South Korea Access Control Market Size
| Study Period | 2022 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 400 Million |
| Market Size (2029) | USD 617.79 Million |
| CAGR (2024 - 2029) | 7.52 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
South Korea Access Control Market Analysis
The South Korea Access Control Market size is estimated at USD 400 million in 2024, and is expected to reach USD 617.79 million by 2029, growing at a CAGR of 7.52% during the forecast period (2024-2029).
- The market is growing due to the rising need for security applications like biometric readers, card readers, and electronic locks in residential, commercial, and other end-user industries. Owing to the growing security worries and the rise in crime, access control systems are being used increasingly in data centers and office premises, as well as in hotels, entertainment, retail, government, and bank stores.
- The increase in contactless payments after the coronavirus pandemic has also contributed to the market's growth. Using biometric readers allows payment to be verified without contact and the need for a physical card, making it safer and more convenient. The growth of the market in South Korea can be attributed to the increasing number of systems being installed in commercial and defense industries, as well as the large investments made by private and governmental entities to improve data protection and create a safer and more secure environment for their employees.
- Security professionals prefer access control systems due to their user-friendliness, low cost, and non-contact. Most proximity readers are built into the door frame. They work with existing hardware, such as smart locks or deadbolts, and require no software or programming. Many companies are transitioning to touchless access control, which means users don’t need to touch card readers to access the system physically. Proximity card readers eliminate the need for people to physically touch card readers, making it a great choice for many businesses.
- The increasing construction of commercial and residential buildings across the country creates a huge demand for access control solutions. For instance, the government of South Korea is working on several projects that overlook the development of the country’s infrastructure through various government flagship programs. The South Korean government has been in the process of updating its national smart home standards to prepare for the era of the Internet of Things (IoT). Major Korean electronics manufacturers have also worked actively on the IoT and smart homes. The country previously launched an alliance of leading ICT and construction firms, primarily to nurture the smart homes industry.
- The higher cost of initial deployment of smart access control systems may restrict the market's growth. It also takes more time to initiate a code, and biometric systems have a very high incidence of system failure. The lack of technical knowledge and failure of the system due to network loss further hampering the market's growth.
- The rising inflation rates have increased the cost of goods and services, including access control systems. Higher costs are leading to reduced purchasing power for consumers and businesses, slowing down the market's growth. Further, the ongoing war between Russia and Ukraine has disrupted the global supply chain, particularly affecting the availability and cost of electronic components and raw materials used in access control systems. This is leading to delays in production and increased costs for manufacturers.
South Korea Access Control Market Trends
Biometric Readers is Expected to Witness Remarkable Growth
- The increasing number of airport passengers further accelerates the adoption of access control systems at airports. For instance, in July 2023, Incheon Airport started using pre-registered facial information to modernize the departure process for passengers. The new facial recognition smart pass service allows passengers to instantly pass through the identification process at boarding and departure gates without showing their boarding passes or passports to security personnel.
- Facial recognition attendance system provides accurate data with little human intervention and can prevent activities such as buddy punching by providing security features such as Anti-spoofing, which detects and prevents attempts to circumvent the system using photos or masks, which is one of the most popular ways of stealing employee time. A facial-based attendance management system is used by employees, staff, or workers in the following industries: automotive, manufacturing, software development companies, small offices, school colleges, and malls. High-speed Facial recognition and the ability to handle a large number of users make it suitable for large organizations with multiple employees or residents.
- Biometrics plays an increasingly significant role in preventing identity theft and safeguarding healthcare information by providing secure, centralized access to medical records. Biometric access control systems are used to monitor the attendance of doctors and staff to check their presence in the hospitals. Instant access to medical rooms or equipment might be crucial in a hospital or clinic environment. The authentication procedure must be quick and precise to restrict access points without slowing workflow. Clinicians can easily regulate admission using an access control system with contactless identification, which drives the segment's growth.
- The increasing requirement for high-quality access systems, reduced costs, and the increasing functionality of biometric systems are driving their growth in the market. It also offers other key benefits, which include increased productivity and elimination of system inaccuracies, tracking excessive overtime, enabling multifactor authentication, and multi-nodal authentication (i.e., use of multiple data enrollments).
