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.