South Korea Cyber Security Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

South Korea Cyber Security Market Growth

In 2023, South Korea was hit by around 1.3 million cyberattacks from North Korea’s public institutions every day. The National Cybersecurity Strategy 2024 aims to adopt the “defend forward” strategy underlined in the USA’s Cyber Strategy of 2018 and adopt an offensive stance towards North Korea to prevent the risk of harm caused by state-sponsored cyberattacks. It aims to upscale its cybersecurity infrastructure to boost its cyber resilience and create a safe digital space for businesses and consumers.

In August 2023, the government of South Korea announced the allocation of KRW 25.5 billion to the Korea Internet and Security Agency (KISA) in next year’s budget for the development of next-generation cybersecurity technology. This fund is also expected to enhance South Korea’s capabilities of threat detection/prevention and facilitate the implementation of the Zero Trust model of security. This enhances network security by mandating device authentication before providing network access.

South Korea is amongst the world’s most technologically advanced countries with an extensive network of IoT devices. However, cybersecurity awareness among the South Koreans is significantly poor. Over the forecast period, government initiatives that facilitate people’s understanding of the harmful effects of cyberattacks are expected to gain traction and contribute to the demand for cybersecurity solutions.

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If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Key Trends and Development

South Korea Cyber Security Market Trends

Amid the growing number of state-sponsored cyberattacks in the country, the South Korean government is introducing various initiatives to counter cyber threats by developing a proactive defence mechanism and pursuing international cooperation to create a robust cybersecurity framework. The government also emphasises the use of AI tools for real-time threat detection and response and aims to establish an AI Safety Research Institute by the end of 2024 to evaluate cybersecurity issues related to artificial intelligence (AI) technology.

In January 2024, the South Korean government formed an alliance with the US government to promote international cybersecurity and make resilient and robust national cybersecurity a strategic policy. Through the alliance, the countries aim to build trust in cybersecurity technology, strategy, and policy, including intelligence sharing, to protect critical infrastructure against cyberattacks.

South Korea Cyber Security Industry Segmentation

South Korea Cyber Security Market Share

Based on industry vertical, the market is segmented into BFSI, government, healthcare and life sciences, aerospace and defence, and manufacturing, among others. Over the forecast period, the BFSI sector is estimated to grow at a CAGR of 16.8% as it rapidly digitalises its infrastructure to boost accessibility to financial services.

Leading Companies in the South Korea Cyber Security Market

TDIR (threat detection, investigation, and response) capabilities offer a unified platform for validating and prioritising detected cybersecurity threats. Most South Korean companies are expected to boost their reliance on exposure management data to effectively deal with cybersecurity issues over the forecast period.

• IBM Corp.
• Intel Corp.
• Fortinet Inc.
• Broadcom Inc.
• Cisco Systems Inc.
• Dell Inc.
• Palo Alto Networks Inc.
• Cyberark Software Ltd.
• Check Point Software Technologies Ltd.
• Gen Digital Inc. (AVG)
• Others

The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.