|By Business Wire||
|March 6, 2014 06:25 AM EST||
Research and Markets (http://www.researchandmarkets.com/research/f3zgw7/cyber_security) has announced the addition of the "Cyber Security Market in South Korea 2014-2018" report to their offering.
The analysts forecast the Cyber Security market in South Korea to grow at a CAGR of 21.24 percent over the period 2013-2018. One of the key factors contributing to this market growth is the need to improve the quality of protection. The Cyber Security market in South Korea has also been witnessing the increasing demand for cloud-based security solutions. However, the high cost of implementation could pose a challenge to the growth of this market.
Key vendors dominating this space are Cisco Systems Inc., Fortinet Inc., Juniper Networks Inc., McAfee Inc., Symantec Corp., and Trend Micro Inc.
Other vendors mentioned in the report are AhnLab Inc., and Check Point Software Technologies Ltd.
Commenting on the report, an analyst from the team said: One of the major trends witnessed in the market is the growing demand for cloud-based security solutions. This increasing demand is primarily because of the significant advantages attributed to such solutions. Companies also find it difficult to manage standalone or integrated network components because of issues such as budget constraints and the lack of resources and expertise available to address security issues. Hence, companies are increasingly opting for cloud-based IT security solutions that are cost-effective, comply with PCI DSS, and offer round-the-clock monitoring of their systems. Therefore, the increasing demand for cloud-based solutions is expected to contribute to the growth of the Cyber Security market in South Korea during the forecast period.
According to the report, the growth of the Cyber Security market in South Korea is driven by several factors, one such factor is the need to improve the quality of protection. As the frequency of attacks is increasing, organizations are increasingly implementing IT security solutions to efficiently monitor and provide enhanced protection. The quality of protection can also be improved by outsourcing security responsibilities to service providers with core expertise in this field. Hence, more end-users are adopting IT security services, driving the growth of the market in South Korea.
Further, the report states that despite the impressive growth, vendors in the Cyber Security market in South Korea are facing some serious challenges. One of these major challenges is the high cost of implementation. Despite the potential benefits provided by IT solutions, certain organizations refrain from investing in such solutions owing to the high costs and certain hidden costs involved in the maintenance. Factors such as these discourage end-users from adopting these solutions, thereby affecting the growth of the market in South Korea.
For more information visit http://www.researchandmarkets.com/research/f3zgw7/cyber_security
About Research and Markets
Research and Markets is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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