Market Insights Technology Cybersecurity Cyber Solutions

Data Security - South Korea

South Korea

The Data Security market in South Korea is predicted to witness an impressive revenue of US$118.40m in 2024.
This projection indicates a promising growth potential for the country's Data Security market sector.
Furthermore, it is anticipated that the market will experience a steady annual growth rate (CAGR 2024-2029) of 11.00%, leading to a substantial market volume of US$199.50m by 2029.
In addition to revenue, another significant indicator of market performance is the Spend per Employee.
In the Data Security market of South Korea, it is estimated that the average Spend per Employee will reach US$3.96 in 2024.
This metric provides insights into the level of investment and resources allocated to data security measures within the country.
When considering the global landscape, it is noteworthy that United States is expected to generate the highest revenue in the Data Security market.
In 2024, United States is projected to generate an impressive revenue of US$2,891.0m.
This highlights the dominant position of the United States in the global Data Security market.
South Korea is at the forefront of innovative data security technologies, with a strong emphasis on biometric authentication and advanced encryption methods.

Key regions: Brazil, Saudi Arabia, Chile, Germany, Belgium

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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.