South Korea Artificial Intelligence Market Size to Grow at a CAGR of 14.5% in the Forecast Period of 2023-2028

The ‘South Korea Artificial Intelligence Market Forecast, Size, Share, Analysis, Report and Outlook 2023-2028’ by Expert Market Research gives an extensive outlook of the South Korea artificial intelligence market, assessing the market on the basis of its segments like product and service, technology, and end use.

The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.

South Korea Artificial Intelligence Market Share, Size, Price, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

  • Historical Market Size (2022): USD 883 million
  • Forecast CAGR (2023-2028): 14.5%
  • Forecast Market Size (2028): USD 2102.80 million

The artificial intelligence (AI) market in South Korea saw a significant boom in the last decade with the submission of over 6000 AI-related patents. Over the forecast period, the AI market in South Korea is expected to witness increase in expansion of commercialisation of AI services and goods. Pay-as-you-go AI solutions and services enable companies to test run various features of the AI before making any significant expenditures. The growing acceptance of AI technology is expected to drive the growth of the market in the upcoming years.

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Increasing developments in security, manufacturing, healthcare, and automotive sectors, among others, are providing lucrative opportunities for the South Korea artificial intelligence market growth. The government’s committed efforts towards strengthening the digital ecosystem in the country is also expected to contribute towards the growth of the artificial intelligence market.

Technologies such as data digitalisation, natural language processing, and machine learning have witnessed rapid growth and expansion in the recent years. The surge in requirement for advanced text analytics along with advancements in machine-to-machine technology are key factors driving the South Korea artificial intelligence market growth.

South Korea Artificial Intelligence Industry Definition and Major Segments

Artificial intelligence refers to the field of science that specialises in building computers or machines that are capable of reasoning, acting, and learning in a manner that requires intelligence, similar to that of humans. Advancements in artificial intelligence technology have led to the incorporation of human cognitive abilities in machines such as generalisation and reasoning ability, along with the ability to discover meaning and learn from past experiences.

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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

South Korea Artificial Intelligence Market Trends

The key trends in the South Korea artificial intelligence market include the growing investment and research activities by key players with the aim of commercialising AI services and goods, both for national and international markets. Growth in the information technology sector alongside increased adoption of cloud-based solutions for improving operational efficiencies and analysing large volumes of data is further expected to aid the market growth. Developments in 5G technology along with escalating demands for virtual assistants are also expected to increase the demands for artificial intelligence in South Korea.

Additionally, increasing sales of self-driving vehicles have contributed towards the rising applications of artificial intelligence in automotive manufacturing, further fuelling the growth of the market. Artificial intelligence is also gaining traction in the media and advertising sector for enhancing the streaming service experience for consumers. This, coupled with the rising trend of streaming on OTT platforms, is expected to positively contribute towards South Korea artificial intelligence market growth. In the healthcare sector, growing prevalence of chronic disorders among the population is also expected to contribute towards the increase in use of artificial intelligence for remote monitoring of patients and disease identification.

Key Market Players

The major players in the South Korea artificial intelligence market report are:

  • Samsung Electronics Co. Ltd
  • SK Telecom Co., Ltd.
  • KT Corp
  • LG Corporation
  • Kakao Enterprise
  • Microsoft Corporation
  • Google LLC
  • Amazon Web Services, Inc.
  • Riiid, Inc.
  • Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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