The South Korean Defense Industry - Market Opportunities and Entry Strategies, Analyses and Forecasts to 2016

The capital expenditure allocation for the South Korean army is expected to grow at a CAGR of 7.90%, from an estimated US$1.9 billion in 2010 to over US$2.75 billion in 2015. Indeed, while there will be significant reductions in army manpower leading up to 2020, as part of the government’s Defense Reform Plan 2020, this reduction will be compensated by the acquisition of advanced technology and weaponry that requires minimal manpower.


During the forecast period (2011 - 2016), the capital expenditure allocation for the South Korean navy is expected to grow at a CAGR of 7.90%. This will equate to an average of 15.84% of the total capital expenditure budget. The growth is attributed to the increased threat of sea hijacking by pirates and the need for increased maritime surveillance.

To strengthen the country’s intelligence and surveillance capabilities, the South Korean government has allocated 7.67% of its capital expenditure budget towards the procurement of new command, control, communications, computers, intelligence, surveillance, reconnaissance and electronic warfare (C4ISREW) equipment. Indeed, it is estimated that the budget for surveillance and intelligence will grow at a CAGR of 7.90% during the forecast period (2011 - 2016).

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The Indian Defense Industry – Market Opportunities, Entry Strategies, Analyses and Forecasts to 2016

London, March 16^th, 2011 - The Indian defense market offers numerous market opportunities to both domestic and foreign manufacturers. As one of the largest defense equipment markets in the world, the country is expected to spend considerably on its military over the forecast period. Due to India’s ageing military systems, the country needs to modernize its equipment, which will lead to an increase in capital expenditure for procuring new defense equipment. The country is also forecast to spend a significant amount of money on homeland security, intelligence and cyber security. This is primarily due to India’s hostile neighbors of China and Pakistan, who have invested heavily in their defense markets, the threat of terrorism and internal security concerns. India is also one of the fastest-growing defense markets globally, with total defense expenditure registering a compound annual growth rate (CAGR) of 12.57% during the review period (2005–2010). Total defense expenditure is expected to achieve a CAGR of 13.08% during the forecast period (2011–2016).

Increased spending on homeland security

Government spending on India's homeland security market has increased significantly as a result of terrorist attacks, the smuggling of arms and explosives, and domestic insurgency. In 2010, the country's homeland security budget registered an increase of 12.8% over the previous year. Due to the nature of the security threats which the country faces, the main opportunities for growth in homeland security are expected in the aviation, mass transportation, maritime security markets, surveillance technology, global positioning systems, radars and biometric systems.

India is a large defense importer

India is one the world’s largest importers of military hardware, and uses imports to fulfill 70% of its defense requirements. While India aims to procure 70% of its defense requirements domestically, the country relies upon imports to procure advanced technology, and, since most of the equipment India is seeking uses advanced technology, there will be significant prospects to import defense equipment to India during the forecast period.

Several foreign companies are entering the Indian defense industry through joint ventures

Government regulation only allows foreign players a maximum equity holding of 26%. Despite this, the number of foreign companies entering the Indian defense industry through joint ventures has increased over the review period. The main reason for this increase is the awareness that the Indian defense industry is growing strongly, and the expectation that forming a joint venture will bring future benefits as the country looks to procure defense equipment domestically.Furthermore, gaining a domestic market presence will become important in order to take advantage of market opportunities as they emerge in the future.

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Global Cyber Warfare Market 2011–2021

London, March 15h, 2012 – The global spending on cyber warfare systems is expected to remain robust over the forecast period due primarily to the increased importance of such systems in modern warfare. The formation of the US Cyber Command or USCybercom, the highest defense spender globally, highlights the importance of cyber warfare in today’s world. The rise in new technologies such as social networks, mobile devices and cloud computing, combined with the economic downturn is driving the pace of innovation in the field of cyber warfare.

Consumer driven IT has resulted in organizations losing control over their ability to manage their data by defining a perimeter. Weak economic conditions have meant that companies are striving to find ways and means to remain competitive. This is where innovation is seen to be sustaining the cyber warfare industry with sub-sectors such as identity and access management, data security and network security expected to record significant growth over the forecast period.

North America is expected to account for the largest share of the total global cyber warfare market, representing a 46% share over the forecast period. Regional demand is primarily driven by the growing threat from Chinese, Russian and Iranian cyber attacks on US military and civilian networks (reference see graph below).



