South Korea projected to sell over 3 Million Digital Locks by 2027: Ken Research
GURUGRAM, India, July 11, 2023 /PRNewswire/ -- South Korea has a moderately consolidated market with major players covering the majority of the digital locks market. Moderately consolidated market with Solity as the market leader in the South Korean Digital Locks market. Solity, Gateman- Assa Abloy, Zigbang, Evernet, and Milre are the major players in South Korea Digital Locks Market.
1. Increased emphasis on Aesthetics and Sustainability.
- Digital lock manufacturers in South Korea are placing greater emphasis on the aesthetics of the products.
- Samsung and LG are two South Korean digital lock manufacturers that place greater emphasis on aesthetics. Samsung's SHP-DP930 features a sleek, modern design with a slim profile, while LG's PINEWAVE Smart Door Lock features a minimalist design with a curved handle.
- South Korean Digital lock manufacturers are focusing on sustainability by using sustainable materials and manufacturing processes that are environmentally friendly.
- Yale is now focusing on sustainability by using recycled materials and reducing energy consumption. Yale Real Living Touchscreen Deadbolt incorporates sustainable materials.
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2. Use of Advanced Technologies
- 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.
3. Integration with other smart home devices
- Digital lock manufacturers in South Korea are working to integrate their products with other smart home devices like home security systems and voice assistants.
- KeyWe Smart Lock enables fingerprint and NFC authentication, and integration with voice assistants like Alexa and Google Assistant.
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Market Taxonomy
South Korea Digital Locks Market Segmentation
By Type of Digital Locks
- Push Pull Lock
- Mortise Lock
- Pad Lock
- Others
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By Mode of Purchase
- Online
- Direct Sales- Showroom
- Wholesalers & Dealers Network
- Retailers
By Mode of Technology
- RF-ID
- Pin
- Fingerprint
- Wi-Fi
- Bluetooth
- Others
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South Korea Digital Locks Market
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According to Ken Research estimates, the Australia Cyber Security Market – which grew from approximately AUD ~ Bn in 2017 to approximately AUD ~Bn in 2022 – is forecasted to grow further into AUD ~Bn opportunity by 2027F, owing to the new government policies, new players in the market and technological development. IoT devices have a security system that is vulnerable to cyberattacks. It is not designed to pre-detect or prevent threats, such as hacking. Thus, these devices could be prime targets for hackers to obtain usernames and passwords and access other confidential information. The quantity of personal information and transaction data that all Australia firms have on hand is growing. Sensitive data is frequently exposed due to organizational system weaknesses, making these firms the prime targets of cyberattacks.
In 2020, Saudi Arabia recorded 22.5 million cyberattacks. Companies, especially MSMEs, were the major targets. Therefore, enterprises are boosting investment to enhance their cybersecurity measures. The cybersecurity market in Saudi Arabia is estimated to expand at a high CAGR between 2021 and 2026E attributed to increasing demand of big data, surging internet penetration rate and roll out of 5G services across the nation. The strict regulations by the government such as ECC and Cybersecurity Framework by SAMA will also act as a catalyst for the surging growth of the cybersecurity market in Saudi Arabia. Coupled with that launch of smart city project such as NEOM and companies shifting to cloud infrastructure as companies look for hybrid mode of working assists the growth of the industry.
Philippines' electronic security market is expected to witness phenomenal growth across all industry verticals driven by the growing awareness among the domestic population. The wide publicity by media and other government entities about the advantages of electronic security systems is anticipated to further support the growth of the market in the coming years. Additionally, recurring incidents of crime, terror, and burglary have also driven the need for around-the-clock robust security solutions. These factors will amplify the demand for CCTV surveillance systems, access control systems, intrusion alarms, fire alarm systems, and specialty security equipment in the coming years and hence will lead to the overall development of the market.
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