SOUTH KOREA'S ESTIMATED SECURITY MARKET GROWTH RATE IN 2020

The Korean Security Market recorded 37,449 trillion won in 2019, which is a 2.3% increase compared to 2018. 2020 will be an even busier year, with the development of Smart Cities. Numerous technologies related to security, AI technology and biometrics focusing on facial recognition, will be converging in the upcoming future. Moreover, it is predicted that the convergence of physical and cyber security will be attained through the advancement of 4th Industrial Revolution components such as AI, Deep Learning, Big Data, IoT, and ICT.
Moreover, the 52-hour workweek system along with other new systems will enliven the security industry, where a 5.2% rise is foreseen. The eventual market size for 2020 is estimated to reach 39,559 trillion won.
 
 
MOLIT (Ministry of Land, Infrastructure and Transport) plans to expand the Smart City Software Platform by 2022
The Smart City Integrated Platform is operated by the integrated operation centre, with the city’s Enterprise Management System linked to the integrated software, crime and disaster prevention, traffic, environment, facility management, and safety service with numerous information systems.
Smart Factories and Security
Apart from Smart Cities, Smart Factories is also regarded as one of the core foundations of the 4th Industrial Revolution.
The Ministry of Science and ICT, Ministry of Trade, Industry and Energy, and Ministry of SMEs and Startups are pushing ahead with Smart Factory policies. In addition, Ministry of Trade, Industry and Energy, Ministry of SMEs and Startups, and 9 other related government departments, have announced the ‘SME Smart Manufacturing Innovation Strategy’.
Along with 10 leading industrial complexes, 30,000 Smart Factories are to be built by 2022. In addition, 100,000 professional personnel are to receive specific training before starting their work at the Smart Factories. The government was able to support 7,903 Smart Factories up until 2019, and plans to invest an additional 300 billion won in order to build 4,400 more factories. 6,000 Smart factories are planned to be constructed this year, with 6,200 more in 2022.

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