Cyber Security Market Outlook in Korea – Vol. 1

With a 5.2% increase, South Korea’s Security Market size is almost on the verge of hitting approximately USD 5billion this year and the domestic security market is estimated to have reached USD4.7billion last year, in which USD3.1billion belong to physical security and the rest (USD1.6billion) 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 in to 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 452million dollars is predicted to occur. Cybersecurity market has also grown, where maintenance and consistent security service purchase demand rate has risen in large figures.

The security market size in South Korea

Unit: USD 1 billion

 Source: BOANNEWS, Security World