South Korea Cybersecurity Market Insights Forecasts to 2033

• The South Korea Cybersecurity Market Size was valued at USD 3.20 Billion in 2023.
• The Market Size is Growing at a CAGR of 14.00% from 2022 to 2033.
• The South Korea Cybersecurity Market Size is Expected to Reach USD 11.86 Billion by 2033.

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The South Korea Cybersecurity Market Size is expected to reach USD 11.86 Billion by 2033, at a CAGR of 14.00% during the forecast period 2023 to 2033.

 

Market Overview

Cybersecurity refers to the methods, policies, and technologies used to protect data, programs, computers, and networks from unauthorized access, damage, or attack. Organizations have become considerably more susceptible to cyber threats as digital information and technology have become so deeply intertwined in day-to-day work. However, the attacks themselves are becoming significantly more sophisticated, with both information and critical infrastructure being targeted. Cyber-risk incidents can cost a company a lot of money in terms of operational, financial, reputational, and strategic consequences. As a result, traditional security solutions are less effective, and most businesses must now up their cybersecurity game. Another term for cybersecurity is information technology security. Physical and cybersecurity measures may be used to secure these systems. A cybersecurity system has several advantages, including increased overall cyber speed, computer protection against viruses, spyware, worms, and malware, and network and resource protection. Cybersecurity is a constantly evolving field, with new technology opening up new paths for attackers.

 

Report Coverage

This research report categorizes the market for South Korea cybersecurity market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea cybersecurity market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea cybersecurity market.

Driving Factors

In recent years, South Korean organizations have implemented cloud-based technology solutions, allowing customers to obtain software programs, storage systems, and other resources via an internet network rather than traditional facilities. As such, the likelihood of cyber-attacks Wireless technologies, flexible scheduling, and other changes rely on widespread and massive data sets, which increases the risk of data theft. The increased use of IoT and the BYOD trend, as well as the rise in ransomware and hacking attacks among businesses, are propelling the cyber safety market forward and crimes have increased. Growing adoption of cloud storage services among small and large businesses is expected to drive market demand for cyber security solutions over the forecast period.

 

Restraining Factors

The high cost of implementing and updating internet security solutions and services prevents Small and Medium Enterprises (SMEs) from adopting them. Furthermore, factors such as a lack of professionals and experts in developing and advancing security solutions are viewed as major impediments.

 

Market Segment

• In 2023, the services segment accounted for the largest revenue share over the forecast period.

Based on the components, the South Korea cybersecurity market is segmented into hardware, software, and services. Among these, the services segment has the largest revenue share over the forecast period. This could be due to an increase in demand for advisory services as well as maintenance and upgrade services from small and medium-sized businesses. Due to their small teams and limited resources, SMEs frequently consult with other businesses before implementing any solutions. Furthermore, because some businesses planned to improve their network and IT security, manage remote workers, and guard against threats from untrusted networks and devices, the pandemic epidemic increased the demand for cyber security services.

 

• In 2023, the application security segment accounted for a significant revenue share over the forecast period.

Based on security type, the South Korea cybersecurity market is segmented into endpoint security, cloud security, network security, application security, infrastructure protection, data security, and others. Among these, the application security segment has the largest revenue share over the forecast period. Through increased visibility and control, security solutions enable enterprises to secure their mission-critical applications. Using existing security solutions such as IAM, web filtering, and application whitelisting, enterprise applications and software codes can be protected from external and internal threats such as web attacks, DDoS, site scraping, and fraud. Business-sensitive applications are a prime target for attackers because they contain information about critical assets and enterprise processes. Several organizations rely on network security while ignoring applications, resulting in a security gap and danger to attacks.

 

 

• In 2023, The IAM segment accounted for the largest market share over the forecast period.

Based on the solution segment, the South Korea cybersecurity market is segmented into unified threat management (UTM), IDS/IPS, DLP, IAM, SIEM, DDoS, risk and compliance management, and others. Among these, the IAM segment accounted for the largest market share over the forecast period. The high market share is due to the rise in mobile endpoint devices, which exposes the company to cyberattacks and data breaches. Furthermore, the increased requirement to regulate user access to critical information during the epidemic is expected to support market growth. The requirement to automate, monitor, and track end-user actions and security events is also expected to influence IAM solution adoption.