The cyber security institutional eco-system which consists of a broad set of international, national, and private organizations has unclear and overlapping boundaries as well as differing capacities due to which a comprehensive database on such malware has not been developed.

As most cyber weapons are developed in secrecy, defenders will have limited knowledge with regards to the capabilities of the weapons and will not be able to update or modify the cyber defense mechanisms accordingly.

The cyber security industry is plagued by lack of trust among different parties which further leads to data not being shared. This trend is increasingly being viewed between the public and private sectors where any possible alert is shared only amongst trusted people and not via the official channel, which prevents deep penetration of critical data and facilitates instances of cyber crime.

New technologies such as cloud computing, social networking and the proliferation of mobile devices have also resulted in an increase of cyber attacks. These factors are expected to drive the demand for cyber security programs.

With budget cuts being implemented, many countries are looking to channel their resources towards certain areas of military spending. For example the US is looking to phase out tanks and other major weapons programs and divert its spending towards IT and cyber security programs. The increase in the severity of cyber attacks and the growing size, interconnectivity, and the complexity of critical IT infrastructure is driving the demand of cyber security globally.

The range of technologies available with respect to cyber attack and cyber defense systems is evolving rapidly and this is driving the demand for cyber security systems globally. Securing cloud computing environments are expected to be a key focus in the cyber security domain over the forecast period and will continue to drive the demand for such systems.

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The Future of Construction in Croatia - EU Integration and Infrastructure Investment to Stimulate Construction

The global financial crisis affected the Croatian economy badly, and its construction industry lost 6.0% in 2009 and a further 17.1% in 2010.

London, March 12, 2012 – Within the Croatian construction industry, infrastructure construction was the largest market in 2010, with a share of 48.6%. In terms of growth, residential construction was the fastest-growing market over the review period, with a CAGR of 4.56%. This was followed by industrial construction, with a CAGR of 3.26% (reference figure 1 below).

Croatia was one of the few emerging countries in Europe that failed to cope with the global crisis in 2009 and 2010. Despite conservative monetary policies and a well-capitalized banking and financial structure, the Croatian economy slumped in 2010 and the construction industry declined. Declining budget revenues and uncertainty about the pace of the economic recovery led to the government revising its budget three times. The construction industry depends largely on public-sector investments, with most projects coming from the government.

Croatia’s economy, as well as its construction sector, are expected to recover in 2011, albeit marginally. The economic recovery is, however, subject to uncertainty as the country has a high external debt that is coming to maturity in the short term. World Bank estimates put Croatia’s external debt at 87% of its GDP, as of mid-2009. This upcoming debt maturity and tight domestic and external financing conditions leave the Croatian economy with the difficult task of recording a notable recovery in 2011.

The Croatian construction industry grew at a CAGR of 0.25% in the review period. The global financial crisis affected the Croatian economy badly, and its construction industry lost 6.0% in 2009 and a further 17.1% in 2010. In 2009, the country’s credit markets remained frozen because of the government’s refinancing needs, and as a result were unable to provide any stimulus to the market.

The Croatian construction industry is expected to witness a marginal growth of 2.1% during 2010, and is expected to grow at a CAGR of 3.13% over the forecast period. Growth is expected to be led primarily by the infrastructure construction market, which is forecast to grow at a CAGR of 4.36% during the forecast period. It has followed a similar trend to the European construction industry over the last few years, with smaller companies being able to adapt more easily to changing market conditions. As a result, there are growing numbers of small companies, while the number of large companies has dropped.

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UK Foodservice Operators' Business Sentiments and Spending Priorities 2012

The UK Foodservice industry is confident of revenue growth in 2012
Respondents from companies operating in the profit sector channels are confident with regards to the growth of the foodservice industry over the next 12 months. In total, 62% of respondents from the profit sector channels are “very confident” or “confident” about revenue growth. The highest levels of optimism are identified among foodservice operators in the catering channel, with 82% of such respondents confident of growth. The ongoing recovery of the UK’s economy, rising employment opportunities, the London 2012 Olympic Games and expectations of an increase in disposable income are projected to drive revenue growth within the foodservice industry in 2012.

Overall, 41% of respondents in the cost sector channels expect an increase in foodservice budgets. While 30% of respondents expect no change and 19% expect budgets to decrease.
On average, accommodation foodservice operators expect to see the greatest increase in profitability of 3.4%, followed by operators in the catering channel who expect an increase of 2.9% and operators of pubs, leisure and travel and restaurants who expect respective increases of 1.3% and 0.3%. Operators in the workplace channel project the lowest increase in profitability with a decrease of -1.7%.

