Market Insights Technology Cybersecurity Security Services

Managed Services - South Korea

South Korea

The Managed Services market in South Korea is expected to experience significant growth in the coming years.
It is projected that the revenue in this market will reach €0.47bn in 2024.
Furthermore, an annual growth rate of 2.43% is anticipated between 2024 and 2029, resulting in a market volume of €0.53bn by the end of the forecast period.
When it comes to the spending patterns in the Managed Services market, the average Spend per Employee is projected to reach €15.81 in 2024.
This indicates the level of investment made by companies in South Korea to avail managed services.
In terms of global comparison, it is worth noting that United States is expected to generate the highest revenue in the Managed Services market, with an estimated value of €9,418.0m in 2024.
This showcases the dominance of the United States in this market segment.
"In South Korea, the demand for Managed Services is rapidly growing due to the country's strong emphasis on technology and digital transformation."

Key regions: India, Germany, Canada, Europe, Belgium

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Comparación de regiones

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Methodology

Data coverage:

Data encompasses B2C, B2B and B2G enterprises. Figures are based on security spending excluding VAT and the number of cyberattacks.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial statements of the market-leading companies and industry associations, national statistical offices, and specific countries’ security organizations (e.g., German Cyber Security Council, Canadian Centre for Cyber Security). Furthermore, we use relevant key market indicators and data from country-specific associations, such as GDP and internet penetration. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. Possible techniques are, for example, exponential trend smoothing and the autoregressive integrated moving average (ARIMA) forecasting algorithm. The main drivers are GDP, internet users, level of digitization, and consumer attitude towards data and IT security.

Additional notes:

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.