Market Insights Technology Cybersecurity

Security Services - South Korea

South Korea

The South Korean Security Services market is expected to see a significant increase in revenue, reaching €1.73bn by 2024.
This projection indicates a positive growth trend for the market.
Furthermore, it is anticipated that the market will continue to expand at an annual growth rate of 4.64%, leading to a market volume of €2.17bn by 2029.
This steady growth indicates a promising future for the Security Services market sector in South Korea.
Additionally, the average Spend per Employee in the Security Services market is projected to reach €57.88 in 2024.
This metric provides insights into the financial investment made by businesses in the sector, highlighting the value placed on security services in South Korea.
In terms of global comparison, it is worth noting that United States is expected to generate the highest revenue in the Security Services market, with a projected revenue of €41,020.0m in 2024.
This demonstrates the significant market presence and financial impact of the Security Services market industry United States.
South Korea's security services market is experiencing a surge in demand due to increasing geopolitical tensions in the region.

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

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

Driven by the development of digital technologies such as the Internet of Things, data pooling, and AI, company processes were automated, and more of their infrastructures were reliant on IT systems. As more processes were done digitally, hackers had more opportunities to steal company information. Especially during the COVID-19 pandemic, when many industries rushed to find solutions for their employees to work remotely, data vulnerabilities were exposed that led to malicious activities in the form of phishing, malware, and ransomware.

In addition, there are different types of cyberattacks, and to prevent them from damaging company operations, core businesses, and employees, each security service requires a different approach. This complexity has sped up the development of cybersecurity services, which include overarching processes, such as design and integration, consulting, implementation, risk, and threat assessment, as well as professional training and education. By providing a comprehensive security strategy, these services help to protect companies against common cybercrimes.

The Security Services market is the largest part of the Cybersecurity industry in 2023, with US$88 billion, and is expected to reach US$114.7 billion by 2028.

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.