Secon 2020: Cyber Security Market Outlook in Korea
Secon 2020, that will take place from the 6th till the 8th July at KINTEX Korea, presents the Cyber Security Market Outlook in Korea.
Member of the Global IFSEC Group, Secon is Asia’s leading integrated Security Exhibition.
SECURITY MARKET OVERVIEW
With a 5.2% increase, South Korea’s Security Market size is almost on the verge of hitting approximately USD 5 billion this year and the domestic security market is estimated to have reached USD 4.7 billion last year, in which USD 3.1 billion belong to physical security and the rest (USD 1.6 billion) to cyber security.
ICT technology developments such as AI, IoT, Deep Learning, Big Data, and Autonomous driving, enable a more successful convergence of physical and cyber security. As security convergence is the trend of the current security industry, its development will enable the market to easily reach the target. The legal foundation which the Ministry of Science and ICT(MSIT) plans to lay, will eventually attract even more attention to this new trend. South Korea has rapidly developed into a highly technical country because many of its people realized the value in technological development and is now much more capable of responding to emergency security risks issues than it could have done previously. In many ways it is rightfully now recognized as a global leader.
Compared to 2018, the growth rate of physical security was slow, however, 2020 looks different. The vigorous development and demand for biometrics and access control foresees a much more dynamic growth compared to 2019. According to the public sector’s 2020 security equipment and service purchase demand, a demand of 452 million dollars is predicted to occur. Cyber security market has also grown, where maintenance and consistent security service purchase demand rate has risen in large figures.
Unit: USD 1 million
Source:
Korea Internet and Security Agency (KISA), Korea Information Security Industry Association (KISIA)
Known as an IT powerhouse, South Korea possesses the most convenient cyberspace environment, along with a world-class information and communications technology (ICT) and the related infrastructure. As cyberspace has become a crucial factor, the interconnection, convergence, and its complexity require stronger vulnerability management systems to keep its devices safe.
In the past, malicious cyber activities were mainly carried out by individuals or hacker groups, however, with the growing involvement of criminal and terrorist groups, cyber attacks are now being executed on a larger scale. This created a paradigm shift in the prioritization of homeland cyber security and importance of cyber security in South Korea.
Market demand for cyber security devices and services in South Korea has grown as the level of customer intelligence about security awareness has grown. According to the “2019 Domestic and Foreign Security Market Forecast”, the market demand for cyber security in 2018 exceeded USD 2 billion representing 4.2 percent growth over 2017.
Market shares have been expanded in order to include next generation or superior capabilities such as Advanced Persistent Threat (APT) and next generation firewall solutions. Regardless of the firm sizes and solutions’ countries of origin, Koreans have sought and are seeking the best-in-class and cutting-edge solutions to protect their systems from intensified cyber-attacks.
(Source: Export.gov and National Cybersecurity Strategy)
Click here for the complete Outlook with:
– Market trend
– Public Cloud Market in South Korea
– Challenges Faceng Public Cloud
– Countermeasures in South Korea
– Case Study
– The Economic Impact
– Market Trend Security Consulting
by the Editorial Staff
