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

South Korea Enterprise ICT Market Report Overview

The South Korea enterprise ICT revenue is expected to increase from $60.1 billion in 2021 to $83.3 billion by 2026 at CAGR greater that 6% over 2021-2026 mainly due to expansion facilitated by the South Korean government’s continued efforts to enhance technological adoption and advance the country’s digital transformation goal. There will be many opportunities for ICT vendors and service providers due to investments made by businesses across all industries in digital transformation, including spending on the adoption of AI, IoT, cloud, and cybersecurity.

The South Korea Enterprise ICT Country Intelligence Report (CIR) series provides an executive-level overview of the enterprise ICT revenue opportunity in South Korea, with detailed forecasts of key indicators up to 2026. The report provides detailed analysis of South Korea’s overall enterprise ICT revenue opportunity market and its growth drivers, market trends and challenges. The report includes key macroeconomic indicators and provides an in-depth coverage of regulatory trends and government initiatives influencing the overall ICT landscape within South Korea. It sheds focus on enterprise ICT revenue opportunity within South Korea by solution areas and their sub-segmental analysis as well as ICT revenue opportunity across 18 industry verticals and 5 enterprise size band categories. The report also gives an indication of ICT revenue opportunities in South Korea covering 18 ICT product/services and more than 100 categories over the forecast period 2021-2026.

South Korea Total ICT Market Revenue 2021-2026 ($billions)

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South Korea Enterprise ICT Market Regulatory Highlights

I-Korea 4.0: Korean government has created the term “I-Korea 4.0” to make South Korea’s ambitions for the Fourth Industrial Revolution (4iR) more understandable to the South Korean public. A long-term action plan has been created as part of this program, including ideas and initiatives from all South Korean ministries. One of the key policy initiatives of the government is “I-Korea 4.0,” a new South Korean strategy to usher the country into a new digital era. I-Korea 4.0 has pushed South Korean institutions, companies, and conglomerates to create and implement significant 4iR initiatives in fields including intelligent infrastructure, 5G, smart mobility, converged services, and industrial production at its customary fast speed.

National Strategic Smart Cities Program: Korea’s National Strategic Smart Cities Program, an initiative that is emerging as the most successful smart city program in the world, promises to serve 70 cities by 2030, to cover 60% of Korea’s population by 2040, and to drive a whole new generation of Korean exports.

Personal Information Protection Act (PIPA): Revised in 2020, the Personal Information Protection Act of South Korea establishes tight guidelines that control how government agencies, businesses, and people may acquire, use, disclose, and otherwise treat personal information. South Korea has established strict guidelines for managing personal data under the PIPA, with practically every action requiring the approval of the data subject.

The Network Act: The purpose of the Act on Promotion of Information and Communications Network Utilization and Data Protection, etc., is to facilitate the use of information and communications networks, to safeguard the personal information of users utilising information and communications services, and to create a secure environment for the information and communications networks in order to better the lives of citizens and advance the welfare of the general public. The Network Act generally covers organisations or people who process personal data using computers and telecommunications networks for financial gain. Medical data and personal credit information are protected by different laws.

South Korea Enterprise ICT Revenue Opportunity – Drivers, Trends and Challenges

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South Korea Enterprise ICT Revenue Market Segment Analysis

According to GlobalData, South Korea’s ICT market would see majority share of its revenue come from the IT services segment over the forecast period. The report also discusses the enterprise ICT revenue opportunity across IT software and IT hardware segments over the forecast period.

• IT Services
• IT Software
• IT Hardware

South Korea Total ICT Revenue Opportunity by Segment ($billions)

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South Korea Enterprise ICT Market Segmentation by Vertical

According to GlobalData, manufacturing is the largest independent end-use vertical segment for ICT in South Korea, in terms of revenue contribution, and will remain so over the forecast period.

South Korea Enterprise ICT Market Analysis by Verticals ($billions)

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South Korea Enterprise ICT Market Segmentation by Enterprise Size Band

Large and very large enterprises together accounted for major portion of South Korea’s ICT revenue in 2021. Innovation in South Korea relied for a long time on large enterprises primarily due to increasing investments towards R&D activities across areas including automation, advanced robotics, AI, data analytics, and cloud computing owing to their strong financial status.

