30 Sep 2021
Posted in Technology
Enterprise security spending in South Korea to reach US$2bn in 2025, forecasts GlobalData
The total addressable market size of enterprise security in South Korea, in terms of spending opportunity, 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, says GlobalData, a leading data and analytics company.
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. With South Korea’s ICT ministry too confirming that the country has reported over 75 ransomware attacks in H1 2021, the enterprise demand for security infrastructure is only set increase further over the forecast period.
Saurabh Daga, Technology Analyst at GlobalData, comments: “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.”
Among the enterprise security infrastructure segments, enterprise spending on security software is set to grow at a 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.
Mr Daga adds: “With most enterprises currently operating in a work-from-home set up amidst the COVID-19 crisis, and several expected to persist with remote operations even after the pandemic, the demand for Identity & Access Management software and Endpoint Security Platforms, will continue to swell over the forecast period.”
Managed Security Services will account for 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.
Mr Daga concludes: “While the large (1,001-4,999 employees) and very large (5,000+ employees) enterprise segment will jointly account for largest share of the total enterprise security spending in South Korea through the forecast period, the combined spending from micro (1-50 employees), small (51-250 employees) and medium (251-1,000 employees) enterprises will increase at a marginally faster CAGR of 6.4% over the forecast period. The ICT ministry’s technology support for small & medium enterprises (SME) and its plans to introduce a range of security solutions to 1,300 SMEs every year will especially drive growth of this segment.”