Market Insights Technology Cybersecurity Cyber Solutions

Network Security - South Korea

South Korea

The Network Security market in South Korea is expected to experience substantial growth in the coming years.
According to projections, the market's revenue is set to reach US$257.50m by 2024.
Furthermore, it is anticipated that the market will exhibit a compound annual growth rate (CAGR 2024-2029) of 9.98%, resulting in a market volume of US$414.30m by 2029.
In addition to revenue growth, the average Spend per Employee in the Network Security market is also expected to increase.
It is projected to reach US$8.61 in 2024, indicating a higher investment in this sector.
While in South Korea is poised for growth in the Network Security market, it is important to note that in terms of global comparison, United States is expected to generate the highest revenue.
Projections suggest that United States will generate a staggering US$10,830.0m in 2024, solidifying its position as a major player in the industry.
South Korea's network security market is thriving, driven by the country's advanced technological infrastructure and growing cybersecurity concerns.

Key regions: United States, Germany, Saudi Arabia, Brazil, Chile

Market

Region

Region comparison

Currency

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.