Unveiling the Future: South Korea’s Artificial Intelligence Market (2024-2032)
The ‘South Korea Artificial Intelligence Market Size, Share, Forecast and Analysis (2024-2032)’ by Expert Market Research offers a comprehensive review of the artificial intelligence sector in South Korea. This detailed report evaluates the market through various segments, including product and service types, technological advancements, and end-user applications.
This study provides insights into the most recent developments within the market and their wide-ranging effects. Additionally, it examines both the current demand for artificial intelligence in South Korea and key factors influencing pricing and demand. The report further explores the market dynamics using tools such as SWOT analysis and Porter’s Five Forces Model, offering a strategic perspective on the market’s growth and challenges.
The key highlights of the report include:
Market Overview (2018-2032)
- Historical Market Size (2023): USD 1,011.04 Million
- Forecast CAGR (2024-2032): 15.3%
- Forecast Market Size (2032): USD 3,614.26 million
In the past decade, South Korea’s artificial intelligence (AI) sector has experienced a remarkable surge, marked by the filing of over 6000 AI-centric patents. Looking ahead, the AI market in South Korea is poised for further expansion, particularly in the commercialization of AI products and services. The adoption of pay-as-you-go AI solutions is gaining momentum, enabling businesses to experiment with AI features without substantial initial investments. This increasing embracement of AI technologies is anticipated to be a significant driving force for the market’s growth in the near future.
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The South Korea AI market is finding fertile ground for growth across various sectors, including security, manufacturing, healthcare, and automotive. These industries present attractive prospects for the market’s expansion. Furthermore, the government’s dedicated initiatives to bolster the digital infrastructure of the country are also playing a crucial role in advancing the AI market.
In recent times, technologies like data digitalization, natural language processing, and machine learning have seen rapid advancement and proliferation. The growing need for sophisticated text analytics and the advancements in machine-to-machine technology are central to driving the growth of South Korea’s AI market.
Defining South Korea’s Artificial Intelligence Sector and Its Key Components
Artificial intelligence (AI) is a branch of computer science focused on creating systems or machines that display human-like intelligence. This involves the ability to analyze, make decisions, and learn from previous experiences. The progress in AI technology has enabled the integration of human-like cognitive functions in machines, encompassing skills like reasoning, generalizing from existing data, and deriving insights from past interactions.
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On the basis of product and service, the market is segmented into:
- Hardware
- Software
- Service
Based on technology, the market is classified into:
- Machine Learning
- Natural Language Processing
- Others
On the basis on end use, the market is categorised into:
- Security
- Media and Advertising
- Retail
- Automotive
- Healthcare
- Manufacturing
- Others
Trends in the South Korean Artificial Intelligence Market
In the South Korean artificial intelligence (AI) market, several key trends are shaping its future. Notably, there’s an uptick in investment and research by major companies focusing on the commercialization of AI products and services for both domestic and international markets. The burgeoning information technology sector, along with a heightened adoption of cloud-based solutions, is anticipated to further propel market growth. These solutions are critical for enhancing operational efficiency and processing large data sets.
Moreover, advancements in 5G technology and a growing demand for virtual assistants are expected to boost the need for AI in South Korea. The automotive industry is also witnessing a surge in the use of AI, particularly with the increasing popularity of self-driving vehicles, which in turn is stimulating market growth.
In the realm of media and advertising, AI is increasingly used to improve streaming services, particularly with the rising popularity of OTT platforms. This trend is likely to positively influence the growth of South Korea’s AI market. In healthcare, the escalating incidence of chronic diseases is driving the adoption of AI for remote patient monitoring and disease identification, further contributing to the sector’s expansion.
Leading Participants in the South Korean Artificial Intelligence Market
The prominent companies featured in the South Korea artificial intelligence market report include:
- Samsung Electronics Co. Ltd
- SK Telecom Co., Ltd.
- KT Corporation
- LG Corporation
- Kakao Enterprise
- Microsoft Corporation
- Google LLC
- Amazon Web Services, Inc.
- Riiid, Inc.
- Additional key players
The report provides an in-depth analysis of various aspects of these market participants, including their market shares, production capacities, facility turnarounds, and expansions. It also delves into their recent investments, as well as mergers and acquisitions, alongside other noteworthy developments in the market.
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