Food and beverage prices are expected to increase slightly in 2012, but suppliers are projected to increase their prices
A total of 75% of respondents from the profit sector and 56% from the cost sector expect an increase in food and beverage prices, however, 17% of respondents from the profit sector and 28% of respondents from the cost sector expect prices to “increase considerably.” Concerns such as increases in the cost of raw materials and high inflation rates have severely impacted supplier companies’ profit margins and as a result operators expect suppliers to pass on the price burden to customers over the next 12 months.

Over 65% of respondents across profit sector channels expect supplier prices to increase. Notably, 100% of respondents from the caterers channel and 97% of respondents from the pubs, leisure and travel channel forecast an increase in supplier prices over the next 12 months. With foodservice operators already running with tight margins, any increase in raw material, fuel or commodity prices will force foodservice supplier companies to increase their prices over the next 12 months.

‘Seasonal updating of menu and drink menu options’ is expected to drive demand in 2012
According to 28% and 27% of respective respondents, “improving sanitation and hygiene” and the “seasonal updating of menu and drink menu options” are considered important drivers of customer demand for foodservice operators in the profit sector channels. “Targeting customers’ online” and “innovating menu and drink menu options” are considered important drivers of customer demand as identified by 22% of respondents each.

The “Seasonal updating of menu and drink menu options,” “providing balanced diet options” and “innovating menu and drink menu options” are considered important drivers by 41%, 33% and 31% of respective respondents in the cost sector. Stringent government guidelines with regards to healthy eating habits and a focus on the nutritional value of meals are encouraging foodservice operators to provide a balance diet to educational institutions. The ability to offer cost-effective, balanced diet options will significantly increase an operator‘s chances of success in the market.

The seasonal updating of menus helps foodservice operators to procure food from local farms based on availability. The taste, freshness and safety of such food encourage customers to visit restaurants, pubs and other foodservice outlets. Since local procurement decreases transportation costs products may be offered to customers at reduced prices.

‘Increasing cost of raw materials’, ‘decreasing consumer or government expenditure’ and ‘increase in value added tax’ are key concerns for the UK foodservice industry
According to the survey results, the “increasing cost of raw materials,” “decreasing consumer or government expenditure” and “increase in value added tax” (VAT) are the most pressing business concerns faced by the UK foodservice industry. The “increasing cost of raw materials” is considered a critical concern by 70% of respondents from the profit sector and 59% from the cost sector, as the price of agricultural commodities increases. According to a press release by the Office for National Statistics in December 2011, the highest increase in prices were registered by food and non-alcoholic beverages, wherein the prices of fruits increased by 6.4% and meat by 1.6% during October–November 2011. A rise in fuel prices has also increased the financial pressures on foodservice operators.

With the exception of the restaurants and workplace channels, the majority of respondents across all channels are either “very concerned” or “moderately concerned” about the costs incurred when displaying nutritional or calorie information on their products. With an increasing number of UK citizens‘ dining out and health budgets growing to tackle obesity levels, a total of 37 food companies in September 2011 agreed to voluntarily provide calorie information as part of the government‘s public health responsibility deal. Displaying calorie information on food and drink items is expected to help consumers identify healthier foods and better manage their diets.

‘Price’, ‘quality of product’, ‘existing relationship with supplier’ and ‘speed of delivery’ are key elements of supplier selection process
“Price,” “quality of products,” “existing relationship with supplier,” and “speed of delivery” are considered key factors for supplier selection by respondents in both the profit and cost sectors. Of respondents from the cost sector, “level of after care service” and “healthiness of products” are also considered important by 33% and 44% of respective respondents.

According to 86% and 79% of respective respondents from the profit and cost sectors the “quality of products” is considered one of the primary factors when considering supplier selection. Customers in UK are becoming increasingly aware of buying superior quality, value for money products. The FSA has a set of strict regulations on food usage. It mandates foodservice operators to know the source of their products and food processing quality standards.

An increase in capital expenditure is expected in ‘new product development’, ‘IT infrastructure development’ and ‘equipment machinery or purchase’

“New product development,” “IT infrastructure development” and “equipment or machinery purchase” are areas that will register a “significant increase” or “increase” in investment, as identified by 44%, 43% and 41% of respective profit sector respondents. Foodservice operators are concentrating on innovating new product combinations to attract customers to their food outlets. For example, SeeWoo, a supplier of oriental foods to restaurants, developed the first extra virgin soy sauce in UK in January 2012.