The Residential Segment Holds a Significant Share in the Market
- The South Korean residential sector holds a significant share in the access control market owing to the large number of residential buildings in the country and government support and investment to construct new homes. For instance, South Korea’s Ministry of Land announced that the Yoon administration will provide 2.7 million new homes in South Korea from 2023 through 2027.
- Seoul, the capital city of South Korea, is focusing on redevelopment. According to the Ministry of Land, Infrastructure, and Transport of South Korea, Seoul will be supplied with around 1.6 million homes. Around 520,000 homes will be provided under the reconstruction, redevelopment, and downtown development projects, and 880,000 homes will be available to the general public. Private developers will construct the remaining 1.3 million houses. Such infrastructure development plans and projects in the country will create immense opportunities in the coming years.
- Residential building investment in the private sector is anticipated to improve in the coming years due to the commencement of the third phase of new cities, a revitalized remodeling market, and the deregulation of maintenance projects. The increased number of residential buildings is expected to boost the demand for access control solutions such as electronic locks, biometric readers, card readers, and access control software.
- With the growing digitalization and adoption of the cloud, the 5G network is expected to accelerate the demand for access control software in the country. Similarly, with the growing crime and robbery activities in buildings and social places, access control systems are expected to gain momentum in the coming years. For instance, according to the South Korean Police, the country has been seeing more than three random attacks on strangers every day, with 925 cases of assault, murder, or bodily harm recorded during the first half of 2023.
South Korea Access Control Industry Overview
The South Korean access control market is fragmented highly competitive and comprised of both global and regional players striving for a larger share in a fiercely contested space. Despite the high barriers to entry, several new entrants have successfully made a mark in the market. Some of the notable players in the industry are Hikvision, Schneider Electric SE, Allegion PLC, NEC Corporation, Panasonic Corporation, Thales Group, Bosch Security System Inc., and Suprema Inc.
- February 2024: Suprema Inc. developed an on-device biometric authentication process that incorporates businesses’ physical access control systems. The new Template on Mobile (ToM) has been developed to allow access authentication with facial biometrics and secure customers' privacy from data breaches.
- March 2024: Allegion PLC launched a new electronic lock portfolio, the Schlage XE360 Series Wireless Locks. The XE360 Series is an affordable and versatile solution to build secure and safe communities for residents and increase the multifamily living experience.
South Korea Access Control Market Leaders
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Thales Group
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Bosch Security System Inc.
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Honeywell International Inc
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Tyco International PLC (Johnson Controls)
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Allegion PLC
*Disclaimer: Major Players sorted in no particular order
South Korea Access Control Market News
- December 2023: Thales Group partnered with the Korean mobile operator SK Telecom to install Post Quantum Cryptography on 5G networks to upgrade and modernize the security of subscribers’ identity and privacy. The innovation lies in improving the cryptography used to anonymize the user's digital identity on the 5G network.
- November 2023: Nidec Instruments Corporation launched a card reader that meets the latest Version 6 of the Payment Card Industry PIN Transaction Security Point of Interaction (PCI PTS POI) mandated by the PCI Security Standards Council (PCI SSC).
