South Korea Enterprise ICT Market Analysis and Future Outlook by Segments (Hardware, Software and IT Services)

South Korea Enterprise ICT Country Intelligence Report 2024

The South Korea Enterprise ICT Country Intelligence Report, a new Country Intelligence Report by GlobalData, summarizes key findings from GlobalData’s ICT Customer Insight Survey carried out in H1-2024 and GlobalData’s Market Opportunity Forecasts to 2028: South Korea. It reveals an executive-level overview of how the overall ICT budgets and their allocations towards various segments have changed for enterprises in the country in 2024 compared to 2023 and ICT revenue opportunity with detailed forecasts of key indicators up to 2028. The report provides a detailed analysis of the overall South Korea’s enterprise ICT market trends and growth drivers based on GlobalData’s ICT Customer Insight Survey and GlobalData’s Market Opportunity Forecasts.

The report also discusses the market growth inhibitors impacting South Korea’s overall ICT market. It sheds focus on enterprise ICT budget allocations and ICT revenue opportunities covering 18 solution areas, segmental analysis, vertical analysis, review of key macroeconomic and regulatory trends, and government initiatives. The report also includes a brief profile of some of the key ICT vendors within the country.

GlobalData’s ICT customer insight survey reveals a positive outlook for enterprise ICT spending in South Korea, with a majority of respondents, more than 77% from the country, claiming that there has been an increase in the enterprise ICT budget in 2024 compared to 2023. This is over 31 percentage points (p.p.) higher than the percentage who claims that there was an increase in their ICT budget in 2023-24 compared to 2022-23. This upward trend is paving the way for a promising opportunity for optimistic growth in ICT revenue. The rise in investment signifies enterprises’ willingness to allocate a budget toward technological advancements.

Annual Change in Enterprise ICT Budget Allocation in South Korea (2022-23 vs. 2023-24)

Buy Full Report for More Insights on South Korea Enterprise ICT Customer Survey Insights
Download a Free Sample

South Korea’s overall ICT market was pegged at over $62 billion in 2023 and is expected to grow at a CAGR of more than 7% during 2023-2028 to reach over $88 billion in 2028 driven by the country’s robust ICT infrastructure and high-speed internet connectivity. The country also hosts major electronics and IT companies like Samsung Electronics, SK Hynix, LG Electronics, and Naver, contributing to ICT market growth.

South Korea Total ICT Revenue Opportunity ($billions) 2023-2028

Buy the Full Report for More Insights on South Korea Enterprise ICT Revenue Opportunity
Download a Free Sample

South Korea Enterprise ICT Market Overview

Scope

The country intelligence report provides an in-depth analysis of the following enterprise ICT market outlook, enterprise ICT budget allocations, enterprise ICT segment revenue and budget allocations, enterprise ICT market dynamics, enterprise technology priorities and ICT vendor landscape.

Key Highlights

ICT market growth in South Korea will be primarily driven by fast developing network infrastructure, rising R&D investment by enterprises and evolving semiconductor industry in South Korea.

South Korea’s overall ICT market was pegged at more than $62 billion in 2023 and is expected to grow at a CAGR of more than 7% during 2023-2028 to reach more than $88 billion in 2028.

GlobalData’s ICT decision makers survey reveals a positive outlook for enterprise ICT spending in South Korea, with a majority of respondents, about 77% of respondnets from the country, claiming that there has been an increase in the enterprise ICT budget in 2024 compared to 2023.

IoT can be regarded as the most attractive market as enterprises in South Korea fueled by advanced technology infrastructure, high network connectivity, and widespread digital device adoption. . The revenue opportunity for IoT in South Korea was pegged at over $10 billion in 2023 and is estimated to grow at a CAGR of more than 9% between 2023-28.

The manufacturing sector is the largest independent end-use vertical segment for the ICT market in South Korea in terms of revenue contribution, and it will remain so over the forecast period. ICT revenue from the manufacturing sector reached over $8 billion in 2023 and is set to grow at a CAGR of more than 2%.

Reasons to Buy

• This Country Intelligence Report is based on GlobalData’s IT Customer Insight Survey carried out annually covering key ICT decision makers from enterprises across various industry verticals in South Korea and GlobalData’s Market Opportunity Forecasts to 2028, to offer a thorough, forward-looking analysis of South Korea’s enterprise ICT investment priorities and ICT revenue opportunity market.
• Accompanying GlobalData’s IT Customer Insight Survey and Market Opportunity Forecasts to 2028, the report examines the assumptions and drivers behind ongoing and upcoming trends in South Korea’s enterprise ICT market.
• The report offers a thorough analysis of enterprise ICT investment trends and how it has changed this year compared to previous year.
• The report also presents an analysis of enterprise ICT budget allocations by various spending areas, business functions and product/service categories and how they have changed this year compared to previous years.
• The report also presents an analysis of enterprise ICT revenue opportunity by various solution areas, enterprise size band, end-use verticals, and segment over the forecast period 2023-2028.
• With more than 50 charts and tables, the report is designed for an executive-level audience, boasting presentation quality.
• The report provides insights in a concise format to help executives build proactive and profitable growth strategies.
• The report provides an easily digestible market assessment for decision-makers built around research gathered from the local IT decision makers, which enables executives to quickly get up to speed with the current and emerging trends in enterprise ICT investment priorities.