Among cost sector respondents, 42%, 38% and 33% respectively report a “significant increase” or an “increase” in areas such as “IT infrastructure development,” “equipment or machinery purchase” and “expand premises.” During the 2011 survey, “new product development,” investment in “IT infrastructure development” and “equipment or machinery purchase” were identified as areas likely to register an increase in investments.

Offering ‘locally grown produce’, ‘fresh food’ and ‘vegetarian offerings’ are prominent trends in the UK foodservice industry
“Locally grown produce,” “fresh food,” “vegetarian offerings” and “meals prepared from scratch” are the prominent trends identified by respondents from profit and cost sector channels. A growing awareness of healthy eating habits among customers has led to an increase in a demand for fresh food. This has supported the demand for “local produce,” which UK foodservice operators consider one of the best ways to provide fresh food to their customers.

A total of 40% of respondents from the restaurant channel expect an increased investment in “organic produce.” Significantly, many customers are changing their eating habits from away from those foods grown with the aid of pesticides towards organic foods, which contain more nutrients, minerals and vitamins than foodstuffs that have been intensively farmed. Such a change in consumer trends has induced many restaurants in the UK to increase their expenditure towards organic produce.

An increase in capital expenditure is expected in ‘new product development’, ‘IT infrastructure development’ and ‘equipment machinery or purchase’
“New product development,” “IT infrastructure development” and “equipment or machinery purchase” are areas that will register a “significant increase” or “increase” in investment, as identified by 44%, 43% and 41% of respective profit sector respondents. Foodservice operators are concentrating on innovating new product combinations to attract customers to their food outlets. For example, SeeWoo, a supplier of oriental foods to restaurants, developed the first extra virgin soy sauce in UK in January 2012.

Among cost sector respondents, 42%, 38% and 33% respectively report a “significant increase” or an “increase” in areas such as “IT infrastructure development,” “equipment or machinery purchase” and “expand premises.” During the 2011 survey, “new product development,” investment in “IT infrastructure development” and “equipment or machinery purchase” were identified as areas likely to register an increase in investments.

Offering ‘locally grown produce’, ‘fresh food’ and ‘vegetarian offerings’ are prominent trends in the UK foodservice industry
“Locally grown produce,” “fresh food,” “vegetarian offerings” and “meals prepared from scratch” are the prominent trends identified by respondents from profit and cost sector channels. A growing awareness of healthy eating habits among customers has led to an increase in a demand for fresh food. This has supported the demand for “local produce,” which UK foodservice operators consider one of the best ways to provide fresh food to their customers.

A total of 40% of respondents from the restaurant channel expect an increased investment in organic produce‘. Significantly, many customers are changing their eating habits from away from those foods grown with the aid of pesticides towards organic foods, which contain more nutrients, minerals and vitamins than foodstuffs that have been intensively farmed. Such a change in consumer trends has induced many restaurants in the UK to increase their expenditure towards organic produce.

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Global Department Stores Market Size and Forecast to 2015

London, March 6th, 2012 - The global department stores market is highly concentrated. Large US store chains, including Sears Holdings, Macy‘s and TJX, dominate the global market. The global department stores market has been contracting in recent years as it is faced with increased competition from hypermarkets, discounters and online retailers. Market values of department stores are expected to continue declining in the next decade as an increasing number of consumers choose other retail channels as they seek better value for their money.


TJX performed the best on an overall basis among the leading global department stores. Its strong performance was demonstrated by the high scores it received for the scale and growth, operational efficiency and financial performance pillars. The next best overall performing department stores in the peer group were Marks and Spencer and Kohl's. While Marks and Spencer‘s performance was strong in scale and growth and operational efficiency pillars, Kohl's had a strong performance in scale and growth and financial performance pillars. Isetan Mitsukoshi recorded the least impressive overall performance, which was very poor compared with the department stores channel as well. Its poor performance was primarily driven by the low scores it received across all the three pillars: scale and growth, operational efficiency and financial performance. On an overall basis, only three out of 10 companies in the peer group performed better than the channel average.

Both TJX and Kohl's were the best performers under scale and growth pillar in the peer group. TJX‘s strong performance can be attributed to the high scores it received in the scale metrics: revenue, retail floor space, store count and employee count. Kohl's strong performance was due to the high scores it received in the revenue, retail floor space, store count and employee count metrics.

