Internet of Things - South Korea

  • South Korea
  • in South Korea, a country known for its technological advancements, is expected to witness a significant growth in the Internet of Things market (IoT) market.
  • By 2024, the projected revenue in the IoT market is estimated to reach US$12.22bn.
  • Among the various sectors in the IoT market, Automotive IoT is set to dominate with a projected market volume of US$3.40bn in 2024.
  • With a promising growth trajectory, the IoT market in South Korea is anticipated to showcase an annual growth rate of 6.95% between 2024 and 2029 (CAGR 2024-2029).
  • This steady growth is expected to result in a market volume of US$17.10bn by 2029.
  • In a global comparison, in the United States is predicted to generate the highest revenue in the IoT market, with an estimated revenue of US$342.50bn in 2024.
  • This highlights the dominance of the United States in this lucrative market segment.
  • As the Internet of Things market continues to revolutionize various industries, in South Korea is poised to capitalize on the opportunities presented by this technological advancement.
  • The projected revenue and market volume numbers demonstrate the country's potential to establish itself as a key player in the IoT market.
  • South Korea's Internet of Things market is booming, fueled by a strong manufacturing sector and government support for smart city initiatives.

Key regions: United States, Australia, Canada, China, India

 
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Analyst Opinion

The Internet of Things is one of the technologies driving Industry 4.0 and it’s not a surprise that the market is seeing a CAGR of over 16% over a 10-year-period (2018-2028). Even as the global semiconductor shortage has slowed down the market supply and growth from the pre-pandemic levels, the demand for smart solutions ranging from industrial to security use cases is still on the rise. With revenues of more than US$141 billion in 2022, the U.S. is the market leader, followed by China, which is the leading manufacturer of IoT devices.

The Internet of Things market growth coincides with the development of other important technologies, such as 5G and cloud computing. The deployment of 5G communication standards paves the way for a faster and smoother connection among smart devices.

Moreover, cybersecurity remains a big challenge, which can have significant effects both on personal and professional levels. As more data is collected and transmitted from one device to another and stored in the cloud, the challenge of securing the data and assuring privacy is more present than ever.

Methodology

Data coverage

The data encompasses B2B, B2C and B2G revenues. The revenue only refers to the spending share of the Internet of Things components.

Modeling approach/ Market size:

The market size is determined through a combination of top-down and bottom-up approaches. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and current and historical developments. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarily exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.

Overview

  • Revenue
  • Investment
  • Volume
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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