Key regions: Germany, China, United States, United Kingdom, Italy
South Korea, also known as the Republic of Korea, is a country located in East Asia with a population of over 51 million people. The country is known for its advanced technology and fast internet speeds, making it an attractive market for web hosting providers.
Customer preferences: South Korean customers tend to prioritize reliability and security when it comes to choosing a web hosting provider. They also prefer providers that offer local customer support in their native language. Additionally, many South Korean businesses prefer to use cloud hosting services to store and manage their data.
Trends in the market: One major trend in the South Korean web hosting market is the increasing demand for cloud hosting services. As more businesses move their operations online, they require scalable and flexible hosting solutions that can accommodate their growing needs. Another trend is the rise of managed hosting services, which offer businesses the convenience of having their hosting environment managed by a third-party provider.
Local special circumstances: South Korea has a highly developed IT infrastructure, with one of the fastest internet speeds in the world. This has led to a high level of internet penetration in the country, with over 90% of the population having access to the internet. Additionally, South Korea has a large and growing e-commerce market, with many businesses relying on web hosting services to support their online operations.
Underlying macroeconomic factors: South Korea is the world's eleventh-largest economy and is known for its highly skilled workforce and advanced technology sector. The country has a strong focus on innovation and technology, which has contributed to the growth of the web hosting market. Additionally, the South Korean government has implemented policies to support the growth of the IT industry, which has further fueled the demand for web hosting services.
Data coverage:
The data encompasses B2G, B2B, and B2C enterprises. Figures are based on enterprises' technology spending on products, consulting, and outsourcing services.Modeling approach / Market size:
Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players in the industry, Statista's primary research and surveys, and IT associations. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, internet users, and telecommunication. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing method is used based on the market data characteristics. The main drivers are the GDP and its sector composition, internet penetration, the level of digitization, and the attitude toward IT security.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.
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