South Korea Cybersecurity Market Size

South Korea Cyber Security Market Analysis

The South Korea Cybersecurity Market size is estimated at USD 4.40 billion in 2024, and is expected to reach USD 8.86 billion by 2029, growing at a CAGR of 15.01% during the forecast period (2024-2029).

Cyber threats protect internet-connected systems such as hardware, software, and data. Cybersecurity solutions help enterprises monitor, detect, report, and handle cyber threats to maintain data confidentiality.

• Owing to the country's increasing number of connected devices, advanced use of mobile devices, and significant intellectual property, South Korea is becoming one of the prime targets for cyber-attacks. Cybersecurity has been prioritized in South Korea's security calculus. The country's cyberspace is at risk because it has not developed an advanced defense-offense cyber capability that has been proven over the last few years. It was subjected to multiple cyber-attacks aimed at critical infrastructure.
• The country is rigorously investing and enhancing its cybersecurity capabilities, which are evident from the fact that it ranked fourth In out of 194 countries in the International Telecommunication Union, ITU Global Cybersecurity Index, 2021. The index consists of the five evaluation categories of law, technology, organization, capability, and cooperation
• South Korea's ICT ministry announced the plan to spend USD 607 million by 2023 to bolster the country's cybersecurity capabilities and respond to growing digital threats. The government plans to develop infrastructure to quickly respond to cybersecurity threats by collaborating with major cloud and data center companies in order to collect threat information in real-time, compared to the current system that relies on individual reports.
• In May 2022, the Department of Homeland Security (DHS) Science and Technology Directorate (S&T) signed a Project Arrangement (PA) and Joint Statement of Intent (JSoI), with the Republic of Korea's Ministry of Science and Information Communication Technology (MSIT), for collaborative research, development, and foreign technical exchanges in cybersecurity and public safety solutions. The effort is part of a Memorandum of Understanding (MoU) signed in 2019 between the two countries in science and technology. The increasing initiatives by the government and the related regulator bodies to prevent such crimes have been increasingly developing or amending rules and regulations. This is expected to fuel the adoption of cybersecurity solutions in the region.
• Moreover, In May 2022, South Korea became the first Asian nation to join NATO's Cooperative Cyber Defense Centre of Excellence (CCDCOE). According to the country's National Intelligence Service (NIS), South Korea plans to strengthen its cyber response capabilities by increasing the number of staff sent to the center and expanding the scope of joint training.