Market Insights Technology Cybersecurity Cyber Solutions

Application Security - South Korea

South Korea

In 2024, the projected revenue in the Application Security market in South Korea is expected to reach US$114.40m.
Looking ahead, the market is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 12.57%, resulting in a market volume of US$206.80m by 2029.
Additionally, the projected average Spend per Employee in the Application Security market in South Korea is expected to reach US$3.82 in 2024.
When considering global comparison, it is noteworthy that United States is projected to generate the highest revenue in the Application Security market, with an estimated US$3,004.0m in 2024.
"South Korea's application security market is thriving due to the country's strong focus on technological innovation and high cyber threat awareness."

Key regions: Spain, Belgium, Brazil, India, Chile

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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.