The size of Korea’s Security Market is almost on the verge of hitting approximately USD 5 billion this year, which is a 5.2% increase compared to 2019. According to the 2020 Security Market Report by BOANNEWS, the domestic security market is estimated to have reached USD 4.7 billion last year, in which USD 3.1 billion belonged to physical security and USD 1.6 billion to cyber security.
ICT technology developments such as AI, IoT, Deep Learning, Big Data, and Autonomous driving, allows for a more successful convergence of physical and cyber security. As security convergence is the trend of the current security industry, its development will enable the market to easily reach the target. The legal foundation which the Ministry of Science and ICT(MSIT) plans to lay, will eventually attract even more attention to this new trend.
Compared to 2018, the growth rate of physical security was slow, however, this year looks different. The vigorous development and demand for biometrics and access control foresees a much more dynamic growth compared to 2019. According to the public sector’s 2020 security equipment and service purchase demand, a demand worth USD 452 million is predicted to occur. On the other hand, cyber security market has also grown, where maintenance and consistent security service purchase demand rate has risen in large figures.
Since the central government and local governments are heavily focused on stopping the spread of COVID-19, the discharge of the public sector budget is predicted to rise dramatically during the latter half of the year. Such rise in the public sector budget will be attained through SECON & eGISEC 2020 (International Security Exhibition & Conference / 6-8 July), where a vast number of security related products and services are to be purchased.
For more information on SECON & eGISEC 2020, please visit www.seconexpo.com