The total addressable market size of enterprise security in South Korea is poised to reach US$2bn in 2025 as the need to secure vital information assets against security breaches becomes crucial for enterprises shifting towards digital infrastructure.
According to GlobalData Market Opportunity Forecasts to 2025: ICT in South Korea, South Korea has seen a massive increase in the volume and magnitude of cyber-attacks on its enterprises in recent times.
South Korea's ICT ministry also confirmed that the country has reported over 75 ransomware attacks in H1 2021. This sets the stage for enterprise demand for security infrastructure is only set to increase further over the forecast period.
Saurabh Daga, technology analyst at GlobalData, noted that the accelerated pace of digital transformation and growing adoption of online/cloud services by enterprises will boost demand for robust security solutions that can safeguard enterprise data against security threats.
“This will help drive enterprise security spending in South Korea at a CAGR of 6.4% over the forecast period 2020-2025,” he added.
Fastest growing security tech segment
Among the enterprise security infrastructure segments, enterprise spending on security software is set to grow at the fastest CAGR of 8.6% over 2020-2025.
Identity & Access Management, Endpoint Security Platforms, and Security Intelligence & Management represent the top-three enterprise security software categories in 2021, in terms of market size.
According to Daga most enterprises currently operate in a work-from-home set-up amidst the COVID-19 crisis. He added that several expect this situation to persist with remote operations even after the pandemic. He predicted that demand for Identity & Access Management software and Endpoint Security Platforms will continue to swell over the forecast period.
Managed Security Services will account for the second-largest share of the overall enterprise security spending opportunity through the forecast period.
Limited availability of information security professionals and the complexity of deploying and managing advanced security solutions will encourage enterprises to opt for managed services.