14.1. South Korea Digital Locks Market Size and Market Share by Region (2019-2026)14.2. South Korea Digital Locks Market Size and Market Share by Region (2027-2033)14.3. Gangwon14.4. Gyeonggi14.5. North Gyeongsang14.6. South Jeolla14.7. Rest of South Korea
15. Company Profile
15.1. Gateman
15.1.1. Company details15.1.2. Financial outlook15.1.3. Product summary15.1.4. Recent developments
15.2. L.G.
15.2.1. Company details15.2.2. Financial outlook15.2.3. Product summary15.2.4. Recent developments
15.3. Samsung SDS
15.3.1. Company details15.3.2. Financial outlook15.3.3. Product summary15.3.4. Recent developments
15.4. Yale
15.4.1. Company details15.4.2. Financial outlook15.4.3. Product summary15.4.4. Recent developments
15.5. Others
16. List of Abbreviations
17. Reference Links
18. Conclusion
19. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
South Korea Digital Locks Market is projected to reach USD XX billion by 2033, growing at a CAGR of XX% during the forecast period.
South Korea Digital Locks Market grew in market size from 2022. The Market is expected to reach USD XX billion by 2033, at a CAGR of XX% during the forecast period.
South Korea Digital Locks Market CAGR of XX% during the forecast period.
You can get the sample pages by clicking the link - Click Here
South Korea Digital Locks Market size is USD XX billion from 2023 to 2033.
South Korea Digital Locks Market Segment is covered By Access Type, By Lock Type, By End User.
The Asia-Pacific region is anticipated to have the highest market share in the South Korea Digital Locks Market.
The key players in the market include Companies Covered Samsung SDS, Yale, Gateman, L.G., Others.
They provide keyless entry, multiple user codes, and the ability to generate temporary codes. Digital locks operate independently without requiring connectivity to other devices.
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