 

 

• In 2023, the managed segment accounted for a significant revenue share over the forecast period.

Based on sale service, the South Korea cybersecurity market is segmented into professional and managed. Among these, the managed segment has a significant revenue share over the forecast period. The rapid growth rate could be attributed to increased demand for outsourced IT security services to monitor and maintain security measures and procedures. Managed services are a more cost-effective alternative to internal teams responsible for the company's IT security. Furthermore, managed service providers are solely focused on identifying threat patterns and improving security procedures to reduce the likelihood of cyberattacks, which will increase the use of managed services.

 

 

• In 2023, the Cloud-based segment is witnessing the fastest-growing CAGR over the forecast period.

Based on the deployment, the South Korea cybersecurity market is segmented into cloud-based, and on-premise. Among these, the cloud-based segment is witnessing the highest growing CAGR over the forecast period. The expansion of cloud computing infrastructure deployment and enterprise migration of on-premises solutions to the cloud can be attributed to the rapid growth. Furthermore, cloud-based security solutions are simple, inexpensive, and quick to administer and upgrade, which is one of the key factors expected to support market growth. Cloud deployment also enables remote access to solutions from various devices, which is expected to accelerate the segment's growth.

 

 

• In 2023, the SME segment is witnessing the highest growth rate over the forecast period.

Based on organization size, the South Korea cybersecurity market is segmented into SMEs and large Enterprises. Among these, the SME segment is witnessing the highest growth rate over the forecast period. Small and medium-sized businesses are more vulnerable to cyber-attacks with a low level of security due to financial constraints. Furthermore, one of the primary reasons for the rise in cyberattacks on SMEs is a lack of security policy and employee capabilities. As a result, the growing need to reduce operational and data breach expenses, as well as secure IT assets, is expected to drive adoption in SMEs.

 

 

• In 2023, the Defence segment holds a significant market share over the forecast period.

Based on application, the South Korea cybersecurity market is segmented into IT & Telecom, Retail, BFSI, Healthcare, Defense/Government, Manufacturing, Energy, and Others. Among these, the Defence segment holds the significant market share over the forecast period. Because of the sensitive information they hold, government and defense organizations are constantly under attack from state-sponsored hacktivists. As a result, governments in the South Korea are investing heavily in improving their country's cyber security, which ultimately contributes to the segment's growth.

 

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea cybersecurity market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• BM Corporation
• Check Point Software Technologies Ltd
• AVG Technologies (Avast Software s.r.o.)
• Fortinet Inc.
• Palo Alto Networks Inc.
• Cisco Systems Inc.
• Intel Security (Intel Corporation)
• Dell Technologies Inc.
• Cyber-Ark Software Ltd
• Broadcom Inc.
• Others

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Development

• In December 2021, India and South Korea agreed to strengthen strategic cooperation in cybersecurity, information technology, maritime security, and terrorism, extremism, and radicalization threats and challenges. The third India-Republic of Korea strategic dialogue, held in the national capital, covered a wide range of issues.

 

Market Segment

This study forecasts revenue at regional, and country levels from 2023 to 2033. Spherical Insights has segmented the South Korea Cybersecurity Market based on the below-mentioned segments:

 

South Korea Cybersecurity Market, By Component

• Hardware
• Software
• Services

 

South Korea Cybersecurity Market, By Security Type

• Endpoint Security
• Cloud Security
• Network Security
• Application Security
• Infrastructure Protection
• Data Security
• Others

 

South Korea Cybersecurity Market, By Solution

• Unified Threat Management (UTM)
• IDS/IPS
• DLP
• IAM
• SIEM
• DDoS
• Risk And Compliance Management
• Others

 

South Korea Cybersecurity Market, By Services

• Professional
• Managed

 

South Korea Cybersecurity Market, By Deployment 

• Cloud-Based
• On-Premise

 

South Korea Cybersecurity Market, By Organization Size

• SMEs
• Large Enterprises

 

South Korea Cybersecurity Market, By Application

• IT & Telecom
• Retail
• BFSI
• Healthcare
• Defense/Government
• Manufacturing
• Energy
• Others