Based on the scores received by the peer group companies, it can be inferred that these companies performed better than the department stores channel on the revenue, retail floor space, store count, and employee count metrics. However, their performance was weaker than, or comparable to, the channel average in growth metrics and market capitalization. Of the 10 peer group companies, six performed better than the channel average under this pillar.

Marks and Spencer performed the best under the operational efficiency pillar in the peer group. The company‘s strong performance can be attributed to the high scores it received in the EBITDA margin and in area productivity metrics, which was due to the company‘s increased focus on operational efficiency and improved logistic management. However, the company‘s performance was the least impressive in sales per employee and fixed asset turnover.

In general, the peer group companies performed better than the department store channel average on the sales per square meter and sales per employee metrics. However, the peer group performance was weaker than the channel average on EBITDA margin, net profit margin, inventory turnover and fixed asset turnover under the operational efficiency pillar.

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Global Defense Supplier Industry Outlook Survey 2011–2012

While defense suppliers are optimistic of revenue growth, they identified decreasing defense expenditure as a major concern over 2011–2012.

London, March 2nd, 2012 – An increase in demand for national security priorities such as cyber security, satellites and nuclear defense is expected to increase sales of military equipment across the world, however market uncertainty is of concern, impacting supplier’s ability to forecast and implement a business strategy for the years ahead. Since the global economic crisis, defense contractors who also own commercial lines of business have performed well.

The Middle East and Asia-Pacific are forecast to be key markets in the coming years, with India, Saudi Arabia and the UAE expected to invest heavily and the region comprising Singapore, Taiwan and Hong Kong identified as the most likely to record an increase in demand.

According to survey results, 57% of defense contractors and 56% of other service providers either have or are planning to deploy e-procurement in their organizations. Further, the average size of global annual procurement budgets among defense contractors is US$120 million, three times larger than the average size of the procurement budgets of other service providers.

Suppliers optimistic of revenue growth
Across the defense contractors’ and service providers’ industry, half of respondents are more optimistic regarding their company’s revenue growth over the next 12 months relative to the previous year. In 2011, the global defense budget is expected to reach US$1.1 trillion, with the US accounting for the largest share of this amount. An increase in demand for national security priorities such as cyber security, satellites and nuclear defense is expected to increase sales of military equipment across the world.

Since the global economic crisis, defense contractors who also own commercial lines of business have performed well. Companies such as Boeing, Oshkosh, ITT and Rockwell displayed similar strategies to balance revenue growth. Countries in Asia-Pacific express increased interest in military procurement to match their growing economic power, while defense contractors try to capture maximum share of the market. Security threats due to terrorism and territorial issues among Asian countries are responsible for driving demand for fighter aircraft and ammunition.

Decreasing defense expenditure a concern
Of all defense contractor respondents, over half consider decreasing defense expenditure and market uncertainty to be leading business concerns and 42% are concerned about their ability to respond to pricing pressures. While almost 50% of other service providers are concerned about market uncertainty, more than one-third of respondents each consider decreasing defense expenditures and rising competition to be major concerns.

Asia-Pacific and the Middle East considered important markets
The Middle East and Asia-Pacific are forecast to be key markets in the coming years. India plans to establish a defense modernization program which would make it the second largest defense spender in Asia-Pacific and the seventh largest in the world by 2016. In addition, defense expenditure across the Middle East is expected to grow by 14% over the next five years, with Saudi Arabia and the UAE considered the leading countries in the region in terms of military expenditure.

The region comprising Singapore, Taiwan and Hong Kong was identified as the most likely to record an increase in demand for defense products and services in 2011–2012. This was followed by South Korea, identified by 36% of respondents, and the US, as identified by almost 30% of respondents. Singapore intends to increase its defense expenditure by 6% during 2011–2012, and expects to further increase this in the coming years.

Significant implementation of e-procurement
According to survey results, 57% of defense contractors and 56% of other service providers either have or are planning to deploy e-procurement in their organizations. The level of e-procurement implementation in the defense contractors’ and service providers’ industry is more in large companies, with almost one-third of companies implementing it, compared to small and medium companies, where approximately 20% of companies in each category have implemented e-procurement.

The average procurement budget size is US$71.3 million
The average procurement budget size of respondent companies is US$71.3 million. Almost a third of respondents said that their global annual procurement budget would be less than US$250,000, while 16% plan budgets between US$1–US$10 million. The average size of global annual procurement budgets among defense contractors is US$120 million, three times larger than the average size of the procurement budgets of other service providers.

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