Investigating the South Korean AI Market’s Accelerated Growth: A 14.5% CAGR is Predicted for 2023–2028

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South Korean AI Market’s Accelerated Growth

Investigating the South Korean AI Market’s Accelerated Growth in the artificial intelligence (AI) sector  is expanding quickly and doesn’t appear to be slowing down. The most recent estimate projects a remarkable 14.5% compound annual growth rate (CAGR) between 2023 and 2028. The increased demand for AI solutions across a variety of industries, technological improvements, and considerable government support are all factors contributing to this fast rise. This blog post will examine the specifics of this development and what it portends for South Korea’s use of AI.AI and ML tools are finally changing the biopharma landscape

 

AI Development in South Korea

For the past ten years, the global computer sector has been abuzz with talk about artificial intelligence, the science that aims to make machines or software resemble human thinking processes. South Korea, one of the most inventive and technologically sophisticated countries in the world, is no exception. The nation has embraced AI Market’s technology, incorporating them into a variety of industries like consumer electronics, healthcare, automotive, and finance.
https://www.cnbc.com/video/2023/06/12/high-investor-interest-in-south-korea-ai-startups-softbank-ventures.html
The nation’s ongoing dedication to research and development (R&D) has a significant impact on South Korea’s growing use of AI. The South Korean government has made significant investments in AI recently, demonstrating a strong commitment to promoting technology and innovation.

 

A thorough analysis of the South Korean artificial intelligence market is provided in Expert Market Research’s report, “South Korea Artificial Intelligence Market Size, Share, Analysis, Report and Forecast 2023-2028.” The report evaluates the market based on its segments for products and services, technology, and end uses.
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The most recent market developments are examined, together with their effects on the entire market. In addition, it analyses the market’s demand as well as its pricing and demand indicators. The SWOT and Porter’s Five Forces models are also used to track the market in the research.

 

The following are the report’s main highlights:

 

  • Summary of the market (2018–2028)
  • Historical Market Size: $883 million in 2022
  • CAGR anticipated for 2023–2028: 14.5%
  • Market size anticipated for 2028: USD 2102.80 million

 

With the filing of more than 6000 AI-related patents, the artificial intelligence (AI) sector in South Korea had a considerable rise in the last 10 years. The commercialization of AI services and products is anticipated to grow in South Korea’s AI market over the course of the forecast period. Before incurring any substantial costs, businesses may test out different AI capabilities using pay-as-you-go AI products and services. In the following years, market expansion is anticipated to be fueled by the rising popularity of AI technology.The Importance of Artificial Intelligence Technology
Growing advancements in the automotive, healthcare, manufacturing, security, and other industries are among those offering profitable prospects for the South Korean artificial intelligence market to expand. The government’s persistent efforts to improve the nation’s digital environment are anticipated to support the development of the artificial intelligence industry.
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In recent years, technologies including data digitalization, NLP, and machine learning have experienced fast growth and expansion. The expansion of the machine-to-machine technology industry and the rise in demand for sophisticated text analytics are the main drivers of the South Korean artificial intelligence market.AI-Driven Leadership | Thomas H. Davenport and Janet Foutty

 

Major Segments of the South Korean Artificial Intelligence Industry

Artificial intelligence is the branch of research that focuses on creating computers or other devices that can think, behave, and learn in a way that demands intellect, much as people do. Machines now possess human cognitive capacities including generalisation, reasoning, and the capacity to find meaning and draw lessons from the past thanks to advancements in artificial intelligence technology.

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The market is divided into the following categories based on product and service:

 

  • Hardware
  • Software
  •  Service
Technology-based market divisions include:
  • Natural Language Processing
  • Machine Learning
  • other

The market is divided into the following categories based on end use:

 

  • Security
  • Advertising
  • and the media
  • Retail
  • Automotive
  • Healthcare
  •  Manufacturing
  • Others

 

 

Market trends for artificial intelligence in South Korea

 

The expansion of investment and research efforts by major companies with the objective of commercialising AI services and products for both domestic and foreign markets is one of the significant trends in the artificial intelligence industry in South Korea. Increasing use of cloud-based solutions for enhancing operational efficiency and analysing massive amounts of data, together with growth in the information technology industry, is anticipated to further support market expansion. The need for AI Market’s in South Korea is anticipated to rise as a result of developments in 5G technology and rising demand for virtual assistants.

 

Further boosting the market’s expansion are increased applications of artificial intelligence in the automotive industry, which are a result of rising sales of self-driving cars. The use of artificial intelligence to improve the streaming service experience for customers is also gaining popularity in the media and advertising industry. This would likely help the artificial intelligence sector in South Korea flourish, especially given the growing trend of streaming on OTT platforms. The rising incidence of chronic diseases in the general population is also anticipated to enhance the usage of artificial intelligence in the healthcare industry for illness detection and remote patient monitoring.

 

 

Important Market Players

 
The following companies are the leading participants in the South Korean artificial intelligence market:
  • The Samsung Electronics Co.
  • SK Telecom Company, Ltd.
  • AT Corp
  • The LG Group
  • Kakao Business
  • Windows Corporation
  • Google, Inc.
  • Web services provider Amazon Inc.
  • Irid, Inc.
  • Others
The study includes information on these market players’ market shares, capacities, plant turnarounds, expansions, investments, mergers, and acquisitions, among other most recent activities.

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