Cracking the Code: South Korea's Digital Locks Market growing rapidly - Who are the Key Growth Drivers? : Ken Research

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From smart homes to commercial establishments, digital locks have become an integral part of South Korea's security landscape. With a strong emphasis on enhanced security, South Korea has implemented various policies and strategies to promote the widespread adoption of digital locks. These measures ensure a seamless transition towards advanced security solutions and drive the market's growth. To delve deeper into the growth enablers propelling this dynamic industry, read on. Discover the key factors behind South Korea's success in embracing digital locks and revolutionizing security practices.

1. China, Japan, and South Korea are the countries with the highest revenue whereas Japan, Thailand, and Malaysia are the countries with the highest growth rate in the Security Devices Market

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2. South Korea is the 3rd largest exporter of digital locks in the world and is backed by several government policies and strategies that ensure the use of Digital Locks for enhanced security

3. South Korean Digital Lock manufacturers are putting emphasis on sustainability, product aesthetics, using advanced technologies, providing customization, and even expanding to new markets

4. Increasing Adoption of Digital Locks for Commercial Use, Biometric recognition for enhanced security, and Integration with smart homes devices are the major trends in the Digital Locks Market in South Korea

5. Government initiatives in terms of promoting smart home technology, growing tourism because of Korean pop culture, and growing e-commerce industry in South Korea is driving the market of digital locks

Some of the Intelligence Curated by Ken Research in Digital Locks Market Space:

• China Cyber Security Market Outlook to 2027F Segmented by Component (Hardware, Software and Services), By Security (Network, Endpoint, Application and Cloud Security), By Deployment Type (On-Premise and Cloud), By Organization Size (Medium, Small and Large Enterprise) and by Industry (BFSI, Government Sector, IT, Telecom, E-Commerce, Healthcare and Retail)
• Australia Cyber Security Market Outlook to 2027F Segmented by Component (Hardware, Software and Services), By Security (Network, Endpoint, Application and Cloud Security), By Deployment Type (On-Premise and Cloud), By Organization Size (Medium, Small and Large Enterprise) and by Industry
• Indonesia Cyber Security Market Outlook to 2027F Segmented by Component (Hardware, Software and Services), By Security (Network, Endpoint, Application and Cloud Security), By Deployment Type (On-Premise and Cloud), By Organization Size (Medium, Small and Large Enterprise) and by Industry
• Global Door Entry Systems Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product (Card-Based, Video/Audio Systems, Biometric Systems), Application (Residential, Commercial), and Region (North America, Europe, Asia Pacific, Latin America Middle East and Africa (LAMEA))
• KSA Cybersecurity Market Outlook to 2026E- Gauging the opportunities for foreign investment in the cybersecurity market

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 South Korea Digital Locks Market

The digital lock market size in South Korea is expected to grow to 530 Mn in 2027. Will South Korea’s digital locks market stand on this projected figure? : Ken Research

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1. Growing E-Commerce Industry

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The e-commerce market in South Korea is projected to reach $101.8 Bn in 2023, driven by the increasing popularity of online shopping and home delivery and thereby, increasing the demand for digital locks with features such as delivery box integration and remote access for the delivery personnel.

2. Government Initiatives

The South Korean government is promoting the use of smart home technology and offering incentives to encourage its adoption. The government has set a target of 10.0 Mn smart home installations by 2023 and is even offering tax benefits and subsidies to homeowners who install smart home devices.

Information and Communications Network Act

Regulates the production and distribution of digital locks in South Korea. Companies must comply with standards related to security and privacy protection, and obtain certification from the Korea Agency for Technology and Standards (KATS) which has a mandatory security standard for digital door locks that use a password or biometric identification method.

Digital Signature Act

The DSA regulates the use of electronic signatures in South Korea. Digital lock companies must comply when implementing digital signature systems in their products. It specifies the type of digital signature methods that are valid - digital certificates and requires the use of secure cryptographic methods to ensure the integrity of digital signatures.

3. Growing Tourism Industry

A growing interest in Korean pop culture - the "Korean Wave" or "Hallyu, “is causing the growth of the tourism industry in South Korea. Revenue from the Tourism industry is expected to grow by 4.1% from 2023 to 2027, driving the demand for advanced security solutions in tourist destinations.

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4. Partnerships and Acquisitions

Zigbang, a South Korean prop-tech startup providing real estate transactions service, acquired Samsung SDS’ home IoT unit to make a foray into the smart home industry.

Expansion into new markets

South Korean digital lock manufacturers are expanding into international markets.

KeyWe, a South Korean digital lock manufacturer has expanded to Southeast Asia, Europe, and North America and its products are available in the US, Canada, and Singapore

For more insights on market intelligence, refer to the link below:

Digital Locks Market South Korea