Growing internet security threat and rising demand for related products have caught the eye of South Korean government to channel their funds to promote IT security industry. The government will set aside $172mn to stimulate the information technology security industry for a period of next five years.
The Ministry of Knowledge Economy (MKE) of S. Korea spokesperson stated they intend to garner 5 percent of IT security global market share by 2013 from the current 1.74 percent. The ill effects of the IT revolution have percolated to every IT activity, and developing a ‘risk-free ubiquitous’ environment is gaining momentum as a next generation growth industry, said the ministry official.
It should be noted, in the recent report of Symantec Corporation, a leading IT security provider estimates, the value of total advertised goods on underground economy servers was over $276 million between July 1, 2007 and June 30, 2008. The tremendous growth of e-commerce has given rise for an underground economy to grow in tandem. Market observers predict that one of the growth engines of the next phase of IT sector is of providing security solutions, and the South Korean government’s latest move made a bold market sense.
According to MKE the proposed master plan is expected to generate close to $14bn by 2013. Currently, the South Korean IT security market is just a little above $2bn, and the project is hoped to effectively trim down the increasing illegal activities in the internet. Out of the total, about $112mn is allocated particularly for research and development. The remainder will be utilized to train 3000 professionals and for marketing the end products overseas. MKE has projected the ambitious five year plan to create 30,000 jobs during the period.
Toboc Trade News