As the Middle East accelerates its digital transformation (DX) through cloud adoption, the Korean security industry is experiencing a fresh wave of opportunity. With well-funded clients willing to invest in security and geopolitical factors leading to a preference for domestic solutions over those from the US and Israel, there has been an increase in demand for Korean technology.
According to the market research firm MarketsandMarkets, the Middle Eastern cybersecurity market is projected to grow at an annual rate of 9.6%, reaching approximately 32 trillion won by 2028.
Middle Eastern countries are increasingly investing in information technology (IT) fields such as artificial intelligence (AI), moving away from traditional oil-dependent economic models. For instance, in March of this year, Saudi Arabia announced the establishment of an AI fund worth 53 trillion won.
The rapid DX investment and geopolitical risks have made the Middle East a target for global cyber-attacks. The increase of incidents such as data breaches and ransomware has driven the demand for security.
An industry insider noted that unlike other regions where companies cut back on security spending when resources are tight, Middle Eastern clients are more willing to adopt Korean solutions if their performance and existing references are proven.
Companies are focusing on establishing local partnerships and participating in exhibitions to expand their market reach. They are showcasing a range of services from the latest security concepts like zero trust and cloud security to on-premises protection.
AhnLab is working on establishing a joint venture with Saudi cloud and security company SITE, intending to offer cloud-based security analysis platforms and network security services to government agencies.
Genian is targeting the on-premises security market with its Network Access Control (NAC) solution. The company’s representative mentioned that geopolitical reasons which lead to avoiding solutions from security strongholds like the US and Israel work to their advantage.
Genian has acquired over 50 local customer references and is participating in a national project worth 3.8 billion won involving institutions like UAE government agencies and Saudi ports. Additionally, Genian has opened an office in Dubai Internet City as a business hub.
Fasoo is targeting zero trust demand with its document encryption (DRM) solution, ‘Fasoo Enterprise DRM’, which prevents unauthorized access to documents even by insiders without the appropriate permissions.
Fasoo is collaborating with UAE-based value-added distributor (VAD) CyberKnight to sell its solutions. They participated together in the major IT exhibition ‘GITEX 2024’, which took place in Dubai from October 14-18.
The government is also actively supporting these efforts. The Korea Internet & Security Agency (KISA) is establishing strategic bases in the Middle East, adding to its existing networks in Southeast Asia and Latin America, and is providing support for participating in local exhibitions.