South Korea Enterprise ICT Market Analysis by Enterprise Size Band ($billions)

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IT Hardware – Segment Outlook

The IT hardware market is expected to witness a growth of more than 6% between 2021 and 2026 owing to the surge in demand for hardware, peripherals, and devices to support remote working during the pandemic.

South Korea Total ICT Hardware Revenue Opportunity 2021-2026 ($billions)

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The South Korea enterprise ICT country intelligence report offers ICT revenue market indicators across the following IT hardware solution areas:

• Internet of things (IoT) hardware
• Client computing
• Storage hardware
• Servers
• Networking hardware
• Security hardware
• Artificial intelligence (AI) hardware
• Edge computing hardware
• Communications and collaboration devices
• IT Management hardware

IT Software – Segment Outlook

South Korean businesses are increasing their investments in cutting-edge technologies like blockchain, IoT, big data, software-defined networking (SDN), virtualization, cloud computing, and virtualization to change how they operate their businesses, affect change in the IT infrastructure, and close the adoption gap in the nation’s digital transformation strategy. The acceleration in digitalization government capabilities and public services has further created robust demand for IT software/applications.

South Korea Total ICT Software Revenue Opportunity 2021-2026 ($billions)

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The South Korea enterprise ICT country intelligence report offers ICT revenue market indicators across the following IT software solution areas:

• Internet of things (IoT) software
• Business process applications software
• IT management software
• Data and analytics software
• Security software
• Communications and collaboration software
• Artificial intelligence (AI) software
• Mobility software
• Cloud computing software
• Storage software
• Networking software
• Edge computing software

IT Services – Segment Outlook

The key development driver for the South Korean ICT services market is the enterprise migration of an increasing number of workloads to the cloud environment for cost savings, security, scalability, and competitive advantages. Additionally, the rising adoption of technologies like AI, IoT, and big data will have an impact on the growth in spending on IT services over the forecast period, as will the increased reliance on cloud service providers offering IaaS, PaaS, and SaaS to support the country’s ongoing digitalization initiatives.

South Korea Total ICT Services Revenue Opportunity 2021-2026 ($billions)

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The South Korea enterprise ICT country intelligence report offers ICT revenue market indicators across the following IT services solution areas:

• Cloud computing services
• Internet of things (IoT) services
• Networking services
• Business process outsourcing services
• Consulting & integration services
• Application development and management services
• Communications and collaboration services
• Client computing services
• Data center and hosting services
• Security services
• Storage services
• Artificial intelligence (AI) services
• Mobility services
• Servers services
• Edge computing services

South Korea Enterprise ICT Revenue Market Overview

Scope

The country intelligence report provides an in-depth analysis of the following –

• The macroeconomic and regulatory context and government initiatives in South Korea.
• Enterprise ICT market outlook: analysis as well as historical figures and forecasts of revenue opportunities from ICT segments, ICT solution areas, end-use verticals, and enterprise size bands.
• Enterprise ICT revenue opportunity growth drivers, market trends and challenges
• IT hardware segment outlook: analysis as well as historical figures and forecasts of revenue opportunities from ICT hardware solution areas and products/services.
• IT software segment outlook: analysis as well as historical figures and forecasts of revenue opportunities from ICT software solution areas and products/services.
• IT services segment outlook: analysis as well as historical figures and forecasts of revenue opportunities from ICT services solution areas and products/services.
• Technology theme exposure: overview of key trending technology themes within a country based on activities such as company filings, deals (M&A, contracts, venture financing, etc.), job postings, patent filings and approvals, and social media mention.
• Company landscape: analysis of the market position of leading ICT providers in South Korea market.
• Underlying assumptions behind our published base-case forecasts, as well as potential market developments that would alter, either positively or negatively, our base-case outlook.

Reasons to Buy

• This Country Intelligence Report offers a thorough, forward-looking analysis of South Korea’s enterprise ICT revenue opportunity market in a concise format to help executives build proactive and profitable growth strategies.
• Accompanying GlobalData’s Forecast products, the report examines the assumptions and drivers behind ongoing and upcoming trends in South Korea’s enterprise ICT market.
• 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 2021-2026.
• With more than 50 charts and tables, the report is designed for an executive-level audience, boasting presentation quality.
• The report provides an easily digestible market assessment for decision makers built around in-depth research, which enables executives to quickly get up to speed with the current and emerging trends in South Korea’s Enterprise ICT Revenue Opportunity.