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
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