South Korea Access Control Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
- 4.1 Market Overview
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4.2 Industry Attractiveness - Porter's Five Forces Analysis
- 4.2.1 Threat of New Entrants
- 4.2.2 Bargaining Power of Buyers/Consumers
- 4.2.3 Bargaining Power of Suppliers
- 4.2.4 Threat of Substitute Products
- 4.2.5 Intensity of Competitive Rivalry
- 4.3 Industry Value Chain Analysis
- 4.4 Impact of the Aftereffects of the COVID-19 pandemic and Other Macroeconomic Factors on the Market
5. MARKET DYNAMICS
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5.1 Market Drivers
- 5.1.1 The Increasing Adoption of Access Control Systems owing to Rising Crime Rates and Threats
- 5.1.2 Technological Advancements
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5.2 Market Challenges
- 5.2.1 Operational and ROI Concerns
6. TECHNOLOGY SNAPSHOT
- 6.1 Evolution of Access Control Solutions
- 6.2 Comparative Analysis of RFID and NFC Technology
- 6.3 Key Technological Trends
7. MARKET SEGMENTATION
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7.1 By Type
- 7.1.1 Card Reader and Access Control Devices
- 7.1.1.1 Card-based
- 7.1.1.2 Proximity
- 7.1.1.3 Smart Card (Contact and Contactless)
- 7.1.2 Biometric Readers
- 7.1.3 Electronic Locks
- 7.1.4 Software
- 7.1.5 Other Types
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7.2 By End-user Vertical
- 7.2.1 Commercial
- 7.2.2 Residential
- 7.2.3 Government
- 7.2.4 Industrial
- 7.2.5 Transport and Logistics
- 7.2.6 Healthcare
- 7.2.7 Military and Defense
- 7.2.8 Other End-user Verticals
8. COMPETITIVE LANDSCAPE
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8.1 Company Profiles*
- 8.1.1 Thales Group (Gemalto NV)
- 8.1.2 Bosch Security System Inc.
- 8.1.3 Honeywell International Inc
- 8.1.4 Tyco International PLC (Johnson Controls)
- 8.1.5 Allegion PLC
- 8.1.6 ASSA ABLOY AB Group
- 8.1.7 Schneider Electric SE
- 8.1.8 Panasonic Corporation
- 8.1.9 Brivo Systems LLC
- 8.1.10 NEC Corporation
- 8.1.11 Idemia Group
- 8.1.12 Suprema Inc.
- 8.1.13 SysOne
- 8.1.14 Smart Cop Co. Ltd
- 8.1.15 Biolog Device Co. Ltd
9. INVESTMENT ANALYSIS
10. FUTURE OF THE MARKET
** Subject To AvailablitySouth Korea Access Control Industry Segmentation
Access control authenticates users through various credentials, from traditional usernames and passwords to advanced methods like biometric scans and security tokens. These systems often feature physical barriers, like locked doors or gates, which are unlocked using RFID access cards, pin codes, facial recognition, fingerprints, or even smartphones, granting access to designated areas. The study tracks the revenue accrued through the sale of access control solutions by various players in the South Korean market. The study also tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates during the forecast period. The study further analyses the overall impact of aftereffects of the COVID-19 pandemic and other macroeconomic factors on the market. The report’s scope encompasses market sizing and forecasts for the various market segments.
The South Korean access control market is segmented by type (card reader and access control devices (card-based, proximity, smart card (contact and contactless)), biometric readers, electronic locks, and software) and end-user vertical (commercial, residential, government, industrial, transport and logistics, healthcare, and military and defense). The market sizes and forecasts are provided in terms of value (USD) for all the segments.
| By Type | Card Reader and Access Control Devices | Card-based |
| Proximity | ||
| Smart Card (Contact and Contactless) | ||
| By Type | Biometric Readers | |
| Electronic Locks | ||
| Software | ||
| Other Types | ||
| By End-user Vertical | Commercial | |
| Residential | ||
| Government | ||
| Industrial | ||
| Transport and Logistics | ||
| Healthcare | ||
| Military and Defense | ||
| Other End-user Verticals |
South Korea Access Control Market Research FAQs
How big is the South Korea Access Control Market?
The South Korea Access Control Market size is expected to reach USD 400 million in 2024 and grow at a CAGR of 7.52% to reach USD 617.79 million by 2029.
What is the current South Korea Access Control Market size?
In 2024, the South Korea Access Control Market size is expected to reach USD 400 million.
Who are the key players in South Korea Access Control Market?
Thales Group, Bosch Security System Inc., Honeywell International Inc, Tyco International PLC (Johnson Controls) and Allegion PLC are the major companies operating in the South Korea Access Control Market.
What years does this South Korea Access Control Market cover, and what was the market size in 2023?
In 2023, the South Korea Access Control Market size was estimated at USD 369.92 million. The report covers the South Korea Access Control Market historical market size for years: 2022 and 2023. The report also forecasts the South Korea Access Control Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
South Korea Access Control Industry Report
Statistics for the 2024 South Korea Access Control market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South Korea Access Control analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
